July 17, 2024
Aramid Fibers Market

Projected Growth Of Aramid Fibers To Boost The Global Aramid Fibers Market

Market Overview:

Aramid fibers are synthetic fibers defined by long molecular chains of interconnected aromatic rings. They are known for their high strength-to-weight ratio and heat resistance. The fibers find extensive use in safety equipment such as helmets, bulletproof vests and uniforms for firefighters. In aerospace and aviation industries, aramid fibers are used in components of jet engines, aircraft brakes and cockpit parts. Their resistance to abrasion and cutting make them suitable reinforcements in tires, conveyor belts and mechanical rubber goods. Aramid fibers are also used as reinforcement in composite materials for constructing heavy duty vehicles and infrastructure. Due to their exceptional tensile strength and low specific weight, the demand for aramid fiber is growing across diverse industries.

Market key trends:

One of the key trends driving the aramid fibers market growth is the increasing demand from the automotive industry. Automakers are incorporating advanced composite materials in vehicles to reduce weight and enhance fuel efficiency. Aramid fibers act as reinforcement in composite body panels, seat frames and door trims to cut down vehicle weight by nearly 30%. This is complementing the automotive industry’s shift towards electric mobility. Rising sales of electric vehicles where lightweight materials provide additional miles per charge are boosting demand for aramid composite components. The material is also becoming popular in manufacturing high-speed trains and railcars owing to its strength and low weight properties. The construction of new railway networks worldwide will continue stimulating market revenues over the forecast period.

The global Aramid Fibers Market Demand is estimated to be valued at US$ 4447.55 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Porter’s Analysis

Threat of new entrants: The threat of new entrants into the aramid fibers market is low. It requires high capital investment to build manufacturing facilities and develop the technology required for production.

Bargaining power of buyers: The bargaining power of buyers is low to moderate. Aramid fibers have specialized uses and applications which limits options for buyers.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. There are few raw material suppliers for aramid fibers which provides them pricing power.

Threat of new substitutes: The threat of substitutes is low to moderate. While materials like carbon fibers and UHMWPE are substitutes, they do not match properties like strength and heat resistance of aramid fibers.

Competitive rivalry: The competitive rivalry is high owing to the presence of global players operating in the market.

Key Takeaways

The global aramid fibers market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing demand from the automotive and aerospace industries.

The Asia Pacific region dominates the aramid fibers market and is expected to grow the fastest during the forecast period. This is attributed to increasing manufacturing activities and growing end-use industries in countries like China and India.

Key players operating in the aramid fibers market are China National Bluestar (Group) Co. Ltd, DuPont, Hebei Silicon Valley Chemical Co Ltd, Huvis, Hyosung, Kermel, Kolon Industries Inc., Shenma Industrial Co. Ltd, Sinopec Yizheng Chemical Fibre Limited Liability Company, Suzhou Zhaoda Specially Fiber Technical Co.,Ltd., Teijin Limited, Toray Industries Inc., Wuxi, Heshengyuan Carbon Fiber Technology Co. Ltd, X-FIPER New Material Co. Ltd, Xiamen Chao Yu Environmental Protection Technology Co. Ltd, and Yantai Tayho Advanced Materials Co. Ltd. The major players are focusing on expanding their production capacities and global footprint through strategic mergers and acquisitions.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it