Aramid Fiber Market Growth & Trends
The global aramid fiber market size is expected to reach USD 6.98 billion by 2030, registering a CAGR of 7.8% over the forecast years, as per a new report by Grand View Research Inc. Superior properties, such as strength and heat-resistance, of aramid fiber have promoted its utilization in the production of body armor fabric. The growing need for security and protection across various industries, such as mining, healthcare/medical, oil & gas, building & construction, and military, is projected to propel the market growth. In addition, stringent regulations in developing economies related to occupational safety are likely to benefit the market growth over the forecast period.
Aramid fibers are being increasingly used as an alternative to metal wire and organic fiber in structural composite applications in the aerospace and marine sectors, and ropes for oil rigs in offshore locations. In addition, product benefits, such as non-aggressive wear & tear on drums and discs and fade resistance, are anticipated to propel its usage. The manufacturing process involves the use of a number of high-cost chemicals, which elevates its production cost. In addition, huge capital investment in machinery and production process is anticipated to pose a threat to the growth of the market. However, the development of cost-beneficial production facilities is anticipated to boost the market growth.
Request a free sample copy or view the report summary: Aramid Fiber Market Report
Report Attribute Details Market size value in 2023 — USD 4.09 billion Revenue forecast in 2030 — USD 6.98 billion Growth rate — CAGR of 7.8% from 2023 to 2030 Base year for estimation — 2022 Historical data — 2018–2020 Forecast period — 2023–2030
Aramid Fiber Market Report Highlights
Para-aramid fiber accounted for the largest market share in 2022 owing to its properties, such as an excellent strength-to-weight ratio coupled with superior chemical resistance
The security & protection application segment dominated the market in 2022 owing to concerns regarding the protection of personnel in the military and industrial sectors
The market in AsiaPacific is anticipated to grow at the fastest CAGR from 2023 to 2030 on account of the growing need for security & protection measures across the military & defense sector and medical industry
The U.S. market is projected to witness strong growth over the forecast period on account of the increasing demand for Personal Protective Equipment (PPE)
The market is highly competitive owing to the presence of several players that are primarily consolidated in the Asia Pacific and North America, whereas Europe exhibits a limited presence of the established players
Comments