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The aramid fiber reinforcement materials market share is expected to increase to USD 2.09 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.77%.
This aramid fiber reinforcement materials market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers aramid fiber reinforcement materials market segmentation by end-user (aerospace and defense, transportation, consumer goods, and others) and geography (Europe, North America, APAC, South America, and Middle East and Africa). The aramid fiber reinforcement materials market report also offers information on several market vendors, including BASF SE, CTech LLC, Hexcel Corp., Honeywell International Inc., Huvis, Hyosung Advanced Materials, Kolon Industries Inc., Mersen Corporate Services SAS, Plascore Inc., Prince Lund Engineering PLC, Teijin Ltd., Toray Industries Inc., X FIPER New Material Co. Ltd., Yantai Tayho Advanced Materials Co. Ltd., YF International BV, and DuPont de Nemours Inc. among others.
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The increasing demand from developing countries is notably driving the aramid fiber reinforcement materials market growth, although factors such as the high cost of development and quality maintenance may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the aramid fiber reinforcement materials industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Aramid Fiber Reinforcement Materials Market Driver
The increasing demand from developing countries is one of the factors driving the aramid fiber reinforcement materials market growth. There is an increase in demand for aramid fiber reinforcement materials from the aerospace industry in emerging economies due to their improvement in living standards, rapid liberalization, and industrialization. Furthermore, the increase in the manufacturing of aircraft is expected to fuel demand for aramid fiber reinforcement materials, owing to the rising GDP in developing nations such as the Philippines, China, and others. Significantly, the increase in tourist inflow in APAC countries such as China, Hong Kong, Malaysia, Thailand, Singapore, and India is also expected to foster the growth of the global aramid fiber reinforcement materials market during the forecast period.
Key Aramid Fiber Reinforcement Materials Market Trend
Increasing investment in the defense industry is one of the key aramid fiber reinforcement materials market trends supporting market growth. For instance, in 2021, global military expenditure has increased by $14.79 billion compared to 2020. Similarly, the governments of the US, India, Japan, Germany, and Russia are continuously increasing their defense budgets and purchasing new-generation military aircraft. Moreover, there is an increasing demand for a fighter, attack, and bomber aircraft, which is expected to foster the demand for aramid fiber reinforcement materials that are used in the composition of the aircraft. Such developments are expected to propel the demand for aramid fiber reinforcement materials which will fuel the growth of the global aramid fiber reinforcement materials market during the forecast period.
Key Aramid Fiber Reinforcement Materials Market Challenge
The high cost of development and quality maintenance is one of the factors hindering the aramid fiber reinforcement materials market growth. The manufacturers of aramid fiber reinforcement materials are required to maintain the quality of products to sustain in the aramid fiber reinforcement materials market, which will increase the manufacturer's costs. On the other hand, the substitution of cost-effective alternatives in the security and protection industry is urging manufacturers of aramid fiber reinforcement materials to increase their investment in RD to differentiate their products from their competitors. Therefore, such high costs involved in the production and maintenance of the inventory quality pose a threat to the players in the global aramid fiber reinforcement materials market.
This aramid fiber reinforcement materials market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the aramid fiber reinforcement materials market encompasses successful business strategies deployed by the key vendors. The aramid fiber reinforcement materials market is concentrated and the vendors are deploying growth strategies such as brand, quality, and reliability to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The aramid fiber reinforcement materials market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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36% of the market's growth will originate from Europe during the forecast period. Germany and the UK are the key markets for the aramid fiber reinforcement materials market in Europe. Market growth in this region will be faster than the growth of the market in North America.
The increase in the use of aramid fiber materials in the marine, electronics, consumer goods, and rail industries will facilitate the aramid fiber reinforcement materials market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the demand for vehicles decreased significantly due to the COVID-19 pandemic and further due to the ongoing Russia-Ukraine war, which had a negative impact on the regional market. However, lockdown restrictions were removed due to the increased vaccination rates in Q3 2021. For instance, 77.5% of the total population has been fully vaccinated in Germany and increasing every day. Such factors are expected to revive the economy, which will increase the demand for aramid fiber reinforcement materials and drive the growth of the regional market.
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The aramid fiber reinforcement materials market share growth by the aerospace and defense segment will be significant during the forecast period. The global revenue passenger kilometers (RPKs) market has been growing at a significant rate in the last three decades due to the increased use of aircraft, thereby leading to an increase in the sales of aircraft. Such factors are expected to propel the growth of the aerospace and defense segment, which will also drive the growth of the aramid fiber reinforcement materials market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the aramid fiber reinforcement materials market size and actionable market insights on post COVID-19 impact on each segment.
Technavio categorizes the global aramid fiber reinforcement materials market as a part of the global chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the aramid fiber reinforcement materials market during the forecast period.
Our report provides extensive information on the value chain analysis for the aramid fiber reinforcement materials market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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Aramid Fiber Reinforcement Materials Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.77% |
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Market growth 2022-2026 |
$ 2.09 billion |
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Market structure |
Concentrated |
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YoY growth (%) |
8.42 |
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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 36% |
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Key consumer countries |
US, Canada, China, Japan, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
BASF SE, CTech LLC, Hexcel Corp., Honeywell International Inc., Huvis, Hyosung Advanced Materials, Kolon Industries Inc., Mersen Corporate Services SAS, Plascore Inc., Prince Lund Engineering PLC, Teijin Ltd., Toray Industries Inc., X FIPER New Material Co. Ltd., Yantai Tayho Advanced Materials Co. Ltd., YF International BV, and DuPont de Nemours Inc. |
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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 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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 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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