SELBYVILLE, Del., July 26, 2021 (Newswire.com) - As per recent research by Global Market Insights Inc., the global aramid fiber market is touted to record a valuation of $6.3 billion by the end of 2027, registering a CAGR of 9% from 2021 to 2027 with increasing demand for products that are durable, need low maintenance and give high performance.
The rise in product demand is driven by the polymer's unique properties like resistance to abrasion and organic solvents, ultra-high-strength, low flammability, and rigidness, which are expected to add to the rising demand for the product in the years to come. In fact, it would be pivotal to note that the market is expected to record massive gains from the safety applications alone, say about 35% of the aramid fiber market share over 2021 to 2027.
The strategic rise in product demand is urging aramid fibers manufacturers to invest heftily in various applications across diverse economies. Investments in Asian countries are one such move. The growth in the Asia Pacific aramid fiber market is expected to come from rising stringent regulations pertaining to flame-retardant materials and environmental safety. In 2020, APAC was valued at USD 700 million and is slated to record a CAGR of 8% through 2027. The factors driving this significant growth include a substantial rise in new procurements for armed forces, vehicles, and electronics.
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It is essential to mention that the global aramid fiber market is characterized by a gamut of applications. Some of the crucial application trends likely to transform the growth prospects of the overall aramid fiber industry are described below:
Heightened applicability in tire reinforcement
With automobile production and sales skyrocketing, the need for tire reinforcement is soaring to new heights. According to European Automobile Manufacturers Association (ACEA) statistics, approximately 77.9 million motor vehicles were manufactured worldwide in 2020. This estimate has also produced a surge in tire reinforcement, supporting a stringent growth in aramid fibers adoption.
Surprisingly, DuPont was one of the specialty chemicals firms, that introduced the concept of aramid fibers as a replacement to steel in tires to make them stronger and lighter. It has been observed that aramid usage in tires is expected to improve the fuel economy for commercial vehicles and subsequently reduce the dependence on oil. With such growing prominence, aramid fiber market revenue from tire reinforcement applications is touted to depict a CAGR of 8.5% over the foreseeable time frame.
Exceptional properties of aramid fibers to facilitate marine, aerospace, and industrial filtration
Special attributes of aramid fibers like durability, high strength, and lower maintenance, amongst others, are proven out to be beneficial for various industries including aerospace, marine, sporting goods, industrial, and more. In fact, the aerospace, industrial filtration, and marine industry captured a revenue stake of 10% of the overall market share in 2020.
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Increased product utilization in frictional materials
It is vital to take note of aramid fibers' applications in several frictional materials like automotive and industrial gaskets, asbestos replacement, brakes and transmission friction parts, filament wound pressure vessels, brake pads, and others. Moreover, frictional materials accounted for 20% of the overall product demand in 2020. Besides, an increasing usability profile across the segment would impel the revenue share to grow at a rate of 8.5% through 2027.
The growth is further ascribed to the elevating demand for advanced materials to cater to trends of modernization in the global manufacturing sector.
All in all, boasting of immense utilization in safety applications, aramid fibers are estimated to hold major prominence in other application areas like industrial filtration, marine, frictional materials, and more. This stronghold in myriad application sectors would allow the aramid fiber market to grow profusely in 2021 and beyond.
Key industry participants in the aramid fiber industry are Teijin, Hyosung, Yantai Tayho, W. Barnet, Kermel, Kolon, Toray, Huvis Corporation, JSC Kamenskvolokno, Jiaxing Newtex, Beijing Landingji, And X-FIPER New Material. Industry players are focused on product development, merger & acquisition, strategic partnership & joint venture, and R&D investment strategies over the long run.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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Source: Global Market Insights Inc.