Aramid Fiber Market Share, Size, Trends, Industry Analysis Report, By Application (Security & Protection, Frictional Materials, Industrial Filtration, Optical Fibers, Rubber Reinforcement, Tire Reinforcement, Electrical Insulation, Others); By Type; By Region; Segment Forecast, 2022 - 2030

Report Summary

The global aramid fiber market was valued at USD 3.59 billion in 2021 and is expected to grow at a CAGR of 5.5% during the forecast period. Factors such as high demand for protective clothing from industries like mining, oil & gas, changing raw material costs, and applications in the military and aerospace industries are all key factors that drive market expansion.

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Unlike other types of personal protective equipment, such apparel can be washed and reused. Furthermore, to avoid the spread of COVID-19, clothing manufacturers have developed a piece of laundry advice for such apparel. Aramid fibers have been increasingly popular in recent years as a result of their unique properties, such as high strength, dimensional stability, and heat resistance.

These are synesthetic polyamides with a lengthy chain and at least 85% amide connection between two aromatic rings. In the foreseeable future, rising anti-asbestos regulations will bode well for aramid fibers in a variety of industries. In order to combat the increased disparity in battle, the industry has seen continual technological advances, particularly in military equipment. With the automation of production processes, market participants have been attempting to increase their cost competitiveness by improving productivity and manufacturing capabilities.  

With the growing demand for disaster preparedness materials, aramid fiber usage is expected to increase significantly. In the near future, technological advancements targeted at reducing troops' load and improving personal protection are expected to boost the demand for lightweight and soft body armor.

However, aramid fibers are widely used in the industry due to their durability, but they do have significant drawbacks. In a damp environment, their inclination to absorb moisture discourages their use. These compounds are frequently combined with epoxy systems to address such difficulties. Such additives raise the overall cost of the product even more. Thus, this is restraining the market growth during the forecast period.

Industry Dynamics

Growth Drivers
Important factors such as the rising demand for aramid fiber market from the automotive industry is driving the market growth. 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 in the automobile industry.

Furthermore, such fibers have exceptionally high thermal resistance, making them suitable for use in high-temperature applications. There has been a trend toward lighter vehicles in recent years. As a result, carmakers are building lighter automobiles by replacing metal with aramid fiber composites that are light, robust, and recyclable. The aramid fiber market is benefiting from the increased need for lightweight cars.

According to the OICA, around 77.62 million vehicles were manufactured in 2020, representing a 15.8% decrease in growth rate. Reduced output in major automotive hubs such as China, U.S., Japan, India, South Korea, and Germany is mostly to blame for the fall. In 2020, these countries' GDPs will have decreased by 19, 2, 17, and 24%, respectively, as compared to the previous year.

Report Segmentation

The market is primarily segmented based on type, application, and region.

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Insight by Application

The security and protection segment is expected to be the garner largest revenue. Aramid fibers are used in protective clothing and accessories to defend against bullets, stabbing, heat, cuts, bomb pieces, and shrapnel, among other things. Ballistic gear, industrial gloves, hard armors, vehicle armors, and other items are available in this category.

Also, when firefighters need it most, this fiber enhances the protective barrier between the heat source and the skin; this robust barrier stays pliable and flexible until it cools, providing extra minutes of protection without limiting mobility.

Geographic Overview

Europe had the largest revenue share. Safety restrictions in oil and gas, construction, aluminum, and steel are boosting the demand for protective garments in Europe, which is driving the market. With 41 assembly and engine production factories, Germany dominates the European automotive sector, accounting for one-third of total vehicle production. Equipment makers, material and component suppliers, engine producers, and entire system integrators all have a presence in Germany, which is one of the key manufacturing bases in the automobile industry.

Moreover, North America is expected to witness a high CAGR in the global market. This expansion can be ascribed to the increased manufacturing of civil and defense aircraft. According to Boeing estimates, global demand for new planes will be over 40,000 by 2035, with North America accounting for the largest part, with over 15,000 planes.

Over the specified period, strong growth factors in the aviation sector will raise regional aramid fiber market share. The United States contributes the most to global military spending. The United States' massive defense expenditure will result in a significant market share for this area during the projection period.

Competitive Insight

Players operating in the global market include China National Bluestar (Group) Co., Ltd., E. I. du Pont de Nemours and Company (DowDuPont), Huvis Corp., Hyosung Corp., Kermel S.A., Kolon Industries, Inc., SRO Aramid (Jiangzu) Co., Ltd, Teijin Ltd., Toray Chemicals South Korea, Inc., and Yantai Tayho Advanced Materials Co., among others.

Aramid Fiber Market Report Scope