by Market Overview:
Aramid fibers are synthetic fibers characterized by outstanding thermal and chemical stability. These fibers have excellent mechanical, electrical, and thermal properties such as high modulus, low density, and chemical resistance. They are useful in a wide range of applications including protective clothing, rubber reinforcement, fiber optic cables, ballistic protection, aircraft brake pads, and sports equipment. The material qualities of aramid fibers, especially their strength to density ratio, makes them an in-demand material for applications where toughness and strength are critical. The flexibility and resilience of aramid fibers allows it to absorb and distribute energy over a large area, providing high impact and tear resistance to materials. This makes aramid fibers an optimal choice for protective equipment, auto parts, aerospace components, and more.
Market key trends:
One of the key trends in the aramid fibers market is its increasing usage in aerospace and aviation applications. Aramid fibers are utilized extensively in composite materials used in aircraft interiors and exteriors owing to their high strength to weight ratio and flame resistance. They provide durability and help improve fuel efficiency of aircraft. In addition, aramid fibers are being increasingly preferred over traditional materials like aluminum as they provide better insulation and protection in case of accidents or bird strikes. This has boosted the demand for aramid fibers in aircraft brake pads, engine components, lightweight seating structures, landing gears and other aviation equipment. Other emerging trends driving market growth include rising demand from protective clothing industry and growth of electric vehicles which utilize aramid fibers in battery containers for added safety.
The global Aramid Fibers Market Share is estimated to be valued at US$ 4447.55 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the high costs associated with R&D, manufacturing processes, and brand recognition required to compete in this market.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitutes. However, customers prefer aramid fibers for its superior strength and heat resistance.
Bargaining power of suppliers: The bargaining power of suppliers is high due to the limited number of raw material suppliers and capital-intensive production process.
Threat of new substitutes: The threat of new substitutes is low as aramid fibers have superior properties compared to alternatives like carbon fibers and glass fibers used in the aerospace and defense industry.
Competitive rivalry: Competition is intense among the key players to gain market share.
Key Takeaways
The global Aramid Fibers market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing demand from aerospace and defense industries.
The aerospace industry accounts for over 30% of the total aramid fiber consumption globally due to its high strength-to-weight ratio, durability, and heat resistance. Aramid fibers find widespread applications in brake pads, engine components, and aircraft seat components among others.
Regionally, Asia Pacific dominated the global aramid fibers market in 2023 with over 35% market share. The region is estimated to grow at the fastest pace during the forecast period, mainly driven by the increasing airplane procurement and rising defense expenditure in India and China.
Key players operating in the Aramid Fiber market are China National Bluestar (Group) Co. Ltd, DuPont, Hebei Silicon Valley Chemical Co Ltd, Huvis, Hyosung, Kermel, Kolon Industries Inc., Shenma Industrial Co. Ltd, Sinopec Yizheng Chemical Fibre Limited Liability Company, Suzhou Zhaoda Specially Fiber Technical Co., Ltd., Teijin Limited, Toray Industries Inc., Wuxi, Heshengyuan Carbon Fiber Technology Co. Ltd, X-FIPER New Material Co. Ltd, Xiamen Chao Yu Environmental Protection Technology Co. Ltd, and Yantai Tayho Advanced Materials Co. Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
