Source: Research and Markets
Dublin, Dec. 01, 2020 (GLOBE NEWSWIRE) -- The "Aramid Fiber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The global aramid fiber market size reached US$ 3.5 Billion in 2019. Aramid fiber is a synthetic organic polymer, which is produced by spinning a liquid crystalline solution of long-chain polyamide in concentrated sulfuric acid. The molecules of this fiber are linked by strong hydrogen bonds that provide immense strength and resistance against abrasion, heat and organic solvents, along with a low melting point to the end product.
It is majorly utilized for electrical insulation, producing protective clothing for firefighters, racers and military personnel, and heat shields in automotive and aerospace equipment. In the construction industry, aramid fiber is used for manufacturing fiber-reinforced concrete and corrosion-resistant thermoplastic pipes, which prolong the life of the pipeline and reduce the overall maintenance costs.
The growing automotive, aerospace, defense and construction industries are among the key factors driving the growth of the market. Furthermore, the growing demand for lightweight materials for personnel protective equipment that protect the wearer from physical, thermal, electrical and biological hazards, is also providing a thrust to the market growth. Aramid fiber is also used for the production of bullet-proof and stab-resistant products, including helmets, gloves and clothing material.
Additionally, it is widely utilized for the manufacturing of products such as fishing and golf rods, bows, skis and wall materials of airplanes. The increasing industrialization and urbanization across the globe is another factor favoring the market growth. Rising urban migration is augmenting the construction of new infrastructural projects, which is catalyzing the demand for aramid fiber as an asbestos and steel substitute. Other factors, including extensive research and development (R&D) and emerging applications in the optical fiber industry, are projected to drive the market in the upcoming years. Looking forward, the publisher expects the market value is projected to reach US$ 5.7 Billion, exhibiting a CAGR of around 8% during 2020-2025.
Breakup by Product Type:
Meta-Aramid Fiber
Para-Aramid Fiber
Others
Breakup by Application:
Protective Fabrics
Frictional Materials
Optical Fibers
Tire Reinforcement
Rubber Reinforcement
Composites
Others
Breakup by End-Use Industry:
Aerospace and Defense
Automotive
Electronics and Telecommunication
Sports Goods
Others
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Teijin, DowDuPont, Yantai Tayho Advanced Materials Company, Hyosung Corporation, Toray Chemical Korea, Kolon Industries, Huvis, China National BlueStar Group Company, Taekwang Industrial, JSC Kamenskvolokno, Guangdong Charming Company, etc.
