Increasing Investment in Defense Sector
The latest trend for Aramid Fiber is gaining momentum due to its high application in defense industry. The increase in investment by economies, like China, Japan, Saudi Arabia, France, US, Russia is expected to grow and increase their defense and aerospace budget owing to the resurgence of global security threats. Most of the governments around the world have already started to increase their defense budget to address the security threats. Also, it has ballistic protective applications, such as bulletproof vests, Protective gloves, motorcycle protective clothing, and hunting gaitors. It’s also used for manufacturing of fiber and electromechanical cables. Due to its high resistance to chemical and thermal degradation, it’s highly used in Automotive & Aerospace industries. Therefore, as demand from emerging economies will grow, market for aramid fiber will also increase.
High cost of production & investment in R&D is a major reason for its high price. Another factor restraining the growth of the market is the availability of low-cost substitutes, like glass fibers and carbon fibers. This has been acting as a hindrance to the growth of the aramid fiber market.
Industrial Applications around the Globe
On industrial ground Aramid Fibers are basically of two types, Para and Meta Aramid Fibers. Para-aramids provide unique combinations of toughness, extra high tenacity, modulus of elasticity, and exceptional thermal stability. Therefore, the end-uses of para-aramids cover a broad range of industrial, aerospace, military and civilian applications, which include ballistic apparel, hard armors, brake and transmission friction parts etc. Additionally, with a growing demand from industrial protective clothing, defense, protection, and safety sectors, the APAC region is the fastest growing area for the para-aramid fibers market.
However, because of excellent durable and heat resistance nature, meta-aramid fiber is expected to have high growth rate owing to the increased usage in making the suits of firefighters, military pilots, race car drivers, and firefighters face mask. Hence, market for aramid fiber will increase globally.
Growing Opportunities in United States of America
The United States is the world’s largest economy in the world, with a per capita income of USD 55,900 and advanced technologies. The aerospace industry is shifting more of its manufacturing investments to the United States after a decade. Therefore, this will increase the consumption of aramid fibers. The automotive production in the United States of America is expected to grow rapidly due to the growing population and rising income of the people. This growth in the automotive industry is expected to propel the demand for the aramid fibers during the forecast period. U.S. Electronic industry has many segments in manufacturing, hence there is a high demand for the newer and faster products, due to the rapid pace of innovation, technological advancements and R&D activities in the electronics industry too. This growing demand in US is expected to boost the demand for the aramid fibers in global market also.
Notable Developments in the Market
February 2018: Teijin Marked a Century of Innovation in Aramid at JEC World 2018
March 2017: DuPont Protection Solutions Entered New Partnership for DuPont ™ Kevlar® and Nitro Circus
Major Players: DuPont, Kolon Industries, Inc., Teijin Limited, Honeywell International Inc., Hyosung Corporation, Toray Industries, Inc., Sro Aramid (Jiangsu) Co., Ltd., Yantai Tayho Advanced Materials Co., Ltd., Huvis Corporation, Ibiden Co., Ltd., amongst others.
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Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Countries expected to witness the fastest growth during the forecast period
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1.1 Research Phases
1.2 Scope of the Market
1.3 Study Deliverables
2. Executive Summary
3. Market Insights
3.1 Industry Value Chain Analysis
3.2 Industry Attractiveness - Porter's Five Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Consumers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitute Products and Services
3.2.5 Degree of Competition
4. Market Dynamics
4.1.1 Increasing Investment in Defense
4.1.2 Growing Need For Fuel Efficiency
4.1.3 Advances in Technology in Automotive & Aerospace Sector
4.2.1 High Cost Association
4.2.2 Non-Biodegradable in Nature
4.3.1 Increasing Demand among Growing Economies
4.3.2 Substitution of Asbestos
4.3.3 Other opportunities
5. Market Segmentation and Analysis (Market Size, Growth, and Forecast)
5.1 By product type
5.2 By End-user Industry
5.2.1 Aerospace & Defense
5.2.3 Electronic & Telecommunications
5.2.4 Sporting Goods
6. Regional Market Analysis (Market Size, Growth, and Forecast)
6.1.4 South Korea
6.1.5 Rest of Asia-Pacific
6.2 North America
6.2.1 United States
6.2.4 Rest of North America
6.3.2 United Kingdom
6.3.6 Rest of Europe, Middle East & Africa
6.4 South America
6.4.3 Rest of South America
7. Competitive Landscape
7.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
7.2 Market Share Analysis**
7.3 Strategies Adopted by Leading Players
8. Company Profiles (Overview, Financials**, Products & Services and Recent Developments)
8.2 Kolon Industries, Inc.
8.3 Teijin Limited
8.4 Honeywell International Inc.
8.5 Hyosung Corporation
8.6 Toray Industries Inc
8.7 Sro Aramid(Jiangsu) Co., Ltd.
8.8 Yantai Tayho Advanced Materials Co., Ltd.
8.9 Huvis Corporation
8.10 Ibiden Co. ltd.
8.12 China National Bluestar
*List Not Exhaustive
**Subject to availability on public domain
- Kolon Industries Inc.
- Teijin Limited
- Honeywell International Inc.
- Hyosung Corporation
- Toray Industries Inc
- Sro Aramid(Jiangsu) Co. Ltd.
- Yantai Tayho Advanced Materials Co. Ltd.
- Huvis Corporation
- Ibiden Co. ltd.
- China National Bluestar.