The global aramid fiber market size is anticipated to achieve a valuation of USD 7,243.3 million by the conclusion of 2027. This growth trajectory will be significantly bolstered by the presence of numerous large-scale enterprises in the market landscape over the forthcoming years. As per a detailed report released by Fortune Business Insights titled “Aramid Fiber Market Size, Share & COVID-19 Impact Analysis,” delineating the period from 2020 to 2027, the market's value stood at USD 4,522.6 million in 2019 and is expected to register a Compound Annual Growth Rate (CAGR) of 6.5% during the aforementioned forecast period.
The advent of the Covid-19 pandemic has markedly constrained the adoption of aramid fiber products across various end-use sectors. The global economy has grappled with the repercussions of this outbreak, leading to a slowdown in business expansion efforts worldwide. Stringent measures enforced by governments to contain the virus spread, including lockdowns and social distancing protocols, have resulted in workforce shortages and operational disruptions across numerous production facilities. Consequently, there has been a substantial decline in the demand for aramid fiber products in recent months, a trend likely to exert significant influence on the market's trajectory in the years ahead.
A surge in product innovations stands poised to bolster market growth substantially. The report highlights several factors contributing to the market's expansion, with robust competition prevailing globally owing to heightened product demand. Notably, the proliferation of product innovations has emerged as a pivotal driver of the aramid fiber market's growth in recent times. For instance, in September 2018, Snow Peak unveiled a novel product featuring aramid fiber integration, introducing a new fabric material designed for outdoor apparel applications. The versatility of aramid fiber applications spans across various domains, significantly propelling market growth. The escalating frequency of such product innovations is expected to exert a profound impact on overall market dynamics in the foreseeable future.
Europe is slated to assert dominance in the market landscape, driven by escalating applications across diverse industry verticals and the presence of major corporations in the region. The burgeoning demand for efficient fuel sources has created a conducive environment for market players operating within the European market. As of 2019, the European market boasted a valuation of USD 1615.7 million, with projections indicating a substantial growth trajectory in the coming years. Furthermore, the Asia Pacific region is anticipated to exhibit the highest CAGR during the forecast period, fueled by governmental initiatives aimed at bolstering industrial safety standards, particularly in countries like India and China.
In terms of industry developments, in November 2019, Teijin Aramid B.V. announced plans to ramp up its production capacity by 25%, indicative of the market's ongoing expansion and potential for future growth.
Browse Summary of This Research Report:
https://www.fortunebusinessinsights.com/aramid-fiber-market-102183
