According to the Market Statsville Group (MSG), the global aramid fiber market size is expected to grow from USD 4,238.4 million in 2021 to USD 9,513.8 million by 2030, at a CAGR of 9.4% from 2022 to 2030. The factors contributing to the growth of the aramid fiber market include rising demand for lightweight and flexible materials in the automotive, military & defense industries for various applications. Furthermore, laws that reduce carbon emissions force several industrial companies to seek out lightweight, sturdy, and fuel-efficient alternatives. These factors are expected to fuel the aramid fiber market during the forecast period. However, the expensive R&D expenses and non-biodegradable nature of aramid fibers, on the other hand, may hinder the industry’s expansion.
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Global Aramid Fiber Market Definition
Aramid fiber is a high-performance organic fiber derived from aromatic polyamides that are man-made. High strength, good resistance to heat, abrasion, organic solvents, non-conductivity, and low flammability are all features of aramid fiber. It is primarily utilized in composites, ballistics, optical fiber cables, and protective garments against heat and chemicals, among other applications.
COVID–19 Impact on the Global Aramid Fiber Market
The oil and gas, automobile, chemical, and telecommunication industries heavily rely on the aramid fiber business. The disrupted supply chain during the pandemic and delays in the refining and petrochemicals industries, which are the primary end-users of aramid fiber, it has been moderately impacted. Though the market is gradually improving, it will be some time before the chemical and petrochemical sectors resume a steady growth path. Refining and petrochemical industries will likely recover faster than construction and power generating.
Scope of the Global Aramid Fiber Market
The study categorizes the aramid fiber market based on type and application at the regional and global levels.
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By Type (Sales, USD Million, 2017–2030)
- Para-aramid fiber
- Meta-aramid fiber
By Application (Sales, USD Million, 2017–2030)
- Security & Protection
- Frictional Materials
- Industrial Filtration
- Optical Fibers
- Rubber Reinforcement
- Tire Reinforcement
- Electrical Insulation
By Region Outlook (Sales, USD Million, 2017–2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
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Para-aramid fiber segment is projected to account for the largest market share by type
In 2021, the para-aramid fiber segment accounted for the largest market share in the global aramid fiber market. Security and protection are the primary applications for para-aramid fiber. The para-aramid fiber market is expected to be driven by the rising need for protective gear in the military and industrial sectors. However, owing to its expanding use in industrial filtration applications, meta-aramid fiber is expected to develop significantly during the projected period.
While Europe is estimated to hold the highest CAGR in the global aramid fiber market during the forecast period. Safety restrictions in industries including oil and gas, construction, aluminum, and steel are boosting the demand for protective garments in Europe, which is driving the aramid fiber market. Friction materials are also required in high-end automotive and industrial sectors, contributing to the region’s rising aramid fiber market.
Key Market Players in the Global Aramid Fiber Market
The global aramid fiber market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
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Major players in the global aramid fiber market are:
- Teijin Ltd.
- DuPont De Numerous, Inc.
- Yantai Tayho Advanced Materials Co., Ltd.
- Hyosung Corp.
- Toray Industries, Inc.
- Kolon Industries Inc.
- Huvis Corporation
- China National Bluestar (Group) Co., Ltd.
- SRO Aramid (Jiangsu) Co. Ltd.