The Global Aramid Fiber Reinforcement Materials Market size valued to USD 3.73 billion in 2019, shall garner USD 7.83 billion by 2030, with a growing CAGR of 6.7% from 2020-2030.
Aramid fiber reinforced materials are a class of heat-resistant and strong synthetic fibers made of a polymer matrix reinforced with aramid fibers; having an extremely high melting point of more than 500 °C. Due to its characteristics like high temperature resistance, high elastic modulus, high abrasion resistance and high tensile strength, it holds wide applications in end-users like aerospace & defense, automotive, consumer goods, marine, and others. In the defense sector it is majorly used to make body armor fabrics or bullet-proof vests and other ballistic composites.
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Top Companies: E. I. du Pont de Nemours and Company, Teijin Ltd., Kolon Industries, Inc., Honeywell International Inc., SRO Aramid (Jiangsu) Co., Ltd., Hyosung Corporation, Toray Industries, Inc., Yantai Tayho Advanced materials Co., Ltd., Ibiden Co., Ltd. and others.
The global aramid fiber reinforcement materials market share analysis is based on type, end use industry, and geography. Based on type, the market is segmented into Para-Aramid Fibers, Meta-Aramid Fibers, and Others. Based on end use, the market is divided into Aerospace & Defense, Automotive, Consumer Goods, Marine, and others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Asia-Pacific, Europe, and RoW.
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North America has dominated the global aramid fiber reinforcement materials market in the past, and is expected to maintain its dominance throughout the forecast period, holding the highest market share. This is attributed to factors such as stringent regulations pertaining to the security and protection measures, growing number of refurbishing activities, presence of key market players in this region as well as growing demand of these materials from the transportation and protective clothing sector. Asia Pacific is expected to be the fastest developing region owing to the presence of developing economies, increased urbanization, and growing demand of IoT and telecommunication in this region. Furthermore, developments of industrial sectors such as automotive, electronics, aviation and others raise the demand of aramid fiber on a large scale, this in-turn shall supplement the growth of the aramid fiber reinforcement materials market, over the forecast period.
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