Aramid Fiber Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Aramid Fiber Market Analysis
- During the time frame of the forecast, the aramid fiber market is expected to grow at a CAGR of more than 4%.
- The market was negatively impacted by COVID-19, owing to a lack of demand from the industrial sector. During the pandemic scenario, end-user industries such as automotive, aerospace, and electronics halted their production temporarily, leading to a decrease in demand for products made up of aramid fibers. However, in 2021, the production activities registered positive growth, leading to a recovery in the demand for aramid fibers. During the time frame of the forecast, the market is also expected to grow in a positive way.
- Over the short term, the increase in defense spending by many countries and the growing demand for aramid fiber from the aerospace sector are expected to drive the market's growth.
- On the other hand, the study predicts that the growth of the market will be slowed by the availability of better alternatives, such as glass fibers.
- During the forecast period, the market is likely to grow because of new applications in the optical fiber industry and the growth of the market for unmanned aerial vehicles.
- Europe dominated the aramid fiber market, followed by North America and Asia-Pacific, with the largest consumption coming from countries such as Germany, the United Kingdom, France, and Italy.
Aramid Fiber Market Trends
This section covers the major market trends shaping the Aramid Fiber Market according to our research experts:
Increasing Demand from Automotive Industry
- In the automotive industry, aramid fibers are used to make materials that reinforce tires, turbocharger hoses, powertrain parts, belts, brake pads, gaskets, clutches, seat fabrics, electronics, seat sensors, and materials for hybrid motors.
- Furthermore, due to their high thermal resistance, aramid fibers are ideal for the production of heat shields and under-bonnet applications.
- In recent years, there has been a shift toward lightweight automobiles. Due to this, car manufacturers are designing lighter vehicles by replacing metal with composites based on aramid fiber to make them light, tough, and recyclable. The growing demand for lightweight vehicles is favoring the aramid fiber market.
- Automobile manufacturers are shifting from steel or aluminum to composite materials, which are essential to reduce vehicle weight and achieve the cost efficiency of highly automated production cycles. Some of the major companies, such as BMW, Mercedes-Benz, McLaren, Chevrolet, and Lamborghini, have started using materials such as carbon fiber and titanium alloys to make vehicles lightweight and fuel-efficient.
- For instance, BMW partnered with German carbon fiber producer SGL Group with an investment of approximately USD 1 billion. Apart from BMW, another German automobile manufacturer, Audi, uses carbon fiber to produce the rear wall of the space frame for its A8 luxury sedan. The carbon fiber is 50% lighter in weight than its metallic predecessor.
- Aramid fibers find major applications in automobile racing events. They are becoming a major alternative for fiberglass-reinforced plastic in racing automobiles, as they do not shatter and leave debris in the event of a crash.
- The global automotive industry witnessed a downfall in the COVID era but has gained momentum in more recent times. According to the International Organization of Motor Vehicle Manufacturers (OICA), around 80.14 million vehicles will be produced globally in 2021, compared to 77.71 million in 2020.
Because of this, the above factors are likely to have a big effect on the market in the next few years.
Europe Region to Dominate the Market
- Germany leads the European automotive market, with 41 assembly and engine production plants that contribute to one-third of the total automobile production in Europe. Germany is one of the most important places for the automotive industry to make things. It is home to a wide range of manufacturers, including those who make equipment, materials, and parts; engines; and those who put the whole system together.
- According to the OICA, the total number of cars and light commercial vehicles (LCV) produced in Germany amounted to about 3.74 million units in 2020 and reached 3.31 million units in 2021, with a decline rate of 13%. The country has been witnessing this decline in automotive production over the past few years. This is mostly because of the high costs, the move of production to other countries (like China), and the new WLTP emission control rules, which made it hard for many companies to register their new products because they couldn't meet the requirements.
- Germany, being one of the leading manufacturing bases for the aircraft industry, is home to manufacturers from different segments, such as equipment manufacturers, material and component suppliers, engine producers, and whole system integrators. Aerospace is a key industry in Germany, according to the Federal Ministry of Economic Affairs and Energy. It has a strong industrial core and is expected to grow at a high rate in the coming years.
- The German aerospace industry includes more than 2,300 firms located across the country, with northern Germany recording the highest concentration of firms. In Bavaria, Bremen, Baden-Württemberg, and Mecklenburg-Vorpommern, for example, there are a lot of factories that make parts and materials for airplane interiors.
- According to the IATA, the aviation industry in Germany is expected to grow steadily due to the growth of passenger traffic in the country. The country spent USD 56.0 billion on its military in 2021, 1.4% less than in 2020. Due to the Russian invasion of Ukraine in February 2022, the government has said that it plans to spend more on the military in the coming years. This will help the German defense market grow in the coming years.
