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Aramid Fibre Market

Aramid fibre market is expected to grow at a CAGR of 11% during the forecast period of 2022 to 2030. The market is being driven by the rising demand for lightweight and flexible materials from the automotive industry as well as the military and defence industry for a variety of applications. Furthermore, the restrictions connected to the reduction of carbon emissions drive various industrial participants to search for alternative materials that are not only lightweight but also sturdy and fuel-efficient. During the time of analysis, it is anticipated that this will continue to propel growth in the aramid fibre market. On the other hand, the expansion of the market is being hindered by the high expenses of research and development as well as the non-biodegradable nature of aramid fibres.

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Covid-19 has had a moderate impact on business and consumer sentiment in global markets, leading to a drop in the refinery, petrochemical, and power generation sectors. Despite the improved economy, it will be some time before the chemical and petrochemical sectors return to a steady growth trajectory. The refining and petrochemical sectors are expected to grow faster than the building and power generation areas. As a result of the sharp decline in demand, marine and automotive industries are expected to recover over the next six to eight quarters. The power generation sector’s rapid growth will be supported by greater government spending. Demand from unaffected areas such as defence and electrical and telecommunications is projected to save the aramid fibre business, compensating for the losses during the pandemic. Continuous investments in 4G and 5G networks are expected to strengthen the aramid fibre industry throughout time.

The EPA estimates that a passenger car emits 4.7 metric tonnes of CO2 annually. Governments around the world are emphasising strict environmental restrictions as a result. The EPA in the US revises and enforces car emission rules. In addition, the European Union (EU) has imposed strict standards for passenger and light-duty vehicle manufacturers to meet the EU’s light-duty vehicle CO2 rule. A regulation on CO2 requirements for heavy-duty vehicles was proposed in 2018, and there is currently an emission threshold for new cars and light trucks. These strict restrictions reduce vehicle pollution, spurring demand for lightweight materials that reduce pollution even further. Because of rules aimed at reducing carbon emissions, numerous key players in the field are searching for new lightweight, robust materials. Several sectors are moving away from traditional materials like steel and aluminium in favour of aramid fibres and carbon fibres to reduce weight and energy requirements.

The para-aramid sector accounted for 70% of revenue in 2021. This is mainly owing to its employment in bulletproof body armour for the military, aerospace, and defence. Due to its excellent strength-to-weight ratio and superior insulation, this fibre is ideal for bulletproof jackets, helmets, and vehicle armour. High strength-to-weight ratio Honeycomb panel-based composites are becoming more common in the automotive and aerospace & defence industries; therefore, the meta-aramid segment is expected to increase significantly from 2022 to 2030, posting the highest CAGR. As demand for thermal protection apparel rises, so does the demand for this fibre.

In 2021, security and protection applications dominated the market. Due to increased demand from China, Brazil, and India, it’s expected to remain dominant until 2030. Their principal applications are in the military, industry, and civilian sectors, with the need for thermal and ballistic protection expanding in both civil law enforcement and armed forces due to terrorism and insurgency. Due to their unique properties, which lead these fibres to thicken in high temperatures such as flashovers, they are used in safety and protection applications. So, this industry has the most market share. Also, aramid fibre strengthens the protective barrier between the heat source and the skin when firefighters need it most. This sturdy barrier remains elastic and flexible until it is cold, giving additional minutes of protection without limiting the wearer’s mobility.

The filament is expected to hold the bulk of the market until 2030 due to its great dimensional stability, resistance to heat, flame, and chemicals, outstanding strength-to-weight ratio, adaptability, and availability in a variety of colours. There’s a significant probability staple fibre will offer lucrative commercial prospects in the foreseeable timeframe. Staple fibre is used in hot gas filtration fabrics, sewing threads, zipper tapes, firefighter turnout facing fabrics, aviation carpeting, and cut-protection items like gloves. The same is likely with staple fibre.

Europe held the largest revenue share for aramid fibre in 2021. Demand for protective garments is fuelled by tight safety standards in oil and gas, construction, aluminium, and steel, which boosts the aramid fibre market in Europe. Friction materials for high-end automotive and other industrial sectors also contribute to the growing demand for aramid fibre in the region. APAC’s production costs are lower than in other regions, hence most of the big aramid fibre manufacturers have production facilities there. In North America and the Asia Pacific, demand for aramid fibre is rising. As a result, these markets should see better growth. The U.S., Canada, and Mexico all witnessed economic growth in recent decades, contributing to regional market growth. The North American Free Trade Agreement is NAFTA. The U.S. and Canada are also linked through Original Equipment Manufacturers (OEMs) and vehicle parts companies. According to Boeing, global demand for new planes is estimated to exceed 40,000 by 2035, with North America accounting for more than 15,000 jets. Regional aramid fibre market share will rise over the forecast period due to aviation industry growth. Due to significant aramid fibre-producing countries like China and Japan, the Asia Pacific is expected to have the fastest growth rate over the forecast period. The safety and precautionary measures adopted by China and India would help expand the market.

Leading companies such as Dupont Inc., Kolon Industries Inc., and Teijin Limited accounted for more than 50% of the market. Manufacturers in North America and Europe are growing in the Asia Pacific to boost their market share. The top market players have strong regional presences, distribution systems, and product portfolios. Teijin Ltd. of Japan, DuPont De Numerous, Inc. of the US, Yantai Tayho Advanced Materials Co., Ltd. of China, Hyosung Corp. of South Korea, Toray Industries, Inc. of Japan, Kolon Industries Inc. of South Korea, Huvis Corp. of South Korea, Kermel of France, China National Bluestar (Group) Co., Ltd. of China, and SRO Aramid (Jiangsu) Co. Ltd. (China).

Key Market Trends

  • Aramid fibre market is expected to grow at a CAGR of 11% during the forecast period of 2022 to 2030.
  • The para-aramid sector accounted for 70% of revenue in 2021.
  • Meta-aramid segment is expected to increase significantly from 2022 to 2030, posting the highest CAGR.
  • In 2021, security and protection applications dominated the market.
  • The filament is expected to hold the bulk of the market until 2030
  • Europe held the largest revenue share for aramid fibre in 2021.
  •  Asia Pacific is expected to have the fastest growth rate over the forecast period.
  • Leading companies such as Dupont Inc., Kolon Industries Inc., and Teijin Limited accounted for more than 50% of the market.

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