FELTON, California, August 14, 2017 /PRNewswire/ --
The global aramid fiber market was estimated at USD 2.84 billion in the year 2015 and is expected to register a significant growth over the forecast period on account of its increasing demand from numerous end-use applications which consist of rubber and tire strengthening, security & protection, optical fiber and electrical insulation.
The cumulative increase in the use of armors on account of rising concerns regarding security among civilians is driving the growth. These armors consist of helmets, vehicle armors, body armors and bulletproof vests used in defense industry. The product is also used as a substitute to asbestos which is considered injurious to the environment.
The participants in the market have been focusing on R&D activities to develop new products that fulfil the norms and regulations enforced by regulatory bodies. It is an appropriate material for applications in aerospace on account of its properties such as lightweight and fuel efficiency. Developing nations such as India and China are estimated to witness a rapid growth due to the rise in the consumption of electrical devices and automotive in the recent past.
The major participants in this market are emphasizing on mergers & acquisitions, collaborations with consumers and suppliers coupled with new product launches to upsurge their business presence and strengthen their foothold in the market. In addition, players are also focusing on advancements in protective clothing industry in order to address the safety concerns.
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In terms of global market revenue, security and protection accounted for over 33.60% in the year 2015. Aramid fibers are broadly used in the manufacturing of stab resistant and fire resistant protective clothing which consist of gloves, helmets and footwear. These products are widely used for industrial, civilian and military purposes. Strict norms and regulations in the North American and European countries such as the U.S., Germany, France, and UK are fueling the regional market growth.
The demand for para-aramid fibers in 2015 was 51.87 kilo tons. They possess high potential, owing to properties such as high tenacity, low elongation and strength-to-weight property, resulting in its rising requirement from numerous industries such as aerospace, defense and automotive.
In terms of global revenue share, Europe was the largest market accounting for 35.10% share in the year 2015. The market is majorly determined by countries such as Germany, France and U.K. Strict regulatory norms in various industries such as oil & gas, steel & aluminum, construction and automotive has been fueling the growth and this trend is expected to continue over the next eight years.
The major participants are also involved in partnerships and collaborations. There are numerous end-use applications which consist of filtration, composites, recreational good, and ropes & cables, which is anticipated to offer a competitive edge to the major participants along with an opportunity to strengthen their business presence.
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Product Outlook (Volume, Tons; Revenue, USD Million; 2013 - 2024)
End-use Outlook (Volume, Tons; Revenue, USD Million; 2013 - 2024)
• Optical Fiber
• Rubber Reinforcement
• Friction Materials
• Security and Protection
• Tire Reinforcement
• Electrical Insulation
Regional Outlook (Volume, Tons; Revenue, USD Million; 2013 - 2024)
• North America
• Asia Pacific
• South Korea
• Latin America
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