The global aramid fiber market to grow to USD 6 billion during the period 2018-2022.
Global Aramid Fiber Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is increasing investment in the defense industry. The increasing investment in the defense industry from countries such as China, the US, Russia, Saudi Arabia, India, Japan, and France is expected to increase the aerospace and defense budget owing to the resurgence of global security threats. Several governments around the world have already started increasing their defense budgets to address the security threats.
According to the report, one of the major drivers for this market is Increasing demand from emerging economies. The increasing demand for aramid fiber from the aerospace industry in the emerging economies is expected to fuel the market growth owing to the improvements in the standard of living, open market, rapid liberalization, and industrialization.
The increase in the manufacturing activities in the aerospace industry, owing to the high GDP in emerging economies such as China, India, Columbia, Brazil, Philippines, Indonesia, and Mexico, is also expected to drive the demand for aramid fibers. In addition, the emergence of India and China as major manufacturing hubs in APAC is expected to drive the demand for aerospace aramid fiber. China is expected to become the world's largest domestic aviation market by 2035.
Further, the report states that one of the major factors hindering the growth of this market is Slower adoption in emerging applications. Despite the increase in awareness of energy savings, globally, many people remain ignorant about the benefits of aramid fiber in terms of energy efficiency and other superior properties. Currently, aramid fibers are used extensively in high-performance automotive, and in the aerospace and defense industry. The commercial application of aramid fiber in various industrial applications is still limited to a small number of industries.