The global aramid fiber market is projected to register a
size of USD 6.51 billion by 2024, according to a new report by Grand View
Research, Inc. The market will be driven by increasing demand for protective
clothing from various sectors such as industrial and defense. The growth of
these end-user industries is projected to propel market expansion further over
the forecast period.
Aramid fibers were extensively
used for manufacturing frictional materials which accounted for 25.8% of the
global revenue share in 2015. It is used for producing a broad range of
materials including pig iron, steel, clutches, automotive brakes, shoes,
fabricated discs with a superior braking power to reduce judder, noise,
vibration and fading.
U.S. aramid fibers market, by application, 2013 - 2024
(Tons)
Browse full research
report on Aramid Fiber Market: http://www.grandviewresearch.com/industry-analysis/aramid-fiber-market
- The global demand for aramid fiber was 78.22 kilo
tones in 2015. High strength, resistance to abrasion & organic
solvents and low flammability makes it a viable option across a wide array
of applications including textiles, aviation, automotive and electronic
applications. Rising demand for textiles and vehicles is expected to drive
market growth over the forecast period.
- Growing requirement for protective clothing from
defense & industrial sectors for security & protection will result
in high growth over the forecast period. Furthermore, stringent
regulations implemented by the U.S. OSHA regarding the safety of workers
are fueling consumption of protective clothing.
- Para-aramid fiber market was estimated as the largest
market in 2015 accounting for 66.2% of the volume share, owing to its high
strength and insulation property which makes it an essential material for
use in electronics, automotive and aviation applications
- Europe accounted for 34.7% of the volume share in
2015 and is projected to experience significant growth owing to the
increasing penetration of the product in various industries such as
aerospace, security and protection and electrical insulation in several
countries including Germany, France and UK. The growth of the automotive
sector will further influence demand for the product over the next eight
years. Moreover, the presence of a stringent regulatory framework for the
protection of workers is expected to propel the demand for protective
clothing, thereby, driving demand for aramid fibers.
- Key industry players include HYOSUNG Corporation, E.
I. du Pont de Nemours and Company, Teijin Aramid, Ibiden Co., Ltd., Toray
Chemical Korea Inc., Yantai Tayho Advanced Materials Co. Ltd. and Huvis
Corporation. These companies have a strong emphasis on R&D activities
to introduce new products and strengthen their aramid fiber product
portfolio.
Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-aramid-fiber-market
About Grand View Research,
Inc:
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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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