According to statistics made by Insure Insight, the global aramid fiber market is projected to grow significantly, registering a CAGR of 5.5% during the forecast period (2022 – 2030).
GLOBAL ARAMID FIBER MARKET – MARKET OVERVIEW
High demand for protective clothing from industries such as mining and oil and gas, changing raw material costs, and applications in the military and aerospace industries are all key factors driving the market growth.
GLOBAL ARAMID FIBER MARKET – MARKET DYNAMICS
Top Driver: high demand for aramid fiber in automotive industries is boosting the growth of the market
The rising demand for aramid fiber in the automotive industry, for example, is propelling market growth. In the automobile industry, these are used in tire reinforcing material, turbocharger hoses, mechanical components, belts, brake pads, gaskets, gearboxes, seat textiles, electronics, seating sensors, and combination motor materials. Furthermore, due to their exceptional thermal resistance, such fibers are suitable for use in high-temperature applications. In recent years, there has been a trend toward lighter vehicles. As a result, car manufacturers are making lighter vehicles by replacing metal with aramid fiber composites, which are light, strong, and recyclable. The increased demand for lightweight automobiles benefits the aramid fiber market.
According to the OICA, approximately 77.62 million vehicles will be manufactured in 2020, a 15.8% decrease in growth rate. The drop is primarily due to lower output in major automotive hubs such as China, the United States, Japan, India, South Korea, and Germany. In 2020, the GDPs of these countries will have fallen by 19, 2, 17, and 24%, respectively, compared to the previous year.
COVID-19 IMPACTS ON THE GLOBAL ARAMID FIBER MARKET
The onset of COVID-19 has adversely affected every sector around the world. However, the demand for chemicals and related materials has grown significantly during the pandemic period. Healthcare and institutional cleaners are playing a drastic role in keeping the continuous demand for chemicals. As 96% of manufactured goods are connected with the chemical industry, the chemical and material sectors are expected to gain more traction over the forecast period owing to increasing demand from various end-use sectors. However, many industries are facing a temporary halt in manufacturing processes which is causing low demand for chemicals and materials through various end-use sectors. In addition, disruption in the supply chain and distributors network acts as a major hurdle in the growth of the global market.
The security and protection segment is anticipated to dominate the market during the forecast period
Revenue is expected to be highest in the security and protection segment. Aramid fibers are used in protective clothing and accessories to protect against, among other things, bullets, stabbing, heat, cuts, bomb fragments, and shrapnel. This category contains ballistic equipment, industrial gloves, hard armors, vehicle armors, and other items. Furthermore, when firefighters are most in need, this fiber strengthens the protective barrier between the heat source and the skin; this robust barrier remains pliable and flexible until it cools, providing additional minutes of protection without limiting mobility.
Europe possesses the largest share in the global aramid fiber market
Europe accounted for the majority of revenue. Safety regulations in the oil and gas, construction, aluminum, and steel industries are increasing the demand for protective clothing in Europe, which is driving the market. Germany dominates the European automotive sector, accounting for one-third of total vehicle production with 41 assembly and engine production plants. Equipment manufacturers, material and component suppliers, engine manufacturers, and entire system integrators all have a presence in Germany, which is one of the automobile industry’s key manufacturing bases.
The global aramid fiber market is reasonably competitive with mergers, acquisitions, and product launches. See some of the major key players in the market;
Scope of the Report
Keys reasons to purchasing this report
It builds a seven-year estimate based on how the market is predicted to grow and shows what will market shares of the national markets change by 2030 and which nation will lead the market in 2030.
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