Aramid Fiber Market - Growth, Trends, and Forecast (2019 - 2024)

The market is segmented by Product Type, End-user Industry, and Geography

Market Snapshot

Aramid Fiber Market - Summary
Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

Europe

Key Players:

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Market Overview

The market for aramid fiber is expected to witness a CAGR of 6.38% during the forecast period, 2019-2024. Major factors driving the market studied are the rise in defense expenditure of various countries and the growing need for fuel efficiency. Availability of alternatives to aramid fiber, such as E-glass and carbon fiber, is expected to hinder the growth of the market.

  • Aerospace and defense sector dominated the aramid fibers market in 2018 and is expected to grow during the forecast period. Whereas, the automotive industry is expected to register the highest CAGR through the forecast period.
  • Emerging applications in the optical fiber industry are likely to act as an opportunity in the future.
  • Europe dominated the global aramid fiber market followed by North America and Asia-Pacific worldwide, with the largest consumption coming from countries, such as Germany, the United Kingdom, and France among others.

Scope of the Report

The aramid fiber market report includes:

Product Type
Para-aramid
Meta-aramid
End-user Industry
Aerospace and Defense
Automotive
Electronics and Telecommunication
Sporting Goods
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
Italy
France
Russia
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Key Market Trends

Aerospace and Defence Sector Dominated the Market

  • Weight is the most important consideration in the design and manufacture of heavier-than-air machines; researchers and scientists have been continuously striving to improve the lift-to-weight ratio.
  • The same is applicable for defense uniform. Less weight gives the soldiers greater mobility, and thus, allows them to possess the tactical advantage in the battleground or in any hostile situation.
  • Aramid-reinforced epoxy materials are used widely in airplanes for their physical properties.
    • Aramids are used for, both, components and structural applications, in all aircraft and spacecraft, ranging from hot air balloons, gliders, etc., to fighter planes, passenger airliners, and space shuttles.
    • Applications range from complete airplanes, such as the Beech Starship to wing assemblies, helicopter rotor blades, seat propellers, and enclosures for instruments and internal parts.
  • Use of aramid has been increasing in the aerospace and defense sector because of various benefits, such as:
    • Weight reduction - savings up to 20-50% in comparison to conventional or traditional materials.
    • Mechanical properties can be tailored by 'lay-up' design, with tapering thicknesses of reinforcing cloth and cloth orientation.
    • High impact resistance
    • High damage tolerance
  • With ever increasing environmental lobbying and the cost of fuel, commercial flying is under constant pressure to improve performance and weight reduction is a key solution in the equation. Furthermore, aircraft maintenance cost can be reduced by eliminating corrosion.
  • All the above-mentioned factors significantly affect the increase in usage of aramids in aerospace and defense applications. The demand from these sectors is expected to be one of the main driving forces for the growth of the market studied, during the forecast period.
Aramid Fibers Market - Segmentation

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Europe to Dominate the Market

  • Europe dominated the aramid fiber market in 2018 and is further likely to retain its position during the forecast period. due to the increasing demand from the automotive and aerospace and defense industries.
  • The European Union decided to increase its defense budget, with EUR 1.5 billion in funding for defense, EUR 0.5 billion in funding for military research, and EUR 1 billion for development and acquisition.
  • France too added EUR 1.8 billion in funding to its 2018 defense budget, which is expected to reach EUR 34.2 billion as part of a planned rise in military spending over the next five years.
  • With defense spending increasing through the years, the use of protective gear in defense too will rise, thus, driving the market for aramid fiber in the defense sector.
  • The European Union is the world leader in the production of civil aircraft, which includes helicopters, aircraft engines, parts, and components. The aerospace industry in the region is investing continuously in research, development, and innovation (RDI), which is expected to support the growth of the industry.
  • The aforementioned factors are expected to hugely contribute to the increase in demand for aramid fiber consumption in the region, during the forecast period.
Aramid Fibers Market - Regional

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Competitive Landscape

The global aramid fiber market is highly consolidated with the top two players accounting more than half of the market. The major companies include Teijin Aramid, DowDuPont, Kolon Industries, Yantai Tayho Advanced Materials Co. Ltd, and Hyosung Corporation.

Major Players

  1. Teijin Aramid BV
  2. DowDuPont
  3. Kolon Industries Inc.
  4. Yantai Tayho Advanced Materials Co. Ltd
  5. Hyosung

* Complete list of players covered available in the table of contents below

Aramid Fibers Market - Market Concentration

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Rise in Defense Expenditure of Various Countries

      2. 4.1.2 Growing Need for Fuel Efficiency

    2. 4.2 Restraints

      1. 4.2.1 Availability of Alternatives with Better Properties

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Para-aramid

      2. 5.1.2 Meta-aramid

    2. 5.2 End-user Industry

      1. 5.2.1 Aerospace and Defense

      2. 5.2.2 Automotive

      3. 5.2.3 Electronics and Telecommunication

      4. 5.2.4 Sporting Goods

      5. 5.2.5 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

        4. 5.3.2.4 Rest of North America

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Russia

        6. 5.3.3.6 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Teijin Aramid BV

      2. 6.4.2 DowDuPont

      3. 6.4.3 Hyosung

      4. 6.4.4 Toray Chemical Korea Inc.

      5. 6.4.5 Kolon Industries Inc.

      6. 6.4.6 Huvis

      7. 6.4.7 KERMEL

      8. 6.4.8 China National Bluestar (Group) Co. Ltd

      9. 6.4.9 Yantai Tayho Advanced Materials Co. Ltd

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Growing Demand from the Aerospace Sector

    2. 7.2 Emerging Applications in the Optical Fiber Industry

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