Aramid fiber market to grow by USD 1,191.78 million between 2022 and 2027; Aramid HPM LLC, DuPont de Nemours Inc., among others identified as key vendors

NEW YORK, May 2, 2023 /PRNewswire/ -- The aramid fiber market is set to grow by USD 1,191.78 million from 2022 to 2027 progressing at a CAGR of 3.85% during the forecast period. The research report focuses on top companies and crucial drivers, current growth dynamics, futuristic opportunities, and new product/project launches. Discover market potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports. View Sample Report

Vendor Landscape

The aramid fiber market is fragmented. The market consists of major vendors with a strong geographical presence. The rapid industrialization and urbanization in developing countries such as India, Brazil, Mexico, Angola, and China have spurred the entry and growth of domestic vendors. The key vendors are keenly focusing on M&A to gain an edge in the market. Vendors are also taking measures to extend their product portfolio with heavy investments in R&D. The competitive environment thriving in the market is predicted to intensify during the forecast period with vendors competing on the basis of factors such as the cost of production, new product innovations, and product quality among others.

Aramid HPM LLC - The company offers meta-aramid fiber which is used in automotive and thermal insulation applications.

DuPont de Nemours Inc. - The company offers kevlar fibers which are used in a variety of clothing, accessories, and other equipment.

Huvis Corp. - The company offers meta-aramid fiber which is designed to be used in laundry conveyer belts and industrial bag filters.

Hyosung Corp. - The company offers aramid yarn which is designed to be actively applied for bulletproofing, automotive rubber reinforcement, and many industrial purposes.

Kermel

Kolon Industries Inc.

Lydall Inc.

Shanghai J and S New Materials Co.Ltd.

Shenma Industrial Co. Ltd.

Sinopec Shanghai Petrochemical Co. Ltd.

Solvay SA

Supermax New Materials Co. Ltd.

Suzhou Zhaoda Specialy Fiber Technical Co. Ltd.

Toray Industries Inc.

Toyobo Co. Ltd.

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Key Market Segmentation

Product

End-user

Geography

By product, the market growth in the para-aramid segment will be significant over the forecast period. Para-aramid fibers have an excellent strength-to-weight ratio and high tensile strength and modulus behavior. These fibers also exhibit properties such as low elongation to break, good chemical resistance, good heat and flame resistance, and ballistic properties. In addition, the high cut resistance and excellent chemical resistance of para-aramid fibers have increased their use in a wide range of applications across various industries, including oil and gas, healthcare, manufacturing, and others. All these factors are driving the growth of the segment.

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Regional Market Outlook

Europe will account for 32% of the market growth during the forecast period. The growth of the regional market is driven by the increased demand for aramid fibers from end-user industries such as automobile and aerospace and defense. In addition, the high concentration of aircraft manufacturing companies in countries such as the UK, Germany, France, Italy, Spain, Poland, Russia, and Sweden has created significant opportunities for vendors. Moreover, the increase in defense budgets and the subsequent increase in production in the aerospace and defense sector are driving the growth of the aramid fiber market in Europe.

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The aramid fiber market covers the following areas:

Aramid Fiber Market Sizing

Aramid Fiber Market Forecast

Aramid Fiber Market Analysis

Market Dynamics

Driver – Advances in the military and aerospace sector, the increasing use of small drones, and the rising demand for portable electronics have created the need for the miniaturization of electronic components. Also, the shift in focus of aircraft and automotive manufacturers toward enhancing the performance of aircraft and vehicles and reducing the overall weight is increasing the demand for the miniaturization of electronic components. This has triggered the demand to provide increased functionality with reduced material cost and increase the use of advanced materials, such as aramid fibers. The superior optical and mechanical properties of these fibers have increased their use in the production of optoelectronics. Thus, with the growing miniaturization of electronic components, the demand for aramid fiber is expected to increase during the forecast period.

Trend – The increasing demand for aramid fibers from the consumer electronics industry is identified as the key trend in the market. Aramid fibers are widely used in the consumer electronics industry for various optical applications. They are extensively used in mobile phones, LCDs, displays and projectors, wearable electronic devices, gasket optics and lighting, and rollers. The rapid growth of the urban population, rise in disposable income, strong supply chain, and high penetration of the internet have fueled the growth of the global consumer electronics market. As a result of these factors, the growth is expected to further accelerate during the forecast period.

Challenge – The high cost of development and quality maintenance will challenge the growth of the market. Aramid fibers require special equipment to cut and grind for use in various end-user applications. They also require special quality assurance checks as they can be degraded by UV light. Besides, the increased availability of substitutes has urged manufacturers of aramid fibers to increase their investment in R&D such that they can differentiate their products from their competitors. Such high costs associated with the production and maintenance of aramid fibers reduce the growth potential of the market.

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Aramid Fiber Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 3.85%

Market growth 2023-2027

USD 1,191.78 million

Market structure

Fragmented

YoY growth 2022-2023(%)

3.46

Regional analysis

Europe, North America, APAC, South America, and Middle East and Africa

Performing market contribution

Europe at 32%

Key countries

US, China, Japan, Germany, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Aramid HPM LLC, China National Bluestar (Group) Co.Ltd., DuPont de Nemours Inc., Huvis Corp., Hyosung Corp., Kermel, Kolon Industries Inc., Lydall Inc., Shanghai J and S New Materials Co.Ltd., Shenma Industrial Co. Ltd., Sinopec Shanghai Petrochemical Co. Ltd., Solvay SA, Supermax New Materials Co. Ltd., Suzhou Zhaoda Specialy Fiber Technical Co. Ltd., Toray Industries Inc., Toyobo Co. Ltd., Yantai Tayho Advanced Materials Co. Ltd., and Teijin Ltd.

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Key Topics Covered:

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global aramid fiber market 2017 - 2021

4.2 Product Segment Analysis 2017 - 2021

4.3 End-user Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Product

6.1 Market segments

6.2 Comparison by Product

6.3 Para-aramid - Market size and forecast 2022-2027

6.4 Meta-aramid - Market size and forecast 2022-2027

6.5 Market opportunity by Product

7 Market Segmentation by End-user

7.1 Market segments

7.2 Comparison by End-user

7.3 Automotive - Market size and forecast 2022-2027

7.4 Aerospace and defense - Market size and forecast 2022-2027

7.5 Electrical and electronics - Market size and forecast 2022-2027

7.6 Others - Market size and forecast 2022-2027

7.7 Market opportunity by End-user

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 Europe - Market size and forecast 2022-2027

9.4 North America - Market size and forecast 2022-2027

9.5 APAC - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 Germany - Market size and forecast 2022-2027

9.11 UK - Market size and forecast 2022-2027

9.12 Japan - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Aramid HPM LLC

12.4 China National Bluestar (Group) Co.Ltd.

12.5 DuPont de Nemours Inc.

12.6 Huvis Corp.

12.7 Hyosung Corp.

12.8 Kermel

12.9 Kolon Industries Inc.

12.10 Lydall Inc.

12.11 Shanghai J and S New Materials Co.Ltd.

12.12 Sinopec Shanghai Petrochemical Co. Ltd.

12.13 Supermax New Materials Co. Ltd.

12.14 Suzhou Zhaoda Specialy Fiber Technical Co. Ltd.

12.15 Teijin Ltd.

12.16 Toray Industries Inc.

12.17 Yantai Tayho Advanced Materials Co. Ltd.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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