Pune, India, April 01, 2022 (GLOBE NEWSWIRE) — The market has been studied for the segmentation and regional analysis mentioned below for North America, Europe, Asia, South America , the Middle East and Africa. These are the key regions where the aramid fiber market is currently operating and expected to grow in the near future. The manufacturers and vendors involved in the Aramid Fiber market are present in various countries of the aforementioned regions.
The report provides a detailed understanding of the market segments that have been formed by combining different perspectives such as product category, application, technology, end users, and others. Apart from this, the major driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
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Global Aramid Fiber Market Size by Type (Meta-Aramid, Para-Aramid and Copolyamide), Application (Friction Materials, Industrial Filtration, Safety & Protection, Rubber Reinforcement, Optical Fibers, Tire Reinforcement, Electrical Insulation and Others) ), End User (Aerospace, Automotive, Electronics & Telecom, Industrial and Others), Distribution Channel Regions (Online and Offline), Segmentation and Forecast to 2028.
The major players operating in the global aramid fiber market are Teijin Ltd., DuPont De Numerous Inc., Hyosung Corporation, Kolon Industries, Kermel, SRO Aramid Co. Ltd., Yantai Tayho Advanced Materials Co. Ltd., Toray Industries, Huvis Corporation. , China National Bluestar, X-FIPER New Material Co. Ltd. and Toyobo Co. Ltd. and others. To gain substantial market share in the global aramid fiber market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations and partnerships, joint ventures. Among these, Toray Industries and Teijin Ltd. are one of the most prominent manufacturers and distributors present in the global aramid fiber market.
Aramid fibers are well-known materials in the aerospace and automotive industries. Aramid fibers are made from long chain synthetic polyamide composed of two aromatic rings. These aromatic rings are directly attached to amide bonds. The commercialization of aramid dates back to 1960. These fibers came to light due to their exceptional properties, which were suitable for many applications in various vertical industrial sectors. Aramid fibers have monomers consisting of teraphthaloyl chloride and 1,4-phenyl-diamine. These materials are yellowish in color and are lightweight. Aramid fibers are known by different trade names around the world, however, they are identified by their superior properties.
The growing demand for lightweight, high tensile strength, tough and durable raw materials in applications such as automotive, aerospace and defense etc. is one of the most promising drivers of the aramid fiber market. The aerospace and automotive industries are inclined to adopt suitable materials for the construction of components. Furthermore, the use of such fibers is also necessary in defense applications, as they are cut resistant, flame retardant and consist of a high strength to weight ratio.
Developing regions are adopting the low weight materials for use among different end users. The regional government has imposed strict regulations for the reduction of greenhouse gas emissions, especially vehicle emissions. The use of aramid fiber has thus gained popularity among countries present in both developed and developing regions. In addition, the rising trend in the automotive and transportation industry provides lucrative opportunities for the aramid fiber market. The commercialization of the newly launched aramid fiber portfolio is attracting many end user industries. However, fluctuating commodity prices are a major constraint for the market. Additionally, various issues regarding the manufacturing cost and increasing use of different alternative fibers pose a challenge for the growth of the market.
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The meta-aramid segment is expected to be the fastest growing segment in 2021.
The type segment includes meta-aramid, para-aramid and copolyamide. Of these, Meta-Aramid is expected to be the fastest growing type segment. Meta-aramid fibers are made by wet spinning technology in which the fiber is spun inside a chemical solution. This process provides a semi-crystalline product that can be used in security and protection applications. This particular type of aramid fiber tends to withstand extreme stress, even under harsh conditions. It can withstand temperatures up to 400 degrees Celsius. Thus, it is the most suitable type of aramid fiber to be used in applications that deal with high temperatures.
The friction materials segment is expected to be the fastest growing segment in 2021.
The application segment includes friction materials, industrial filtration, safety and protection, rubber reinforcement, optical fibers, tire reinforcement, electrical insulation and others. Among these, friction materials are expected to be the fastest growing application segment. Aramid fibers have gained enormous popularity as a friction material, especially for automotive components. It is widely used as a replacement for conventional materials in such applications. As aramid fiber can withstand high temperatures, manufacturers present in the automotive industry are opting for its use in components responsible for creating friction.
The automotive segment is expected to be the fastest growing segment in 2021.
The end-user segment includes aerospace, automotive, electronics and telecommunications, industrial and others. Among end users, automotive is expected to be the most lucrative growth segment. Automakers are required to meet vehicle emissions mandated by regional and global agencies. Aramid fibers have been found to increase fuel efficiency in passenger and commercial cars. Moreover, their superior properties of resistance to chemical and especially thermal degradation are the main reasons for their adoption in the automotive industry.
The offline segment dominated the aramid fiber market with a market share of around 78.43% in 2021.
The distribution channel segment includes online and offline. The offline segment is the dominant distribution channel segment. The offline distribution channel includes retail stores, specialty stores, and hardware stores. The aramid fiber market operates in a B2B framework. Thus, end users most often buy in large quantities for the manufacture of different products.
The regional analysis provides a detailed view of key regions and countries. Some of the key countries analyzed for aramid fiber include USA, Canada, Mexico, Germany, France, UK, Italy, Spain, Russia, China, Japan, India, Brazil, Peru, United Arab Emirates, South Africa and Saudi Arabia.
The Europe region dominated the aramid fiber market and held 37.09% of the market revenue in 2021. The market growth in the region can be attributed to various factors, such as the presence of numerous global and regional manufacturers, the availability of required technology. and the abundance of raw materials. The higher pace of defense spending has led to considerable growth in the regional aramid fiber market. However, North America is expected to register a higher growth rate during the forecast period 2022-2028. Increasing investments in the automotive industry along with technological developments are the important factor behind the growth of the market.
Impact of Covid-19
Covid-19 has had a major impact on almost every industry such as construction, manufacturing, oil and gas, automotive, etc. The demand for aramid fibers declined during the period due to social distancing regulations and increasing attention to safety and security. hygiene. In most regions, aramid fiber manufacturing facilities were closed during the second and third quarters of fiscal 2020. Major end users were also temporarily closed during this period and as a result demand of aramid fibers has decreased considerably.
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