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The aramid fiber market size is estimated to grow at a CAGR of 3.85% between 2022 and 2027. The market size is forecast to increase by USD 1,191.78 million. The growth of the market depends on several factors, including increasing demand from emerging economies, miniaturization of electronic components, and increased demand for fuel-efficient automobiles.
This aramid fiber market report extensively covers market segmentation by product (para-aramid and meta-aramid), end-user (automotive, aerospace and defense, electrical and electronics, and others), and geography (Europe, North America, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The miniaturization of electronic components is notably driving the market growth, although factors such as the high cost of development and quality maintenance may impede the market growth. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The miniaturization of electronic components is notably driving market growth. The development of semiconductors and the shift to integrated circuits in recent years have pushed manufacturers to create smaller electro-mechanical components. The need for the miniaturization of electronic components is being driven by developments in the military and aerospace industries, the growing use of small drones, and the increasing popularity of portable electronic devices like smartphones. The primary factor driving the miniaturization of electronic components is the shift in emphasis of aircraft and automotive manufacturers toward improving the performance of aircraft and vehicles and lowering the overall weight.
Additionally, the use of various electronic systems and components in domestic and commercial applications is promoting the miniaturization of electronic components. Sectors like aerospace that needed smaller and lighter components prompted the need for the miniaturization of electronic components. This boosts the demand for advanced materials, like aramid fibers, in the manufacturing of optoelectronics because of the superior optical and mechanical properties exhibited by aramid fibers, while also increasing functionality at a lower material cost. Hence, these factors are expected to drive the growth of the global market during the forecast period.
Increasing demand for aramid fibers from the consumer electronics industry is an emerging trend in the market. Consumer electronics companies use aramid fibers for a variety of optical applications. Mobile phones, LCD screens, projectors, wearable electronics, gasket optics, lighting, and rollers are a few of the many applications for which they may provide potential solutions. The rapid increase in the urban population, the rise in disposable income, the robust supply chain, and the widespread use of the Internet all contribute to the expansion of the global consumer electronics market.
The demand for aramid fibers has increased in response to the rising popularity of consumer electronics. PVA films are primarily produced and used in consumer electronics products in the APAC region. India's electronic products and systems market is expected to generate the most revenue among the APAC region's emerging economies during the forecast period. In order to increase manufacturing capacity, the governments of many developing nations also offer some exemptions from certain taxes. Therefore, the demand for aramid fibers used in the production of consumer electronic products is expected to increase during the forecast period.
High cost of development and quality maintenance are major challenges impeding market growth. Due to the high standards for quality, materials, and performance set by the end-user industries, aramid fiber manufacturers are required to invest a significant amount in the development of aramid fiber products used in security and protective applications. Additionally, in order to remain competitive, aramid fiber producers must maintain the quality of their goods, which is predicted to raise their cost of quality. For instance, aramid fibers require special equipment to cut and grind for further applications. They also need special quality assurance checks because UV light can cause them to degrade.
The security and protection sector has undoubtedly begun to replace more expensive alternatives, which is motivating aramid fiber producers to increase their R&D spending in order to set their products apart from those of their rivals. Additionally, end users in the automotive, aerospace, and defense industries need products that will meet their specifications. As a result, the market players are threatened by the high production and inventory maintenance costs, which are predicted to restrain the market expansion during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Aramid Fiber Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
China National Bluestar (Group) Co.Ltd. - The company produces and sells organic silicon, methionine, new chemical materials and animal nutrition products. The key offerings of the company include aramid fiber which is used as fibre reinforcement for polymer matrix composites.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the para-aramid segment will be significant during the forecast period. The para-aramid product category, which also contributed the most to revenues in 2022, dominated the market. The excellent strength-to-weight ratio and high tensile strength and modulus behavior are anticipated to favor the segment growth during the forecast period.
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The para-aramid segment was valued at USD 3,960.41 million in 2017 and continued to grow until 2021. Low elongation to break, good chemical resistance, good heat and flame resistance, and ballistic properties are among the features of the product that are expected to boost demand. Its use is also expected to grow in a number of applications, including frictional materials, aerospace, security, and protection, due to its high cut resistance and excellent chemical resistance. As a result of stringent government regulations regarding workplace safety, an increase in product demand from a number of industries, including oil and gas, healthcare, manufacturing, and others, is anticipated to fuel the market growth. Hence, such factors will boost the market segment growth during the forecast period.
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Europe is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The main end-user markets for aramid fiber, including those in the automotive, aerospace, and defense industries, are offering the aramid fiber market in Europe significant growth opportunities. In Europe, both the market for commercial and defense aircraft is experiencing an increase in orders. The region is witnessing an increase in the production of commercial aircraft due to the presence of notable aircraft manufacturers like Airbus. Additionally, as defense budgets rise, so does the demand for military aircraft. The demand for aramid fibers from the aerospace and defense sector in Europe is likely to be driven by this demand and the ensuing rise in production. This is anticipated to boost the growth of the aramid fiber market of the region during the forecast period.
In 2020, the outbreak of COVID-19 had a negative impact on the regional market. However, in 2021, large-scale vaccination drives were initiated, which led to the removal of lockdown restrictions. The aerospace industry also relies on meta-aramid fibers for their heat and flame resistance properties. As the demand for aircraft continues to grow, so does the demand for aircraft components made with these fibers. Hence, such factors will boost the regional market growth during the forecast period.
The aramid fiber market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global aramid fiber market as a part of the global commodity chemicals market within the global chemicals market. The global commodity chemicals market covers companies that primarily produce industrial and basic chemicals, including, but not limited to, plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Aramid Fiber Market Scope |
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Report Coverage |
Details |
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Page number |
169 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.85% |
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Market growth 2023-2027 |
USD 1,191.78 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
3.46 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 32% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aramid HPM LLC, China National Bluestar (Group) Co.Ltd., DuPont de Nemours Inc., Huvis Corp., Hyosung Corp., Kermel, Kolon Industries Inc., Lydall Inc., Shanghai J and S New Materials Co.Ltd., Shenma Industrial Co. Ltd., Sinopec Shanghai Petrochemical Co. Ltd., Solvay SA, Supermax New Materials Co. Ltd., Suzhou Zhaoda Specialy Fiber Technical Co. Ltd., Toray Industries Inc., Toyobo Co. Ltd., Yantai Tayho Advanced Materials Co. Ltd., and Teijin Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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