The global aramid fiber market size is expected to reach USD 5.77 Billion by 2030 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Strong government mandates towards increasing carbon footprint to follow its pledge towards the promulgation of clean energy use for sustainable for secured future of human mankind is the key prime driver favoring the industry growth. Moreover, the rising need for lightweight composite materials and emission regulations in the major developed economies in Europe are also catalyzing the adoption of the industry.
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Several emission reduction standards have been amended and enforced by the US EPA regularly. Furthermore, the EU has established strict standards that manufacturers of automotive cars must obey by 2020. These strict rules are resulting in lower vehicle emissions, which is boosting the demand for lightweight materials that can reduce car emissions significantly. Several industry companies are being forced to use alternative materials that are lightweight, strong, and fuel-efficient as a result of these laws.
Further, to minimize weight and energy consumption, various sectors are replacing traditional materials like steel and aluminum with innovative materials like aramid fibers and carbon fibers. They are also employed as a substitute for steel and asbestos in a variety of applications since they help cars weigh less and last longer. The market’s expansion is aided by a strengthening global economy and increased demand for lightweight automobiles.
Based on the type, the para-aramid fibers segment accounted for the leading share in the market. As a result, they’re mostly employed as tire reinforcement and friction material for vehicle brake pads, as well as for strengthening optic fiber cables, rope, and deep-sea oil drilling, as well as ballistic protection and protective materials. In the near future, demand for the market segment is projected to be driven by various features such as enhanced corrosion, humidity, and heat resistance in severe settings.
Market players such as Huvis Corp., China National Bluestar (Group) Co., Ltd., E. I. du Pont de Nemours and Company (DowDuPont), Hyosung Corp., Kolon Industries, Inc., SRO Aramid (Jiangzu) Co., Ltd, Teijin Ltd., Kermel S.A., Toray Chemicals South Korea, Inc., and Yantai Tayho Advanced Materials Co. are key players operating in the global market.
In June 2021, Kolon Industries Inc announced a 240 billion won ($212 million) investment to increase the capacity of its domestic aramid production. By 2023, the business wants to boost the plant’s yearly capacity from 7,500 tonnes to 15,000 tonnes in Gumi, roughly 260 kilometers southeast of Seoul.
Polaris Market Research has segmented the aramid fiber market report based on type, application, and region:
Aramid Fiber, Type Outlook (Revenue – USD Billion, 2018 – 2030)
Aramid Fiber, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Security & Protection
- Frictional Materials
- Industrial Filtration
- Optical Fibers
- Rubber Reinforcement
- Tire Reinforcement
- Electrical Insulation
Aramid Fiber, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa