PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565690
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565690
The market for Para-aramid Fibers was projected to reach USD 3,312.2 million in 2023 and expand at a CAGR of 8.00% between 2024 - 2032.
Highly developed synthetic materials with exceptional strength and heat resistance are para-aramid fibers. These fibers' special qualities are derived from long-chain aromatic polyamide molecules. Their outstanding strength-to-weight ratio and resistance to impact and abrasion make them indispensable in a variety of industries that need high-performance materials. The exceptional properties of these para-aramid fibers explain their use in applications requiring great strength and high endurance claims, like protective gear, aerospace engineering, bulletproof vests, and high tensile strength ropes and cables. The market for para-aramid fibers is being driven by the rising demand across sectors for materials that are both strong and lightweight.
Para-aramid Fibers Market- Market Dynamics
Growing Automotive and Aerospace Sectors
The automotive industry is seeing a rise in demand for tires that employ para-aramid fibers because of the benefits they offer, including improved performance, protection, comfort, and fuel efficiency. Furthermore, para-aramid fibers find application in the wings, landing gear doors, fuselage, vertical and horizontal stabilizers, trailing edge plates, and flight control surfaces of aerospace vehicles. Their high-performance attributes, like impact resistance and low weight, are the main reasons they are chosen in these components. Additionally, the automobile and aerospace sectors are thriving in many places. For instance, the Organization Internationale des Constructeurs d'Automobiles (OICA) reports that Canada's output of light commercial vehicles climbed by 6.2% from 1,348,932 in 2018 to 1,431,904 in 2019. Moreover, Boeing predicted in November 2020 that over the following 20 years, Chinese airlines would purchase 8,600 new aircraft valued at $1.4 trillion and $1.7 trillion in commercial aviation services. According to Boeing's most recent commercial forecast, the Middle East would require 2,520 new aircraft by 2030. Thus, the growing aerospace and automotive sectors will result in a significant rise in the demand for para-aramid, which will fuel the market's expansion.
Para-aramid Fibers Market- Key Insights
According to our research analyst's analysis, the global market is projected to expand at a CAGR of approximately 8.00% during the forecast period of 2024-2032.
The filament yarn category was predicted to hold the biggest market share in 2023 based on form.
In 2023, the protection category emerged as the top segment based on application.
Europe accounted for the largest revenue share by region in 2023.
The Global Para-aramid Fibers Market is segmented into Form, Application, and Region.
On the basis of form, the market is segmented into Paper, Pulp, Powder, Short-Cut Fibers, Filament Yarn, Film, and Others. The market for para-aramid fibers was dominated by the filament yarn category in 2023 because of its many advantages over other types of fiber. Para-aramid fibers based on filament yarns have several advantages, including fantastic strength-to-weight ratios, flame resistance, heat resistance, good dimensional stability, chemical resistance, and more. Filtering, protective clothes, transmission belts, washing tape, and other applications use para-aramid fibers based on filament yarns because of these broad properties. The market for filament yarn-based para-aramid during the predicted period is, therefore, primarily driven by these comprehensive properties.
On the basis of application, the market is segmented into Protection, Frictional Materials, Oil & Gas, Rubber Reinforcement, Tire Reinforcement, Electrical Transmission, and Others. In the para-aramid fiber market in 2023, the protection category accounted for the greatest proportion. Para-aramid fiber finds extensive use in safety and protection applications, including those of the military, private security firms, local law enforcement agencies, and private contractors working on government projects. In order to help manufacturers provide superior cut protection from on-the-job risks in the automotive, construction, manufacturing, aerospace, and electronics industries, para-aramid fiber is also utilized in personal protective equipment (PPE). Typically, these fibers are used to create protective apparel, including coveralls, gloves, boots, and helmets that are cut-, stabbing-, and fire-resistant.
Para-aramid Fibers Market- Geographical Insights
The Para-aramid Fibers market is widely distributed geographically in North America, Latin America, Europe, Asia Pacific, the Middle East and Africa. These areas are further separated based on the countries that provide business.
Europe is a major player in the global market for para-aramid fibers. The reason for this is the growing number of regulations governing the use of personal protection equipment in the workplace. Additionally, the requirement for high-bandwidth fiber optic cables for data services and communication will help the market grow. The growth of the regional market is also being driven by the military and other sectors' increasing requirement for security and protection gear. Furthermore, as regional economies grow and industry picks up speed, there will be a greater need for these fibers.
Asia Pacific is expected to grow at a quicker rate during the forecast period. With potential for expansion, it offers an alluring para-aramid fiber market. The growing demand for this attraction is further highlighted by the marine, construction, automotive, and industrial sectors. China is also a significant market in the area. Approximately thirty percent of the world's optical fiber cables are produced there, making it a major producer. In addition, China is predicted to overtake all other suppliers of aramide globally. Furthermore, security and protection standards are in place in the mining, military, manufacturing, oil & gas, building & construction, healthcare, and other companies, which increases the regional market share.
With extensive R&D, strategic alliances, product advancements, and mergers and acquisitions, major important players such as Teijin Polyester, Specialty Materials, Koninklijke Ten Cate, Teijin Aramid, and DuPont, among others, continue to preserve their supremacy. They can service a wide range of industries, including industrial, automotive, aerospace, and defense, due to their robust manufacturing capabilities and extensive distribution networks. Furthermore, the market is home to up-and-coming companies and startups who are trying to establish a name for themselves by concentrating on sustainable practices and specific applications. The fierce rivalry between these firms propels ongoing advancements in the technology of para-aramid fiber, resulting in a dynamic and changing market environment.
January 2024: DuPont and Point Blank Enterprises (PBE) have entered into an agreement to supply North American state and local law enforcement agencies with body armor composed of Kevlar EXO aramid fiber.
August 2023: Through the use of sustainable chemicals and DASA funding, Uplift360 was able to develop an environmentally friendly, low-energy method of recycling para-aramid waste fibers into body armor. This liquid can then be spun again into a high-performance material that shares many characteristics with virgin material. High-value commodities can be reintroduced into the supply chain through this recycling process.
April 2023: Kevlar EXO aramid fiber, the first significant advancement in aramid fiber innovation in more than 50 years, was introduced by DuPont. It is a whole new technological platform designed to meet countless applications where protection and performance are needed in harsh and demanding environments.