Aramid fiber is a fiber with a long chain of synthetic polyamide. Aramid polymer is prepared by a reaction between carboxylic acid halide group and amine group. Aramid fiber is produced by spinning the dissolved aramid polymer to a solid fiber from a liquid chemical blend. Depending on their components, aramid fibers have been divided into para-aramid fiber and meta-aramid fiber. As plastic composite materials, para-aramid fibers are used in body, floor, and wall materials of airplanes, fishing rod, golf club, bow, ski, etc. Additionally, these fibers are used as a substitute of reinforced concrete for curtain walls for multistoried building. Meta-aramid fibers are used in clothing for fire-fighters, filter cloth for high-temperature, uniforms for high-temperature workings, car racing suits, heat insulating materials, etc. Aramid fiber is employed in end-user industries such as aerospace & defense, automotive, electrical, electronics & communication, construction, and sports goods. In terms of revenue, the global aramid fiber market was valued at US$ 2,598.2 Mn in 2014 and is projected to reach US$ 5,099.1 Mn by 2023, expanding at a CAGR of 7.8% from 2015 to 2023.
Para-aramid fiber is extensively used in the automotive and aerospace & defense end-user industries. It was the largest product segment of the global aramid fiber market, accounting for more than 70% share in 2014. Para-aramid fiber is also expected to be the fastest growing product segment of the aramid fiber market in the next few years. In terms of end-users, automotive emerged as the largest segment of the aramid fiber market with a share of more than 35% in 2014. The segment is likely to witness considerable growth during the forecast period. Electrical is expected to be the fastest growing end-user segment of the aramid fiber market, expanding at a CAGR of 8.3% in terms of revenue from 2015 to 2023. Rising demand for industrial protective clothing and growth in global automotive market is expected to drive the global aramid fiber market during the forecast period.
Based on region, the global aramid fiber market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Europe was the largest regional market for aramid fiber, constituting over 35% share in 2014. Increase in demand for protective clothing and personal armor is anticipated to boost the aramid fiber market in Europe in the next few years. This rise in demand can be primarily ascribed to the increase in export to developing countries. Asia Pacific is projected to be the fastest growing region in the global aramid fiber market during the forecast period. Rising demand for aramid fiber in automotive, electrical, and construction end-user industries in emerging economies such as China and India, and countries in ASEAN is likely to drive the aramid fiber market in Asia Pacific in the next few years. The aramid fiber market in North America is estimated to expand at a significant rate over the next eight years, due to the slow but steady recovery of the economy in the U.S. The aramid fiber market in Latin America is anticipated to expand at a significant rate over the next eight years, primarily due to growth in automotive and construction end-user industries. The aramid fiber market in the Middle East & Africa is projected to witness decent growth in the next few years, owing to rising demand for protective clothing in the oil & gas industry in the Middle East.
Rising demand for aramid fiber in the rapidly expanding automotive, aerospace & defense, and electrical end-user segments is anticipated to drive the global aramid fiber market in the next few years. Rapid commercialization of aramid nano-fiber is expected to act as an opportunity for the aramid fiber market in the next eight years. However, availability of application-specific substitutes and high cost of manufacturing associated with aramid fiber are estimated to hamper market growth of aramid fiber during the forecast period. Major manufacturers of aramid fiber include E. I. du Pont de Nemours and Company, Teijin Aramid, Kolon Industries Inc., HYOSUNG Corporation and Yantai Tayho Advanced Materials Co., Ltd.
This report analyzes and forecasts the market for aramid fiber at the global and regional level. The market has been forecast based on volume (Tons) and revenue (US$ Mn) from 2015 to 2023. The study includes drivers and restraints of the global aramid fiber market. It also covers the impact of these drivers and restraints on demand for aramid fiber during the forecast period. The report also highlights the opportunities in the aramid fiber market at the global and regional level.
The report includes a detailed value chain analysis, which provides a comprehensive view of the global aramid fiber market. Porter’s Five Forces model for the aramid fiber market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global aramid fiber market by segmenting it in terms of products and end-users. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The report also covers demand for individual products and end-user segments in all the regions.
The study includes profiles of major companies operating in the global aramid fiber market. Key players profiled in the report include E. I. du Pont de Nemours and Company, Teijin Aramid, Kolon Industries Inc., HYOSUNG Corporation, Yantai Tayho Advanced Materials Co. Ltd. Kermel, Alchemie Group, SRO Group (China) Ltd., China National Bluestar (Group) Co. Ltd., and Guangdong Charming Co., Ltd. Market players are profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
The report provides the market size of aramid fiber for 2014 and forecast for the next eight years. The global market size of aramid fiber is provided in terms of both volume as well as revenue. Market volume is defined in tons, while market revenue is in US$ Mn. Market numbers are estimated based on key product segments and end-user segments of aramid fiber. Market size and forecast for each major product and end-user is provided in terms of global and regional markets.
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, SEC filings, Plastemart magazine, TPE magazine, internal and external proprietary databases, and relevant patent and regulatory databases such as ICIS, Hoovers, oneSOURCE, Factiva, and Bloomberg, national government documents, statistical databases, trade journals, market reports, news articles, press releases, and webcasts specific to companies operating in the market.
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen the secondary research findings. These also help develop the analysis team’s expertise and market understanding.
The report segments the global aramid fiber market as:
Aramid Fiber Market: Product Analysis
- Para-aramid fiber
- Meta-aramid fiber
Aramid Fiber Market: End-user Analysis
- Aerospace & defense
- Electronics & telecommunication
- Others (including construction)
Aramid Fiber Market: Regional Analysis
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- South Africa
- Rest of MEA