SAN FRANCISCO, August 30, 2018 /PRNewswire/ --

The global aramid fiber market size is expected to reach USD 6.51 billion by 2024, according to a new report by Grand View Research, Inc. The market is projected to witness a healthy CAGR of 9.7% during the forecast period. Increasing demand for protective clothing from various applications such as industrial and defense sector is the major factor driving the market. Growth of these end-user industries is projected to further propel the demand for aramid fibers over the next few years.

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On the other hand, high cost of production is anticipated to limit the market growth. However, these fibers are light weight, heat resistant, non-flammable, and highly durable. These properties are boosting their demand, thereby augmenting the market expansion. A considerable part of every country's annual budget is occupied by the defense sector due to various factors such as political differences and rising tension across borders. Thus, increased government expenditure in the aerospace, defense and security industries is expected to drive the market.

Para-aramids led the global market in 2015. They possess high tensile strength and a tendency to deform when force is applied. They are created by the dry-jet, wet spinning technique, which results in a fiber consisting of an extended liquid crystal chains formed along its axis with a greater degree of crystallinity and strength. These fibers are widely used in vehicle components such as hoses, tires, belts, brake pads, fiber-glass reinforcement, gaskets, clutches and vehicle armors. Thus, increasing applications of para-aramid fibers in the automobile component manufacturing is anticipated to drive the segment further over the forecast period.

Browse full research report with TOC on "Aramid Fiber Market Size, Share & Trends Analysis Report By Product (Para-aramid, Meta-aramid), By End-use (Security & Protection, Aerospace, Electrical Insulation), By Region, And Segment Forecasts, 2018 - 2024" at: https://www.grandviewresearch.com/industry-analysis/aramid-fiber-market

Further Key Findings From the Report Suggest: 

• The global aramid fiber market generated USD 2.8 billion in 2015 and is expected to reach USD 6.5 billion by 2024, at a CAGR of 9.7%
• On the basis of product, the market is led by para-aramid fiber, which is expected to generate USD 4.2 billion by 2024
• Security and protection was the prominent end-use segment and is anticipated to maintain its dominance throughout the forecast period
• Rapid urbanization and growth of construction sector in emerging economies of Asia Pacific such as India, China, and Japan are expected to drive the regional market
• Some of the major companies in the aramid fiber market are Teijin Ltd.; Yantai Tayho Advanced Materials Co.; E. I. du Pont de Nemours and Company, Hyosung Corp.; Toray Chemicals South Korea, Inc.; Kermel S.A., Kolon Industries, Inc.; Huvis Corp.; China National Bluestar (Group) Co. Ltd.; and SRO Aramid (Jiangzu) Co. Ltd.

Browse related reports by Grand View Research: 

• Carbon Thermoplastic (CFRTP) Composites Market - The global carbon fiber reinforced thermoplastic (CFRTP) composite market size was valued at USD 2.75 billion in 2015 and is projected to grow at a CAGR of 10.8% from 2016 to 2025. 

• Bioceramics Market - The Global bioceramics market size was USD 12.31 billion in 2014 and is expected to witness significant growth over the next seven years.

• Geosynthetic Clay Liner Market - The Global Geosynthetic Clay Liner Market size was 118.0 million square meters in 2014 and is expected to witness considerable growth.

• Tempered Glass Market - The Global tempered glass market was estimated at 2,542.1 million square meters in 2014 and is expected to witness growth on account of rising demand from the automotive sector.

Grand View Research has segmented the global aramid fiber market on the basis of product, end use, and region: 

• Aramid Fiber Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024) 
  • Para-aramid
  • Meta-aramid
  • Others
• Aramid Fiber End-use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024) 
  • Optical Fiber
  • Rubber Reinforcement
  • Friction Materials
  • Aerospace
  • Security and Protection
  • Tire Reinforcement
  • Electrical Insulation
  • Others
• Aramid Fiber Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024) 
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • Italy
    • U.K.
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
  • Latin America
    • Brazil
  • MEA

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About Grand View Research 

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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SOURCE Grand View Research, Inc.