The aramid fiber market size is projected to be worth USD 4 billion in 2023. The market is likely to reach USD 6.8 billion by 2033. The market is further expected to surge at a CAGR of 5.5% from 2023 to 2033.
Key Aramid Fiber Market Trends and Highlights
| Attributes | Key Insights |
|---|---|
| Aramid Fiber Market Size in 2023 | USD 4 billion |
| Projected Market Value in 2033 | USD 6.8 billion |
| Value-based CAGR from 2023 to 2033 | 5.5% |
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The aramid fiber market demand rose at a 4.4% CAGR between 2018 and 2022. The global aramid fiber market t is anticipated to record a moderate CAGR of 5.5% over the forecast period between 2023 and 2033.
| Report Attributes | Details |
|---|---|
| Market Value in 2018 | USD USD 3 billion |
| Market Value in 2022 | USD 3.8 billion |
| CAGR from 2018 to 2022 | 4.4% |
There has been a significant shift toward light automobiles over the past several years with lean cars created by changing out metal for aramid fiber-based compounds, which are durable, lightweight, and reusable. The latest aramid fiber market research report also sheds light on the sector profiting from the growing demand for such fibers in electric and hybrid vehicles.
Aramid fiber has been increasingly used in airplane architectures in recent years, covering the front and back corner panels and the principal flap and cabin frame of new-generation sophisticated aircraft. The increasing global aviation traffic is expected to bring in new global aramid fiber business prospects at an unprecedented rate in the coming years.
Growing requirements for aramid fiber from a variety of fields, comprising the petroleum sector, healthcare services, fabrication, and others are expected to push the target market's development from 2023 to 2033.
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The below table showcases revenues in terms of the top 5 leading countries, spearheaded by the United States and China. These two countries are expected to lead the market through 2033, with sizes of USD 900 million and USD 850 million.
Expected Market Values in 2033
| The United States | USD 900 million |
|---|---|
| China | USD 850 million |
| Germany | USD 780 million |
| Japan | USD 610 million |
| South Korea | USD 530 million |
Forecast CAGRs from 2023 to 2033
| The United States | 5.4% |
|---|---|
| China | 5.2% |
| The United Kingdom | 4.9% |
| Japan | 4.5% |
| South Korea | 4.1% |
The United States is expected to reach USD 900 million by 2033, developing at a CAGR of 5.4%. The United States has a significant defense and military sector, which drives the demand for aramid fibers in the production of protective gear such as bulletproof vests, helmets, and armor. This demand is expected to remain robust due to ongoing security concerns and technological advancements in protective materials.
According to the latest estimates from the Stockholm International Peace Research Institute (SIPRI), the United States was estimated to account for around 40% of global military spending in 2022.
The United States automotive and aerospace industries continue to seek lightweight materials to improve fuel efficiency and reduce emissions. Aramid fibers are used in various components, contributing to the growth of the market.
Aramid fibers are also used in the construction sector for applications like concrete reinforcement. The United States infrastructure initiatives could boost demand for these materials.
The United States has stringent regulatory standards for safety and quality in industries like aerospace and automotive. Compliance with these standards is assumed to continue to be a key consideration for aramid fiber manufacturers.
Aramid fiber market trends in Germany are taking a turn for the better. A 4.9% CAGR is forecasted for the country from 2023 to 2033. By the end of this forecast period, Germany’s aramid fiber market demand is likely to total USD 780 million.
Germany dominates Europe's automotive sector, with 41 assembly and engine-making factories accounting for one-third of total European automotive output. Germany, having one of the top aviation production bases, is home to producers from several segments, including device makers, substance and component vendors, engine manufacturers, and full system builders.
The German aerospace sector is made up of around 2,300 companies spread across the country, with high concentrations in northern Germany. Thus, with the increase in the production of aircraft, the consumption of aramid fiber is estimated to increase during the forecast period. The rising requirement from multiple end-user sectors is anticipated to propel the market in this country over the forecast years.
The aramid fiber market growth in China is expected to reach a value of USD 850 million. The market in China is poised to expand at a CAGR of 5.2% through 2033. China is the leading economy in the Asia-Pacific area in terms of GDP.
China is one of the world's significantly growing economies and one of the largest manufacturing powerhouses. The production sector is a significant contributor to the country's economy.
China’s aviation sector has grown significantly throughout the years. According to Boeing, China would require around 7,600 new commercial planes worth USD 1.2 trillion over the next twenty years.
China is the world's largest vehicle manufacturer. The country's automobile sector has been preparing for product development, with the country emphasizing manufacturing goods to assure fuel economy and reduce emissions. Therefore, owing to these factors, China’s market is poised to witness significant growth over the upcoming years.
