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Aramid Fiber Reinforcement Materials Market Size Forecast to Reach $6 Billion by 2025

aramid fiber reinforcement materials market size forecast to reach 6 billion by 2025

Oct 23, 2020 5:20 AM ET
Aramid Fiber Reinfor

iCrowd Newswire – Oct 23, 2020

Aramid Fiber Reinforcement Materials Market size is forecast to reach $6 billion by 2025, after growing at a CAGR of 6% during 2020-2025. Aramid fiber has high strength and excellent corrosion resistance owing to its use in various end-use industries like automotive, aerospace, defense, and electronics. Increasing demand for a high-quality product with good durability and strength is driving the growth of aramid fiber reinforcement materials composites market globally. Moreover, increasing road accidents and the need to reduce the weight of vehicle have increased the demand for aramid fiber reinforcement materials in the automotive sector.

Type- Segment Analysis

The Para-aramid segment has the largest share of more than 50% in the aramid fiber reinforcement materials market in 2019. The chemical bonds of para-aramid fibers are aligned in the long direction of fibers. They are used in applications that require high load-bearing capacity, abrasion and solvent resistance, low creep and electrical conductivity. Additionally, exceptional fire-resistant properties of para-aramid fiber reinforcement materials have increased its use in textile industries for making fire protective suits and gloves.

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End Use – Segment Analysis
Based on the application, the aerospace & defense segment holds the largest share of more than 25% in the aramid fiber reinforcement materials market in 2019. Because of thermally insulating behavior and their ability to withstand extreme pressure, they are widely used in aerospace industries for making exhaust nozzles, compressors, turbine combustors and aerospace missiles. Additionally, aramid fibers are very light which reduces the weight of aircraft and lower the fuel consumption. High impact strength and the ability of aramid fiber to absorb shock and vibrations has resulted its use in defense for making bulletproof jackets.
Coronavirus has badly impacted the aerospace industries. Due to the lockdown industries are being shuttered all around the world. People stuck in their houses resulting in major problems for aerospace industries. All flights are suspended, and manufacturers are facing huge losses. According to Bloomberg news, shares of Boeing Co. fell nearly 6.63% to $ 128.98 on 24 March 2020. The decrease in production and sales of aircrafts has lowered the demand for aramid fiber reinforcement materials and inhibited the growth of market

Geography- Segment Analysis

North America dominated the aramid fiber reinforcement materials market with a share of more than 35% in 2019, followed by the Asia Pacific and Europe. Rapid industrialization coupled with an increase in aeronautical activities has driven the growth of aramid fiber reinforcement materials market. An increase in domestic and international conflicts has accelerated the growth of safety measures for military personnel. Aramid fibers are used for both structural and components applications in aircraft. The increase in exports of aerospace and defense components to other countries such as China, India and Germany has escalated the manufacturing activities in U.S, subsequently augmenting the growth of aramid fiber reinforcement materials market. According to United State Census Bureau, U.S has exported civilian aircrafts, engines, equipment and parts to China of value $10.48 Bn in 2019. Also FAA (Federal Aviation Administration), has forecasted that during 2016-2037, the number of jets in U.S mainline carrier fleet would grow from 4,073 to 5,199. Thus expansion of aerospace and defense industries is propelling the growth of aramid fiber reinforcement materials market in U.S market.

Drivers – Aramid Fiber Reinforcement Materials Market

Growing demand from end use industries

Increase in demand from various end-use industries for their high impact resistant, high thermal conductivity, shock-absorbent properties has boosted the growth of aramid fiber reinforcement materials market. Due to their exceptional properties than other materials such as steel and aluminum they are widely used in aerospace and automotive industries which further fuels the growth of aramid fiber reinforcement materials market.

Increasing Usage of aramid fiber in optical cables

Optical cables are widely used to transmit information at a faster rate. Cables are insulated with aramid fiber reinforcement materials for providing better resistance to extreme temperatures in addition to strength and durability. The need for better connectivity with ease in the transmission is driving the use of optical cables which in turn escalates the growth of aramid fiber reinforcement materials market. Research activities and the introduction of 5G technology are likely to aid the demand of optical cables further boosting the aramid fiber reinforcement materials market.

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Challenges – Aramid Fiber Reinforcement Materials Market

High Manufacturing and Machining Cost

Production of aramid fiber reinforcement materials is difficult and requires tons of energy which further increases their cost as compared to steel or aluminum. They are made from the condensation reaction of para-phenylened iamine and terephthaloyl (PPD-T) chloride. The rigid rod-like structure makes the fabrication of these polymers difficult by conventional techniques. Due to the decomposition before melting, aramids are produced by wet and dry spinning methods which results in the complex manufacturing process. Thus, complexity in manufacturing process increases their cost which in turn limits its use in high-quality products such as aerospace, defense and automotive only and acts as a restraint for the growth of aramid fiber reinforcement materials market.

Presence of alternative materials such as carbon and glass fiber

Unlike carbon fiber, aramid fiber reinforcement materials absorb moisture and are combined with moisture-resistant materials like epoxy for enhancing the properties. Additionally, the aromatic nature of para-aramid is responsible for oxidative reactions when exposed to ultraviolet rays which results in loss of color and strength of the fiber. To avoid the direct exposure of UV rays, aramid fibers should be coated. Thus, inferior properties of aramid compared to glass and carbon fiber acts as a restraining factor for the growth of aramid fibers reinforcement materials market.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the aramid fiber reinforcement materials market. Major players in the aramid fiber reinforcement materials market are E. I. Du Pont De Nemours And Company, Honeywell International Inc., Huvis Corporation, Hyosung Corporation, BASF SE, Kolon Industries, Inc., SRO Aramid Co. Ltd., Teijin Limited, Toray Industries, Inc., Yantai Tayho Advanced Material Co. Ltd., China National Bluestar Co. Ltd., among others.

Acquisitions/Technology Launches

In December 2018, SGL Group and Fraunhofer IGVC had set up development and manufacturing center for advanced fiber placement technologies in Meitingen.
In October 2017, Teijin’s Aramid Business has completed a new production line at its Technora production facility in Matsuyama, Japan. The expansion has enabled the company to meet the growing market demand for high performance product.
In January 2015, Teijin Limited has launched a new type of meta-aramid fiber, Teijinconex neo which offers exceptional heat resistance, as well as excellent dye ability. It has strengthened Teijin’s position and competitiveness in the emerging economies of Asia and other regions.

Key Takeaways

Properties such as durability, high tensile strength, flame and chemical resistance of polymer are the major factors driving the growth of aramid fiber reinforcement materials market.

Increasing awareness of safety and security among people has also accelerated the growth of the aramid fiber reinforcement materials market.

Raising applications of aramid fiber reinforcement materials in optical fiber are likely to aid the growth of market.
Rising environmental concerns and non-degradability of aramid fibers acts as a restraint for the growth of market.

Related Reports :

A. Natural Fiber Reinforcement Materials Market

https://www.industryarc.com/Research/Natural-Fiber-Reinforcement-Materials-Market-Research-501660

B.  Textile Composites Market 

https://www.industryarc.com/Report/15203/textile-composites-market.html

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