- In November 2022, Germany purchased F-35 fighter jets with an investment of USD 112.7 billion in order to modernize the military with the addition of new Lightning II aircraft capable of carrying nuclear weapons. The F-35 is the only fifth-generation fighter available to strengthen the country's operational capabilities.
- In the coming years, all of the above factors are expected to have a big effect on the growth of the market.
Aramid Fiber Industry Overview
The aramid fiber market is highly consolidated; the top five players dominate the global market with a significant share. Some of the key companies in the market include Tai Jin Limited, DuPont, Yantai Tayho Advanced Materials Co. Ltd., Kolon Industries Inc., and Hyosung Corporation, among others.
Aramid Fiber Market Leaders
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TEIJIN LIMITED
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DuPont
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Yantai Tayho Advanced Materials Co., Ltd.
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Kolon Industries, Inc.
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HYOSUNG
*Disclaimer: Major Players sorted in no particular order
Aramid Fiber Market News
- June 2022: Teijin Aramid B.V. introduced the Woven Matrix concept for the easy manufacturing of various ballistic protection solutions. The company's high-performance para-aramid, Twaron, is used to create the woven matrix. The new fabric-based matrix technology would help the company assist its defense and security customers in streamlining their manufacturing processes by reducing the need for pre-pegging activities.
- May 2022: Taekwang Industry announced an investment of USD 112 million to boost aromatic polyamide (aramid) production from 1,500 tons to 5,000 tons per annum by 2025.
Aramid Fiber Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 Increase in Defense Spending by Many Countries
- 4.1.2 Growing Demand from the Aerospace Sector
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4.2 Restraints
- 4.2.1 Available Alternatives with Better Properties
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
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5.1 By Product Type
- 5.1.1 Para-aramid
- 5.1.2 Meta-aramid
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5.2 By End-user Industry
- 5.2.1 Safety and Protection Equipment
- 5.2.2 Aerospace
- 5.2.3 Automotive
- 5.2.4 Electronics and Telecommunication
- 5.2.5 Other End-user Industries
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Russia
- 5.3.3.6 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 China National Bluestar (Group) Co. Ltd.
- 6.4.2 DuPont
- 6.4.3 Hebei Silicon Valley Chemical Co. Ltd.
- 6.4.4 Huvis
- 6.4.5 HYOSUNG
- 6.4.6 KERMEL
- 6.4.7 Kolon Industries Inc.
- 6.4.8 Shenma Industrial Co. Ltd.
- 6.4.9 SINOPEC YIZHENG CHEMICAL FIBRE LIMITED LIABILITY COMPANY
- 6.4.10 Suzhou Zhaoda Specially Fiber Technical Co. Ltd.
- 6.4.11 TEIJIN LIMITED
- 6.4.12 TORAY INDUSTRIES INC.
- 6.4.13 Wuxi Heshengyuan Carbon Fiber Technology Co. Ltd.
- 6.4.14 X-FIPER New Material Co. Ltd.
- 6.4.15 Xiamen Chao Yu Environmental Protection Technology Co. Ltd.
- 6.4.16 Yantai Tayho Advanced Materials Co. Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Emerging Applications in the Optical Fiber Industry
- 7.2 Market Expansion of Unmanned Aerial Vehicles (UAV)
- 7.3 Other Opportunities
Aramid Fiber Industry Segmentation
Aramid fiber is a man-made, high-performance organic fiber that is manufactured from aromatic polyamides. The key characteristics of aramid fiber include high strength, good resistance to heat, abrasion, and organic solvents, non-conductivity, and low flammability. It is mainly used for applications such as composites, ballistics, optical fiber cables, protective clothing against heat and chemicals, and others. The aramid fiber market is segmented by product type, end-user industry, and geography. By product type, the market is segmented into para-aramid and meta-aramid. By end-user industry, the market is segmented into safety and protection equipment, aerospace, automotive, electronics and telecommunications, and other end-user industries. The report also covers the market size and forecasts for the aramid fiber market in 16 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of value (USD million).
| By Product Type | Para-aramid | |
| Meta-aramid | ||
| By End-user Industry | Safety and Protection Equipment | |
| Aerospace | ||
| Automotive | ||
| Electronics and Telecommunication | ||
| Other End-user Industries | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Russia | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Aramid Fiber Market Research FAQs
What is the current Aramid Fiber Market size?
The Aramid Fiber Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Aramid Fiber Market?
TEIJIN LIMITED, DuPont, Yantai Tayho Advanced Materials Co., Ltd., Kolon Industries, Inc. and HYOSUNG are the major companies operating in the Aramid Fiber Market.
Which is the fastest growing region in Aramid Fiber Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Aramid Fiber Market?
In 2024, the Europe accounts for the largest market share in Aramid Fiber Market.
What years does this Aramid Fiber Market cover?
The report covers the Aramid Fiber Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Aramid Fiber Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Aramid Fiber Industry Report
Statistics for the 2024 Aramid Fiber market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Aramid Fiber analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
