The global market for aramid fiber is expected to achieve a valuation of USD 7,243.3 million by the culmination of 2027. This growth will be propelled by the presence of numerous large-scale enterprises in the sector over the forthcoming years. As outlined in a report by Fortune Business Insights titled “Aramid Fiber Market Size, Share & COVID-19 Impact Analysis,” the market, valued at USD 4,522.6 million in 2019, is forecasted to demonstrate a Compound Annual Growth Rate (CAGR) of 6.5% during the period from 2020 to 2027.
Aramid fibers find extensive applications across various industries owing to their outstanding physical attributes, notably their mechanical robustness and resistance to external elements like pressure and moisture. Being synthetic fibers, their availability remains consistent. The escalating demand for these fibers has spurred the establishment of numerous large-scale manufacturing facilities globally, which is anticipated to significantly boost market expansion in the upcoming years. Moreover, their inherent properties such as low flammability and superior fabric integrity are fostering their adoption across diverse industry sectors in various nations.
The COVID-19 pandemic has substantially hindered the adoption of aramid fiber products across end-use industries. The widespread outbreak of the coronavirus has severely impacted economies worldwide, leading to the imposition of stringent measures aimed at curbing its transmission. Lockdowns and social distancing protocols, implemented to contain the virus, have resulted in labor shortages and reduced workforce capacity. Consequently, several production units have either halted operations or are functioning with limited resources, causing a substantial decline in the demand for aramid fiber in recent months, which is expected to significantly affect the overall market in the coming years.
A surge in product innovations is expected to bolster market growth.
The report highlights various factors contributing to the market's expansion in recent years, with healthy competition prevalent globally due to escalating product demand. Among these factors, the proliferation of product innovations stands out as a significant driver of market growth. For instance, in September 2018, Snow Peak unveiled a new product incorporating aramid fiber, introducing a novel fabric for outdoor apparel. The versatility of aramid fiber applications spanning multiple domains has been a key catalyst for market expansion, and the increasing frequency of such product innovations is poised to have a profound impact on market growth in the foreseeable future.
Europe is anticipated to emerge as the dominant market:
With the automotive industry witnessing a surge in aramid fiber applications, particularly by large-scale enterprises in the region. The quest for efficient fuel sources has provided a conducive environment for companies operating in Europe. In 2019, the European market was valued at USD 1615.7 million, and this figure is expected to escalate substantially in the ensuing years. Moreover, the Asia Pacific region is forecasted to register the highest CAGR during the forecast period, propelled by government initiatives aimed at enhancing industrial safety, particularly in countries like India and China.
Browse Summary of This Research Report:
https://www.fortunebusinessinsights.com/aramid-fiber-market-102183
