The aramid fiber market is expected to grow at a significant rate during the forecast period owing to the use in aerospace and military applications attributing to the ballistic properties. Aramid fiber is a class of fibers which are heat resistant and strong structural strength. These fibers are used in different application including reinforcement in composites such as sport goods, military vehicles, aircraft, and others.
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Based on application, the aramid fiber market is categorized into security and protection, frictional materials, optical fibers, rubber reinforcement, tire reinforcement, aerospace, electrical insulation, and others. The others include composites, filtration, ropes and cables, and recreational goods.
The major growth drivers identified in the aramid fiber market is the increasing demand from industries such as security, automotive, and protection. There has been increasing investment from the government of countries such as China, U.S., Russia, and India for providing protection to the military force.
Growing industrialization and urbanization in countries such as China and India are creating an ample opportunity for the aramid fiber market. With the rise in the economic development in these areas, people are now moving towards the urban areas which is leading to the construction of new infrastructure projects.
On the basis of geography, the market is divided into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA). APAC region is expected to be the fastest growing region for the aramid fiber market. In this region, there the industrialization and urbanization activity going in China and India which is leading to the boost in demand for personal protection equipment, which are made by these fibers. This in turn driving the growth of the market in APAC region.
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Some of the major players operating in the global aramid fiber market are Teijin Aramid B.V., DowDuPont Inc., Yantai Tayho Advanced materials Co. Ltd, KOLON Industries Inc., Huvis, Kermel, JSC Kamenskvolokno, China National Bluestar (Group) Co. Ltd., Hyosung Corp., and Toray Chemicals South Korea Inc.
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