(Aviation-NewsWire.Com, September 25, 2019 ) The Aramid Fiber Market is expected to grow from USD 3.3 billion in 2018 to USD 5.8 billion by 2024, at a compound annual growth rate (CAGR) of 9.9% during the forecast period. The presence of strict regulations related to carbon emissions that are encouraging companies to shift focus to alternate materials that are fuel-efficient, strong, and lightweight is the primary driving factor of the market.
The para-aramid fiber segment of the market accounted for the largest share in 2017.
Based on type, the aramid fiber market has been segmented into the para-aramid and meta-aramid fiber. The para-aramid fiber was the largest segment of the market in 2017. A couple of factors that have contributed to the growth of this segment are the abrasion resistance and mechanical strength of the para-aramid fiber and huge demand from aerospace and defense industries.
The fastest-growing application of aramid fiber is optical fibers.
The telecommunications sector is generating a demand for optical fiber cables that have high strength and durability. This factor is instrumental to the growth of the optical fibers application segment of the market. The second fastest-growing application of aramid fiber is security & protection. Aramid fiber is used in making protective clothing, and its demand in the military, industrial, and civil applications is supporting the growth of the market in this segment.
Browse in-depth TOC on "Aramid Fiber Market” 109 - Market Data Tables 36 - Figures 128 - Pages
Europe is the leading aramid fiber market.
Europe has witnessed industrial expansion and technological advancements. The automotive industry is one of the key contributors to the regional economy. The governments of the European countries are putting efforts to reduce greenhouse gas emissions. These are the factors that have made Europe the largest aramid fiber market. With the further development of the region in tandem with the improving global economy, the market is likely to grow in the future.
The aramid fiber market includes players such as DowDuPont (US), Teijin Ltd. (Japan), Kolon Industries Inc. (South Korea), Toray Industries Inc. (South Korea), Hyosung Corp. (South Korea), Huvis Corp. (South Korea), Kermel (France), Yantai Tayho Advanced Material Co. (China), Taekwang Industrial Co., Ltd. (South Korea), China National Bluestar (Group) Co. Ltd. (China), and SRO Aramid (Jiangsu) Co. Ltd. (China).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Industry resource center today to browse our selection of 600+ complimentary Industry magazines, white papers, webinars, podcasts, and more. Get popular titles including: