SAN FRANCISCO, Feb. 6, 2019 /PRNewswire/ -- The global para-aramid fibers market size is expected to reach USD 3.6 billion by 2025 at a 6.5% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for security and protective measures in various industries such as military and construction is likely to boost product demand.
Key suggestions from the report:
- By application, security and protection dominated the para-aramid fiber market, accounting for 38.4% of the total revenue in 2017. This is owing to increasing demand for production of security and protective wearables, including bulletproof vests
- Optical fibers is estimated to be the fastest growing application segment, registering a CAGR of 5.3% in terms of volume from 2018 to 2025. This is due to surge in demand for aerial dielectric self-supporting cables, premise cables, water-blocking yarns, fiber to the home (FTTH), ballistic tapes, and ripcords
- Europe was the largest market for para-aramid fibers, accounting for over 37.0% of the revenue in 2017. This can be attributed to high demand from various application sectors such as security and protection, electrical insulation, rubber reinforcement, and tire reinforcement
- Increasing demand for high fuel efficiency and continuous advancements in the transportation sector are expected to emerge as major factors driving the industry over the forecast period
- Key players aim to achieve optimum growth and strengthen their position through various expansion strategies such as partnerships, new product developments, agreements, technical collaborations, and capacity expansions.
Read 79 page research report with TOC on "Para-aramid Fibers Market Size, Share & Trends Analysis Report By Application (Security & Protection, Friction Material, Rubber Reinforcement), By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/para-aramid-fibers-market
Raw material prices play a key role in industry growth, which helps players align product demand and gain control over the supply chain. Furthermore, major players are focused on integration across the value chain in order to maintain continuous raw material supply in a bid to increase market revenue.
The market is witnessing a high level of competition owing to presence of a large number of regional and global players with operations across the globe. Key participants are actively involved in adopting various strategic initiatives to gain a large share. The degree of competition depends on product demand, innovation in technology, and distribution network.
The production process is highly energy intensive and makes use of expensive chemicals, which increases raw material cost in proportion to the overall cost of the product.
Grand View Research has segmented the global para-aramid fibers market on the basis of application and region:
- Para-aramid Fibers Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
- Security & Protection
- Optical Fibers
- Friction Materials
- Rubber Reinforcement
- Tire Reinforcement
- Para-aramid Fibers Regional Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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