Aramid Fibers Market by Type (Para-aramid Fibers, Meta-aramid Fibers), by Application (Security and Protection, Optical Fibers, Electrical Insulation, Frictional Materials, Industrial Filtration, Tire Enforcement etc.), Regions and Global Forecast to 2027
Newark, NJ, May 30, 2022 (GLOBE NEWSWIRE) – According to a report published by Fior Markets, Global Aramid Fiber Market It was expected to grow from $3.69 billion in 2019 to $7.04 billion by 2027, at a compound annual growth rate of 8.4% over the forecast period 2020-2027. The North American market has a compound annual growth rate of 8.7% and is expected to exceed US$2 billion in the forecast year. The increasing number of redevelopments in the region along with strict regulations for the security and protection of workers in all different industries is expected to lead to the growth of the fuel sector. The market value of the Asia Pacific region was more than 800 million in 2019. Due to rapid industrialization, due to developing internet economies, and increasing military spending in countries such as India and China, the market is expected to grow in the future. The European market dominates the global market and is expected to capture a large share in the future due to the rise in the automotive, aerospace and defense industries in countries such as the UK and Germany.
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Some of the major players in the aramid fiber market are Toray Chemicals, China National Blue Star, Huvis Corporations, FIPRE New Materials, DuPont, Kolon Industries, Hyosung, Yantai Tayho, Tenjin aramids, etc. new technologies and devices; Expansion of its territory to seize a large share of the world market.
Spectra Fiber, an ultra-strong, yet lightweight UHMWP fiber, is infused into Honeywell’s Spectra Shield technology for use in advanced armour. This fiber expansion demonstrates Honeywell’s emphasis on encouraging supply to meet the growing demand for premium protective equipment globally.
According to the type of aramid fibres, the market is segmented into para-aramid fibres, meta-aramid fibres, and copolymid fibres. Among all product types, Para-aramid segment has the highest market share and is certified for its increasing use in high-tech applications such as military and aerospace in the manufacture of body armor. Also, meta-aramid is used to make aramid papers. This product has many purposes such as security, protection, optical fiber, electrical insulation, friction material, industrial filtration, tire enforcement, etc. The security and protection sector accounts for the most important market share, such as increased defense spending. Another application that is expected to grow at a rapid pace in the future is the electrical insulation sector. Aramid fibers are used in traction motors, electric motors and electric heaters.
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About the report:
The global aramid fiber market is analyzed on the basis of value (US$ billion). All sectors were analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries for each sector. The report provides an in-depth analysis of the driving factors, opportunities, restraints, and challenges to gain key insight into the market. The study includes Porter’s Five Forces Model, gravity analysis, raw materials analysis, supply, demand analysis, competitor website network analysis, distribution and marketing channels analysis.
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About Aswaq Fiore
Fior Markets is a futuristic market intelligence company, helping clients thrive on their business strategies and make better decisions using actionable intelligence. With a transparent set of information, we meet clients’ goals and obligations at a high level and target potential prospects with SWOT analysis and market research reports. Fior Markets publishes a wide range of regional and global market intelligence research reports including industries such as technology, pharmaceuticals, consumer goods, food and beverages, chemicals, media and materials, and many more.
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