Aramid Fiber Reinforcement Market - By Type (Para-Aramid Fibers, Meta-Aramid Fibers, and Others), by End-Use Industry (Aerospace & Defense, Automotive, Consumer Goods, Marine, and Others) and - By Region - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Aramid Fiber Reinforcement Market was valued at USD 3974.8 million in 2020, and is projected to reach USD 9070 million by 2030, growing at a CAGR of 8.6% during the forecast period. Aramid fiber reinforcement materials are synthetic fibers known for their exceptional heat & fire resistance and strength properties. General characteristics of these fibers include low flammability, non-conductivity, and resistance to abrasion & organic solvents. It is a high-end line artificial product characterized by its improved heat resistance (more than 500°C) and tensile strength (five times stronger than steel on an equal weight basis) for various industrial applications, such as aerospace, defense (armoring fabric/bullet proof vest), automotive (brake pad/lining, high-end tire cord for racing car), and optical fiber cable system. Furthermore, it is widely used for making ballistic body armors, sporting goods, helmets, and other protective clothing, due to their high strength and heat resistant properties. DuPont was the first to produce and commercialize aramid fiber in the 1960s under the trade name nomex.

Market Segmentation:

On the basis of type, the market is bifurcated into para-aramid fibers and meta-aramid fibers. Para-aramid fiber is the leading product type in terms of revenue in the global aramid fiber market with around 72.45% market share in 2018. Based on the end-users the market is segmented into aerospace & defense, automotive, consumer goods, marine, and others.

Market Dynamics and Factors:

The factors that drive the global aramid fiber reinforcement market are growth in demand from rise in security concerns, aerospace and defense sector. Which increase the demand for exceptional properties of fibre including heat and fire resistance, strength, safety supporting materials. Moreover, growth in need for materials that contribute to lower energy & resource consumption and weight reduction that enhances the performance of finished products have augmented the growth of aramid fiber reinforcement market. Conversely, the non-biodegradable nature of aramid fiber and high product costs may hinder the market growth during the forecast period. Furthermore, innovation in existing technologies, expanding applications in the defense sector and development of aramid fibers with higher strength and durability are expected to create several growth opportunities for the market.

Geographic Analysis:

Regionally, North America accounted for highest revenue share in the global aramid fiber reinforcement market in 2019, and is projected to maintain its supremacy throughout the forecast period. Europe was the leading market for aramid fiber followed by North America and APAC, holding around 35% market share in 2017, while the APAC held around 22%. China was the highest revenue contributor in the Asia-Pacific aramid fiber reinforcement materials market in 2015 The Asia Pacific is further foretold to be the fastest mounting market for aramid fiber in the forecasted year.

Competitive Scenario:

The major players operating in the aramid fiber reinforcement market includes DuPont and Teijin Aramid,  Hyosung Corporation, Toray Chemical Korea Inc., BASF SE, Yantai Tayho Advanced Materials Co. Kermel, China National Bluestar (Group) Co. Ltd., JSC Kamenskvolokno Guangdong Charming Co., Ltd.

Aramid Fiber Reinforcement Market Report Scope