Aramid Fiber Market Ascending At A CAGR Of 8.3% During Overall Period From 2019 To 2025 : Grand View Research Inc.
San Francisco, 18 October 2019: The Report Aramid Fiber Market Size, Share & Trends Analysis Report By Product (Para-aramid, Meta-aramid), By Application (Security & Protection, Frictional Materials, Optical Fibers), By Region, And Segment Forecasts, 2019 – 2025
The global aramid fiber market size is expected to reach USD 5.7 billion by 2025 ascending at a CAGR of 8.3% over the forecast period according to a new report by Grand View Research, Inc. Exceptional strength to weight ratio offered by the material in a broad spectrum of applications including rubber enforcement and frictional materials is projected to drive the market growth.
The product properties including high tensile strength and modulus behavior are enhancing its penetration in various applications. Ballistic protection, hose reinforcement, wire & cables, protective gloves, and race cars are among the popular application areas of the product. In addition, rising global defense expenditure is expected to positively influence the demand for the material over the forecast period.
These fibers are increasingly being used in reinforced composites as they offer low creep along with high dimensional & thermal stability. Rising application of the aforementioned composites in manufacturing jet engine enclosures, tennis strings, hockey sticks, and circuit boards is expected to boost the product demand in the future.
Key market participants and research organizations are leading the development of advanced technologies for low-cost production of optimum quality products. Vacuum bagging, hand lay-up, RTM, RTM light, vacuum infusion, press molding, pultrusion, and filament winding are some of the methods adopted to reduce the manufacturing cost of the material.
The production of this material requires the use of energy-intensive manufacturing processes using expensive chemicals, which, in turn, significantly contributes to the overall production cost of the fiber. Thus, frequent fluctuations in the prices of raw materials, especially chemicals, have impacted the product price trend in recent years and the same is expected to continue in the future. Companies in the market are expected to increase their R&D expenditure to fuel the production of high-quality aramid fibers, primarily for use in aerospace & defense.
Access Research Report of Aramid Fiber Market @ https://www.grandviewresearch.com/industry-analysis/aramid-fiber-market
Further key findings from the report suggest:
- Para-aramid emerged as the largest product segment in the market in 2018 and is projected to generate a revenue of over USD 4. 3 billion by 2025 owing to superior product properties such as high tensile strength and abrasion resistance
- Security & protection segment was valued at over USD 1.2 billion in 2018 and is anticipated to witness the highest growth over the forecast period owing to rising global defense expenditure
- Asia Pacific market is projected to witness substantial growth at a CAGR of 9.1% over the coming years, primarily due to the growing security & protection measures across several industries in the region
- The U.S. aramid market was valued at USD 656.1 million in 2018 on account of the high product penetration in various application industries such as rubber reinforcement, security & protection, and aerospace.
Grand View Research has segmented the global aramid fiber market on the basis of product, application, and regional:
Product Outlook (Volume, Tons, Revenue, USD Million, 2014 - 2025)
- Para-aramid
- Meta-aramid
- Security & Protection
- Frictional Materials
- Rubber Reinforcement
- Optical Fibers
- Tire Reinforcement
- Electrical Insulation
- Aerospace
- Others
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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