The Business Research Company's Global Market Reports Are Now Updated With The Latest Market Sizing Information For The Year 2023 And Forecasted To 2032
LONDON, March 15, 2023 /PRNewswire/ -- As per The Business Research Company's Aramid Fiber Global Market Report 2023, the global aramid fiber market size grew from $4.3 billion in 2022 to $4.8 billion in 2023 at a compound annual growth rate (CAGR) of more than 11%. The aramid fiber market size is then expected to grow to $6.8 billion in 2027 at a CAGR of more than 9%. Going forward, increasing population and urbanization, increasing demand from the automotive sector, and growing adoption of 5G technology will drive the aramid fiber market growth.
The global aramid fiber market is highly consolidated with a few large players dominating the market. DuPont was the largest competitor with 20.2% share of the market, followed by Teijin Ltd., Taekwang Industrial, Toray Industries, Inc., Hyosung, Kolon Industries Inc., Huvis Corp., Yantai Tayho Advanced Materials Co. Ltd., X-FIPER New Material Co., Ltd. and China National Bluestar Co. Ltd.
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Major aramid fiber market companies are increasingly shifting to the production of sustainable and eco-friendly fabrics. Companies are choosing environmentally friendly and recycled raw materials for the production of eco-friendly fibers that cause less or no damage to the environment. For example, in October 2022, Pitaka, a Hong Kong-based technology accessory company, launched sustainably made, aerospace-grade aramid fiber cases for the Apple iPhone 14 series smartphones - the MagEZ Case 3 and MagEZ Case Pro 3. The iPhone 14 case series retains the reliability of PITAKA's previous phone cases, and are even lighter, thinner and more durable making them a trusted accessory for the new iPhone 14.
In addition to adopting sustainable materials, companies in the market are increasingly using blockchain technology to collect and track primary data on environmental impact (including greenhouse gas emissions) to deliver reliable, transparent traceability. For example, in July 2022, Fujitsu, a Japan-based information and communications technology company, and Teijin, a Netherlands-based company that produces various high-strength fibers for industrial purposes, announced their partnership on a blockchain solution to trace recycled industrial materials used in manufacturing. The blockchain solution focuses on carbon fiber and aramid fiber, two high performance polyimides (plastics) that Teijin manufactures. Together the companies aim to promote sustainable manufacturing and a circular economy.
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The global aramid fiber market is segmented -
- By Type: Para-Aramid Fiber, Meta-Aramid Fiber
- By Application: Protective Fabrics, Frictional Materials, Optical Fibers, Tire Reinforcement, Rubber Reinforcement, Composites, Other Applications
- By End-Use Industry: Aerospace And Defense, Automotive, Electronics and Telecommunication, Sports Goods, Other End Users
As per The Business Research Company's aramid fiber market analysis, the top opportunities in the aramid fiber market segmented by type will arise in the para-aramid fiber segment, by application will arise in the protective fabrics segment, by end-use industry will arise in the automotive segment. Companies should focus on the USA since the aramid fiber market will grow the most in the region.
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