Expected to reach USD 610 million by 2033, the aramid fiber market size in Japan is set to experience positive growth. From 2023 to 2033, the country is likely to register a 4.5% CAGR.
Japan's advanced technology and high-tech industries, including electronics, automotive, and aerospace, have been significant consumers of aramid fibers. These industries require lightweight, high-strength materials for various applications, such as electronic components, automotive parts, and aircraft components.
Japan has been at the forefront of sustainability and eco-friendly initiatives. The aramid fiber industry in Japan is likely to focus on developing more sustainable manufacturing processes and products to align with environmental goals.
Aramid fiber producers in Japan often export their products to global markets, particularly in the Asia-Pacific region. Economic conditions and trade policies in export destinations can significantly impact the market outlook.
The aramid fiber market in South Korea is anticipated to rise at a 4.1% CAGR from 2023 to 2033. By the end of the said forecast period, a valuation of USD 530 million is expected.
South Korea's automotive industry, home to companies like Hyundai and Kia, was increasingly adopting aramid fibers for lightweighting and enhancing vehicle safety. South Korea’s aramid fiber manufacturers are exploring export opportunities, particularly in the Asia-Pacific region. Expanding into global markets is a part of the development strategy for many companies.
Environmental considerations and sustainability were becoming increasingly important in South Korea's industrial landscape. Efforts to reduce the environmental footprint of aramid fiber production were being explored.
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The below table highlights how meta-aramid is projected to lead the market in terms of product type, capturing a 5% CAGR through 2033. The security and protection segment is assumed to spearhead sales based on application and is anticipated to witness a CAGR of 4.8% through 2033.
| Category | CAGR from 2023 to 2033 |
|---|---|
| Security and Protection | 4.8% |
| Meta-Aramid | 5% |
Based on product type, the meta-aramid market industry is expected to continue leading the aramid fiber industry with a CAGR of 5% from 2023 to 2033.
The worldwide aramid fiber market study classified the para-aramid fiber group as the biggest product segment till the end of 2022. This sector accounted for more than 70% of the global aramid fiber market's revenue. With a sizable global aramid fiber market size in 2022, the meta-aramid product type is expected to grow steadily over the predicted timeframe of 2023 to 2033.
The meta-aramid fiber group is beneficial for usage in extreme temperature circumstances because the material can resist great applied load even when exposed to smoke and fire, both of which can reach temperatures of up to 750°F. As a consequence of recent innovations in the global aramid fiber market, this category is predicted to grow, with higher utilization in the manufacturing of security gears, sports car engine gearbox lines, and other kinds of protective apparel.
Security and protection is expected to emerge as a prominent segment by application. A CAGR of 4.8% is projected from 2023 to 2033. According to the worldwide aramid fiber market study research for 2023, the security and protection application segment is the dominant accounting for more than 36% of global sales.
The frictional materials application category is expected to aid the global aramid fiber market to flourish significantly over the years ahead. Composite components, filters, athletic goods, gaskets, and adhesives are examples of such usage.
Aramid fibers are frequently employed to replace traditional asbestos materials, especially for breathable and waterproofing products. The chemical is also used as a fortifier in contact pressure items such as clutch discs and horseshoe brake pads.
The worldwide aramid fiber market's leading players are adopting techniques such as collaboration contracts, technology cooperation, and resource mobilization to improve their positions in this field. Numerous global aramid fiber companies are also attempting to follow a few strategies to expand their market penetration.
| Attributes | Details |
|---|---|
| Estimated Market Size in 2023 | USD 4 billion |
| Projected Market Valuation in 2033 | USD 6.8 billion |
| Value-based CAGR 2023 to 2033 | 5.5% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value in USD billion |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Market Segments Covered | Product Type, Application, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | Teijin Ltd.; Yantai Tayho Advanced Materials Co; E. I. du Pont de Nemours and Company ; (DowDuPont); Hyosung & Hyosung Corp.; Toray Chemicals South Korea, Inc.; Kermel S.A.; Kolon Industries, Inc.; Huvis Corp.; China National Bluestar (Group) Co., Ltd.; SRO Aramid (Jiangzu) Co., Ltd. |
The aramid fiber market is expected to reach USD 4 billion in 2023.
The market for aramid fiber is set to expand by a CAGR of 5.5% by 2033.
The aramid fiber industry is forecast to reach USD 6.8 billion by 2033.
China is likely to be the top-performing market, accounting for USD 850 million in 2033.
Meta-aramid fiber is preferred and expected to rise at a 5% CAGR through 2033.
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