Aramid Fiber Industry

The global aramid fiber market size was estimated at USD 4.09 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 8.1% from 2024 to 2030. Rising product demand from various industries, such as oil & gas, healthcare, and manufacturing, owing to stringent government regulations related to workplace safety is estimated to fuel market growth over the forecast period.

The growth was sluggish owing to a lack of demand from the industrial sector during the COVID-19 crisis. Government-imposed restrictions caused temporary closure across a wide range of industries, which resulted in limiting market growth.

Gather more insights about the market drivers, restrains and growth of the Global Aramid Fiber market

Aramid Fiber Market Segments Highlights:

Market Dynamics

Aramid fibers are strong synthetic and heat-resistant fibers. Owing to their advantageous properties, these fibers are widely utilized in military and aerospace applications for ballistic-grade body armor fabric. Aramid fiber neither ignites nor melts in normal levels of oxygen owing to its excellent flame & heat resistance. Aramid fibers are used as a substitute for metal wire as well as organic fiber for structural composite applications in ropes for oil rigs in offshore sites, marine and aerospace sectors, automobiles, and bulletproof vests as these possess higher mechanical properties (5% to 10%) with respect to other synthetic fibers.

Product Insights

Para-aramid product segment led the market and accounted for about 75.0% share of the revenue in 2023. Excellent strength-to-weight ratio coupled with high tensile strength and modulus behavior is anticipated to benefit the segment growth over the forecast period. Para-aramid exhibits properties, such as low elongation to break, good chemical resistance, good heat & flame resistance, and excellent ballistic properties, which are expected to fuel its demand. In addition, high cut resistance, and good chemical resistance are projected to promote its consumption across various applications including aerospace, security & protection, and frictional materials.

Application Insights

Security & protection segment led the market and accounted for more than 37.3% share in 2023. Increasing usage of aramids in bullet-resistant & protective clothing, and stab-resistant products, such as helmets and protective gloves, is projected to benefit the segment growth. Aramid fiber is increasingly used in aerospace components, such as primary wing, and fuselage structures in new-generation aircraft, landing gear doors, and leading & trailing edge panels. Properties of the product including its superior strength, impact resistance, and low weight are projected to result in high product consumption.

Regional Insights

Europe led the market and accounted for over 34.6% share of global revenue in 2023. It is expected to witness growth owing to rising employment of security & protection measures across several industries. In addition, increasing demand for the internet from emerging economies, rapid industrialization, and robust growth in the telecom industry are likely to drive productdemand. Rising military expenditure in major economies, such as China and India, on account of increasing geopolitical tensions is likely to offer growth opportunities for aramid fibers. In addition, rising investments in the construction, manufacturing, and healthcare sectors are anticipated to drive product demand.

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Key Companies & Market Share Insights

Key players use strategies, such as joint ventures, technical collaboration, capacity expansion, mergers & acquisitions to gain a stronger market position. In addition, manufacturers are also engaged in developing cost-effective and high-quality production. Yantai Tayho Advanced Materials Co., a manufacturer of aramid fiber operating in China, invested USD 89 million in July 2018 to expand its para-aramid manufacturing facility in China. The strategic initiative adopted by the company helped strengthen its market position in China as well as across the globe.

Key Aramid Fiber Companies:

1. Teijin Ltd.

2. Yantai Tayho Advanced Materials Co.

3. I. du Pont de Nemours and Company (DowDuPont)

4. Hyosung Corp.

5. Toray Chemicals South Korea, Inc.

6. Kermel S.A

7. Kolon Industries, Inc.

8. Huvis Corp.

9. China National Bluestar (Group) Co., Ltd.

10. SRO Aramid (Jiangzu) Co., Ltd.

Segments Covered in the Report

Grand View Research has segmented the global aramid fiber market on the basis of on product, application, and region:

Aramid Fibers Product Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

1. Para-aramid

2. Meta-aramid

Aramid Fibers Application Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

1. Security & Protection

2. Frictional Materials

3. Rubber Reinforcement

4. Optical Fibers

5. Tire Reinforcement

6. Electrical Insulation

7. Aerospace

8. Others

Aramid Fibers Regional Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

1. North America

   1. US

   2. Canada

   3. Mexico

2. Europe

   1. Germany

   2. UK

   3. France

   4. Italy

   5. Russia

3. Asia Pacific

   1. China

   2. Japan

   3. India

   4. South Korea

4. Central & South America

   1. Brazil

5. Middle East & Africa

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