Aramid Fiber Market worth US$5099.1 Mn by 2023
The global aramid fiber market depicts a highly fragmented vendor landscape, says Transparency Market Research on the basis of a recently published report. Such fragmentation has given rise to an intense level of competition to exist, mainly due to the presence of innumerable players. Most businesses operating in the global aramid fiber market are focusing on improving product quality, expanding geographical reach, and regulating material prices.
A briskly rising production of aramid fiber material coupled with continuous influx of new players, the global aramid fiber market is expected to depict a fantastic growth during the upcoming years. China National Bluestar (Group) Co. Ltd., Guangdong Charming Co., Ltd., E. I. du Pont de Nemours and Company, Kolon Industries Inc., Teijin Aramid, HYOSUNG Corporation, SRO Group (China) Ltd., Alchemie Group, and Yantai Tayho Advanced Materials Co. Ltd. Kermel, are key players operating in the global aramid fiber market. The vendor landscape also exhibits most players to participate in important merger and acquisition activities in the near future.
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In 2014, the global aramid fiber market was valued at about US$1598.2 mn in 2014, and is further expected to gain a revenue worth US$5099.1 mn by 2023. This growth is expected to occur at a strong CAGR of 7.8%, which is projected to occur during the forecast period from 2015 to 2023.
Highly Beneficial Aramid Fiber Characteristics Boosts Market’s Growth
A rising demand for aramid fiber mainly in automotive, aerospace & defense, and electrical sectors is notably boosting growth in the global aramid fiber market. This is mainly due to several strong properties associated with the fiber material such as ability to sustain high temperatures and pressures, resistance to the effects of cold, heat, and humidity, high strength and sturdiness, and lightweight character. These properties makes the aramid fiber find various applications in sports sectors. As the world sports is rapidly increasing, the use of these fibers too has witnessed a spurt, consequently driving the global aramid fiber market. Widespread advancements occurring in the field of construction is also responsible for the market to pick up gradual pace. This is mainly due to a high strength present in the fibers, which makes them highly appropriate for usage in the construction industry.
High Prices of Raw Materials Dampens Market’s Opportunity for Expansion
However, lack of quality raw materials needed for making aramid fibers in some regions has restricted the global aramid fiber market’s growth. Preference of alternatives by consumers due to easier availability and less costs is another significant factor restraining the market. High cost of processing raw materials required to make aramid fibers is often passed onto the end consumers in the form of exorbitant product prices, consequently hindering the global carbon fiber market. Nevertheless, many companies are working on regulating prices as well as developing fibers with improved quality, which is expected to reduce the market’s restraints up to a certain level.