DUBLIN--(BUSINESS WIRE)--Sep 20, 2022--
The "Aramid Fiber Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global aramid fiber market.
This report focuses on aramid fiber market which is experiencing strong growth. The report gives a guide to the aramid fiber market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
The global aramid fiber market is expected to grow from $3.80 billion in 2021 to $4.28 billion in 2022 at a compound annual growth rate (CAGR) of 12.7%. The aramid fiber market is expected to reach $6.00 billion in 2026 at a CAGR of 8.8%.
Companies Mentioned
Reasons to Purchase
The aramid fiber market consists of sales of aramid fiber by entities (organizations, sole traders, and partnerships) that refers to a synthetic fibre in which the fiber-forming component is a long-chain synthetic polyamide with around 85 percent of the amide linkages attached to two aromatic rings. Aramid fibers are high-performance fibers manufactured from man-made molecules with relatively stiff polymer chains. These molecules are joined by strong hydrogen bonds that efficiently transfer mechanical stress, allowing for the utilization of chains with low molecular weight. Aramid fiber is mostly used for reinforcement in composites such as sports goods, aviation, and military vehicles, as well as fabrics in apparel such as fire safety garments or bulletproof jackets.
The main types of aramid fiber are para-aramid fiber and meta-aramid fiber. Para-aramid is heat and flame-resistant synthetic fiber with high tensile strength, impact resistance, and low elongation at break. It is also resistant to acids and alkalis. The several applications include protective fabrics, frictional materials, optical fibers, tire reinforcement, rubber reinforcement, composites, and others that are used by various end-use industries such as aerospace and defense, automotive, electronics and telecommunication, sports goods, and others.
Europe was the largest region in the aramid fiber market in 2021. Asia Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the aramid fiber report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rising need for lightweight materials offering significant emission reduction in vehicles is contributing to the growth of the aramid fiber market. The use of lightweight materials in automobiles helps in reducing weight, fuel consumption, and greenhouse gas emissions. Aramid fibers are used as reinforced materials in the manufacturing of tires, turbocharger hoses, powertrain components, belts, brake pads, gaskets, clutches, seat textiles, electronics, and seat sensors in automobiles due to their lightweight and high strength capabilities.
For instance, according to the Electronic Specifier, a UK-based publisher of global electronics sector information resources, lightweight material in the automobile industry is predicted to expand at a CAGR of 5% by 2028. Therefore, the rising demand for lightweight materials offering significant emission reductions in vehicles will drive the growth of the aramid fiber market.
The strong government spending on military and defense industries will support the growth of the aramid fiber market going forward. The increase in the defense budget is enabling governments from numerous countries to invest in advanced and lightweight protective equipment for military forces. Aramid fibers are used in aerospace and military applications, including ballistic-rated body armor fabric and ballistic composites, maritime cordage and hull reinforcement, and as a substitute for asbestos.
For instance, according to the Stockholm International Peace Research Institute, a Sweden-based institute that provides data, analysis, and recommendations for armed conflict, military expenditure, and arms trafficking, the US government spent $778 billion on defense in 2020, up 4.4% from 2019.
The increasing investments have emerged as the major trend gaining popularity in the aramid fiber market. Aramid Fiber manufacturing companies are investing in expanding their aramid fiber production capacity in order to fulfill the growing demand from end-use sectors.
The countries covered in the aramid fiber market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
For more information about this report visit https://www.researchandmarkets.com/r/lo4r41
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KEYWORD:
INDUSTRY KEYWORD: AEROSPACE MANUFACTURING DEFENSE OTHER DEFENSE CHEMICALS/PLASTICS
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/20/2022 11:23 AM/DISC: 09/20/2022 11:23 AM
http://www.businesswire.com/news/home/20220920005974/en