Industry Outlook and Trend Analysis
The Aramid Fiber Market was worth USD 2.67 billion in the year of 2014 and is expected to register itself at a compound annual growth rate (CAGR) of 8.67% during the forecast period. Aramid fibers market has been watching a rising inclination inferable from the different one of kind properties, for example, rigid & highly oriented molecular structure, low flammability, light weight, ultra-high strength, resistance to abrasion & organic solvents, and so forth. Worldwide aramid fiber market is anticipated to have huge request from the barrier segment for defensive garments in the following years. Surge in unbalanced warfare rates and incidents comprehensively has brought about expanded guard speculations by different countries in the last few years. For example, the wars including the Syrian common war, ISIS conflict, the Lebanon struggle, Indo-Pak strife over Kashmir, the fights between North Korea and the United States. Developing strains over the fringes has brought about a rising interest for ballistic protecting products, for example, headgear, bulletproof vests, eyewear, armored car, missiles, and so on. Rising guard use over the globe will drive the aramid fibers market in the following years.
Product Outlook and Trend Analysis
Para aramid fibers drove the worldwide aramid fiber market in 2016, with an income over USD 2 billion. The significant demand for protective apparatuses, for example, bulletproof vests, helmets, and vehicle armor will drive the para aramid fiber market estimate over the figure time span. The most usually favored para aramid strands over the globe include: Twaron, Taparan, Kevlar, RUSLAN, X-FIPER, and so on. Meta aramid fibers are estimated to rise with a CAGR above 7% by 2024. These are projected to witness substantial demand from various applications.
Application Outlook and Trend Analysis
Worldwide aramid fiber market measure was pushed by safety equipment applications in 2016. The portion contributed share of the market near 35 percent in the year and will display broad development over the estimate time span. The gigantic offer was credited to the rising safety issues for the mechanical and in addition defense work force. Optical fiber applications generated close to 15 percent of the aramid fiber market share in 2016 and will witness significant gains over the forecast time frame. The mounting need from the electronics and telecommunication sector for durable and sturdy optical fiber cables will drive the demand for these fibers in the upcoming years.
Regional Outlook and Trend Analysis
North America aramid fiber market produced income over USD 700 million in 2016. The district is evaluated to witness quickest development over the conjecture time frame. In 2014, the military spending in the locale was near USD 1.8 trillion. India and China are probably going to lift to the aramid fiber market development in guard industry in coming years. New acquirements for military, vehicles and electronics are on the ascent and the likelihood of new contestants in the private division could assume a key part for aramid fiber market development in the locale.
The market is highly competitive with the presence of some significant players such as DowDuPont, Kolon Industries, Yantai Tayho Co, JSC Kamenskvolokno, Teijin Aramid, Huvis Corp, DSK Hyosung - Authorised service center and Kermel. The major players have been endeavoring to pick up the competitive edge with key limit developments. For example, in October 2017, Teijin experienced a limit extension for its Technora aramid fiber, which is eight times more grounded than steel, at its office in Matsuyama, Japan. Through the development, Teijin tended to the rising needs of its clients for the modern and support applications in Asia Pacific district.
The Aramid Fiber Market is segmented as follows-
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?