GLOBAL ARAMID FIBER MARKET FORECAST 2019-2027
• Aramid fibers are high-end specialty synthetic products used in various industries like defense and aerospace. • The global aramid fiber market is estimated to record a CAGR of 7.45% during the forecast period. The increasing concern for safety and security, and the qualities like strength and heat resistance, etc. are the factors propelling the growth of the market.
• Aramid fiber is being used as a substitute for Ashigh tensile strength, low density, stress rupture, high stiffnessbestos due to its, low creep, etc., and as a result, is positively impacting the growth of the market. • Aramid fibers exhibit excellent chemical and physical properties at high temperatures. • However, the production involves high manufacturing costs, limited monomer supply, and investments, all of which can hamper the market growth. • Aramid fibers are serving various end-users. As a result, many companies are investing in production materials, thereby creating opportunities for market growth.
• Based on geography, the global aramid fiber market has been bifurcated into a few regions, such as North America, Asia Pacific, Europe, and the Rest of World. • The Asia Pacific is estimated to be the fastest-growing market during the forecast period. • Europe holds the largest market share, since Europe is one of the world’s biggest automotive manufacturers. REQUEST FREE SAMPLE REPORT
The North America aramid fiber market is estimated to grow at a CAGR of 7.43% in terms of revenue and 7.48% in terms of volume during the forecasted period. Various regulatory bodies and their rigorous regulations are driving the market growth of aramid fiber. The North America aramid fiber market is evaluated based on the markets in regions, such as the United States and Canada.
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The Europe aramid fiber market is expected to grow at a CAGR of 6.93% in terms of revenue and 6.59% in terms of volume during the forecast period. Europe was the largest market for aramid fibers in terms of its applications in optical fibers. The growing demands from automotive industries are the primary driver of aramid fiber market growth in Europe.
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The Asia Pacific aramid fiber market is projected to record a CAGR of 9.03% in terms of revenue and 8.49% in terms of volume during the forecasted period. The growing investments in construction, manufacturing, and security concerns and measures in the healthcare, medical, military, oil & gas industries, and the resultant demands are driving the growth of the market.
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The major companies operating in the market are Taekwang Industrial Co., Ltd., Kermel, Hyosung Corp., Sro Aramid (X-Fiper New Material Co., Ltd), China National Bluestar (Group) Co., Ltd., Kolon Industries, Inc., etc.