Increased Spending on Aerospace, Defense, and Protection Sectors to Drive Growth Of Aramid Fiber Market

Fri, 31 May 2019 12:26

Aramid fibers exhibit high strength, resistance to abrasion and organic solvents, and fabric integrity at elevated temperatures. These fibers are non-conductive, have no melting point, and low flammability. Aramid fibers’ unique characteristics can be attributed to the compounds’ hardened polymer atoms with solid crystal orientation and close communication between the polymer chains due to hydrogen bonds.

Aramid fibers are used in an array of applications such as composites, ballistics, aviation, cars, protective attire against warm/radiation/synthetic concoctions, asbestos substitute, and media communications (optical fiber links).

Regional Landscape

On the basis of region, the global aramid fiber market has been segmented into North America, Asia Pacific, Europe, and Latin America & the Middle East & Africa.

 

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Europe is expected to witness significant growth, owing to stringent reforms and policies by regulatory bodies such as the European Commission on work safety. Aramid fibers find extensive applications due to their valuable mechanical properties such as high strength, impact resistivity, thermal stability, and abrasion resistance.

The North America aramid fiber market is largely driven by significant spending on defense and aerospace sectors and increasing adoption of aramid fibers in automotive and construction sectors. While the U.S. is the key contributor to the regional market, Canada is slated to witness healthy growth in the future. Large-scale spending on aerospace, defense, and protection sectors by these countries is another factor expected to boost market growth. According to the U.S. Department of Defense, President Donald J. Trump signed the fiscal year 2019 National Defense Authorization Act to increase funding activities for the military.

Asia Pacific is expected to be the fastest growing market for aramid fibers during the forecast period, owing to rising concerns regarding the security of armed forces. Aramid fibers are also witnessing increasing adoption with the growing popularity of optical fiber cables. Improved standard of living, higher per capita disposable income, open market, and rapid liberalization in emerging economies such as Japan, China, India, and South Korea are expected to drive market growth in the region. While India and China are the prominent countries driving market growth in the region, China is projected to lead the regional market, backed by a sizable manufacturing base, presence of large industries, and significant expenditure on defense and aerospace sectors.

The MEA region is expected to witness substantial growth during the forecast period, owing to the increasing demand for fuel-efficient vehicles alongside growing defense and aerospace applications. Saudi Arabia is pegged to be the largest contributor to market growth in MEA, owing to the increasing government support and incentives towards boosting domestic production in the country.

The Latin America market is expected to witness steady growth during the forecast period, owing to the growing need for security and protection in various end-use industries and increasing use of aramid fibers as alternatives to asbestos and steel.

Segmental Insights

The global aramid fiber market can be segmented by type and application.

Based on type, the market can be segmented into para-aramid, meta-aramid, and others. Para-aramid fiber is slated to be the largest segment in the global aramid fiber market, owing to the increasing demand from end-use applications such as protective apparel and equipment, composite materials and reinforced materials. Meta-aramid fiber is expected to be the fastest growing segment, owing to the rising adoption of these fibers in electrical insulation and security & protection applications.

Based on application, the market can be segmented into security & protection, frictional materials, optical fiber, tire reinforcement, rubber reinforcement, aerospace, electrical insulation, and others. Security & protection is pegged to be the largest segment in the global aramid fiber market. Rapid industrialization and expanding manufacturing base are fueling the demand for protective apparel and equipment. Additionally, government regulations regarding adequate protection for industrial workers are further providing impetus to market growth.

Aramid Fiber Market Segmentation

By Type

  • Para-aramid
  • Meta-aramid
  • Others

By Application

  • Security & Protection
  • Frictional Materials
  • Optical Fiber
  • Tire Reinforcement
  • Rubber Reinforcement
  • Aerospace
  • Electrical Insulation
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • Japan
    • India
    • China
    • South Korea
    • Australia
    • Rest of Asia-Pacific
  • Latin America
    • Brazil
    • Argentina
    • Colombia
    • Rest of Latin America
  • MEA
    • Saudi Arabia
    • South Africa
    • Kuwait
    • Rest of MEA