Aramid fiber is set to become a key material in a variety of applications, including but not limited to automotive, arms, aerospace, and the marine industry, due to its impressive strength. During the forecast period, rising demand for lighter, stronger, and more durable ropes and cables to lift heavier loads and reach greater depths is expected to boost aramid fiber market growth. Aramid fiber’s high-performance properties, such as high strength and light weight, will drive up demand in the offshore, leisure, and mining industries.
Aramid fibres are also used in hulls and sails because of their high dimensional stability and stiffness. Increasing the use of aramid fibers in hulls and sails to improve structural strength while reducing noise and vibrations is expected to boost market growth over the forecast period. Because of the aforementioned factors, the global aramid fiber market is expected to grow at a healthy pace, with a CAGR of 6% expected over the forecast period (2020-2030).
Impact Insights from COVID
The spread of the coronavirus has forced nearly all countries to implement lockdowns and strict social distancing measures, disrupting every industry and market, including the global aramid fibre market. According to UN estimates, the global economy will lose billions of dollars in 2020.
The coronavirus pandemic has wreaked havoc on the demand-supply equation in a wide range of industries, resulting in a global economic meltdown. Lockdown ease in Asia Pacific and the Middle East and Africa, on the other hand, is expected to help the aramid fibre market grow by the end of 2020.
Key Players in the Aramid Fiber Market
Teijin Aramid B.V., DuPont, China National Bluestar (Group) Co. Ltd., Taekwang Industrial Co. Ltd., Huvis Corp, Hyosung Corp., Kermel, SRO Aramid (Jiangsu) Co. Ltd., Kolon Industries Inc., and W. Barnet GmbH & Co. KG are all major players in the global aramid fibre market. Tenjin Aramid B.V. alone accounts for nearly half of global production in the aramid fibre market, which is highly consolidated.
Regional Forecasts for Aramid Fiber
North America, Europe, Latin America, East Asia, South Asia & Oceania, and MEA are the six major regions covered in the report on the global aramid fibre market. East Asia is expected to outperform other regions in terms of growth, thanks to China’s position as the world’s largest automaker.
During the forecast period, increased arms spending in China, Japan, and South Korea will result in high growth. According to the Chinese Ministry of Defense, the Chinese government plans to spend more than US$ 200 billion on defence in 2019, up 7% from the previous year. Furthermore, developed regions such as North America and Europe are expected to contribute to the aramid fibre market’s moderate growth during the forecast period.
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