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Aramid Fiber Market is Expected to Reach US$ 5,099.1 Mn by 2023: Transparency Market Research

Albany, NY, June 1, 2015 (GLOBE NEWSWIRE) -- Aramid fiber is a synthetic polymer prepared by the reaction between carboxylic acid halide group and amine group. Aramid fiber is used extensively in industrial applications. This fiber is widely used in the manufacture of protective clothing, body armor, automotive components, and electrical components. Considering the broad range of industrial applications of aramid fiber, several prominent companies across the world engage in the manufacture of para-aramid fiber and meta-aramid fiber. Rising demand for industrial protective clothing and growth in the global automotive market is estimated to drive the global aramid fiber market during the forecast period.

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Para-aramid fiber was the largest product segment of the aramid fiber market, accounting for 70% share of the market in 2014. Para-aramid fibers are primarily used to manufacture bulletproof body armor fabrics. These fibers are utilized in several high-tech applications such as aerospace and defense. Para-aramid fiber is used in the manufacture of body, floor, and wall materials of airplanes; fishing rod; golf club; bow; ski, etc. These fibers are also used as a substitute of reinforced concrete for curtain walls for multistoried buildings. Demand for par-aramid fiber is increasing due to higher consumption of aramid fiber in the production of body armor and aerospace components. In terms of growth rate, para-aramid fiber is projected to be the fastest growing product segment of the aramid fiber market during the forecast period. Growth of para-aramid fiber can be primarily ascribed to the rising demand for the fiber in end-user industries such as automotive, aerospace & defense, and electrical.

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Automotive was the largest end-user segment of the aramid fiber market with more than 35% share in 2014. Electrical is likely to be the fastest growing end-user segment, expanding at a CAGR of 7.6% from 2015 to 2023. Aramid fiber is widely used in the production of different automotive products such as brake pads, hoses, rubber reinforcements, and brake lining. Rising demand for these lightweight products in the automotive industry is expected to drive the demand for aramid fiber in the automotive end-user segment. Key players operating in the aramid fiber market include E. I. du Pont de Nemours and Company, Teijin Aramid, Kolon Industries Inc., HYOSUNG Corporation, and Yantai Tayho Advanced Materials Co., Ltd.

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The report segments the global aramid fiber market as follows:

Aramid Fiber Market: Product Analysis

  • Para-aramid fiber
  • Meta-aramid fiber

Aramid Fiber Market: End-user Analysis

  • Aerospace & defense
  • Automotive
  • Electrical
  • Electronics & telecommunication
  • Others (including construction)

Other Reports Published by Transparency Market Research :

Aramid Fiber Market: Regional Analysis

North America

  • U.S.
  • Rest of North America

Europe

  • France
  • U.K.
  • Spain
  • Germany
  • Italy
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • ASEAN
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Rest of Latin America

Middle East & Africa (MEA)

  • GCC
  • South Africa
  • Rest of MEA

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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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Source:Transparency Market Research