According to the new market research report "Aramid Fiber Market by Type (Para-Aramid Fiber, Meta-Aramid Fiber), Application (Security & Protection, Frictional Materials, Industrial Filtration, Optical Fibers, Rubber Reinforcement, Tire Reinforcement), Region - Global Forecast to 2024", published by MarketsandMarkets™, the Aramid Fiber Market is projected to grow from USD 3.28 billion in 2018 to USD 5.78 billion by 2024, at a CAGR of 9.9%. Owing to stringent regulations regarding carbon emissions, automotive manufacturers prefer aramid fibers in their automobile designs, thus driving the Aramid Fiber Market, globally.
The meta-Aramid Fiber Market is projected to register the highest CAGR, in terms of value, during the forecast period.
By type, the meta-aramid fiber segment is projected to register the highest CAGR, in terms of value, between 2018 and 2024. The rising demand from the defense industry owing to increased insurgencies is driving the meta-Aramid Fiber Market. Meta-aramid fiber is primarily used in firefighters' uniforms to withstand operations at high temperature and is also used in heat insulating materials and filtration. In addition, technological advancements in the transportation industry are expected to drive the meta-Aramid Fiber Market during the forecast period.
The market in the optical fibers application is projected to register the highest CAGR, in terms of value, during the forecast period.
By application, the market in the optical fibers segment is projected to register the highest CAGR, in terms of value, between 2018 and 2024. The growing demand for fiber optic cables has been driving the need for reinforcement materials, of which aramid fibers are one of the preferred choices. Moreover, the increasing demand for better performing optical cables and increasing internet applications are driving the market in the optical fibers application.
Europe is estimated to account for the largest share, in terms of value, of the Aramid Fiber Market during the forecast period.
The Aramid Fiber Market has been studied for Asia Pacific, North America, Europe, the Middle East & Africa, and South America. Europe is estimated to account for the largest share, in terms of value, of the Aramid Fiber Market during the forecast period. This growth is supported by the increasing environmental and government regulations in the automotive and defense industries. According to the European Automobile Manufacturers Association, the R&D spending in the automotive sector accounted for 27% of the total R&D spending in the EU. In addition, the total CO2 emissions from car production reduced by 24% since 2008. Such initiatives will increase the demand for lightweight materials, such as aramid fibers, in an automobile to reduce CO2 emissions.
The key players operating in the Aramid Fiber Market include DowDuPont (US), Teijin Ltd. (Japan), Toray Industries Inc. (South Korea), Hyosung Corp. (South Korea), Kolon Industries Inc. (South Korea), Huvis Corp. (South Korea), Yantai Tayho Advanced Material Co. (China), Kermel (France), China National Bluestar (Group) Co. Ltd. (China), Taekwang Industrial Co., Ltd. (South Korea), and SRO Aramid (Jiangsu) Co. Ltd. (China).
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