Aramid Fiber Market size growth forecast of over 5% between 2016 and 2024

Aramid Fiber Market size was more than USD 2.5 billion in 2015 with growth forecast of over 5% between 2016 and 2024. This growth is judged by the development in the industries including safety equipment industry, boat manufacturing industry, aircraft and automotive parts industry and the adhesives and sealants industry.

The safety equipment industry was recorded as the major avenue, with more than 30% global aramid fiber market share in 2015. Application ranges from the manufacture of bulletproof vests and helmets to motorcycle and hunting apparels. With growing military expenditure and awareness about civilian safety, the market will see a positive influence.

Another major driver for the global aramid fiber market is the aerospace industry where it is used in the body parts of several aircrafts. The use of Kevlar 49 and Kevlar 29 for high impact parts of the aircraft body has seen a steady growth in the past years. Aramid fiber adhesive tapes is also finding a great deal of application in the aircraft assembly. Boeing has predicted a stable growth in terms of the numbers of their airplane fleet till 2024. This will drive the aramid fiber industry in the upward direction.

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The use of aramid fibers in the manufacture of boat hulls and sails will lead to a definite growth to the aramid fiber market in the forecast period from 2016 to 2024.

Meta Aramid or M-Aramid and Para Aramid or P-Aramid are the two types of aramid fibers. M-Aramid (such as Nomex) are used in protective clothing for firefighters and other first responders, hunters, auto racers and the military personnel and even for electrical insulation; along with heat shields for automobiles and in the aerospace industry.

Based on application, the industry can be classified into safety equipment, boat parts, aircraft parts, automotive parts and high resistance tapes. The safety equipment industry consists of almost one-third of the aramid fiber market and will continue to grow based on the growth in the military expenditure. A healthy growth in the aircraft industry for a period of 2016 to 2024 will also affect the aramid industry positively.

North America is forecast to see a huge demand of aramid fiber with the U.S. having about a third share of the global military expenditure in 2015. With advancements in the designs of warfare machineries by the DoD, the use of aramid fibers will see a varied range of applications in the forecast period.

In the Asia Pacific region China, India and Korea has a combined strength of over 7 million in terms of military personnel and is forecast to increase several folds by 2024. The requirement of light weight and strong protective gears will enhance the global aramid fiber industry.

For Europe aramid fiber industry size, the growth in the manufacture of aircrafts by manufacturing houses like Airbus in both sales and after sales market will drive the global aramid fiber demand. This will drive the aramid fiber market for the manufacturing of aircraft parts and spares.

The major player for aramid fiber market is DuPont and has trademarked Kevlar and Nomex in the field of P-Aramid and M-Aramid respectively. Another major player is the Teijin Group which has come up with products like Twaron and Technora. Other competitors in the market are Hyosung Corporation, Kolon Industries Inc., Yantai Tayho, and SRO Aramid.

Source: https://www.gminsights.com/industry-analysis/aramid-fiber-market

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