Aramid Fiber Global Market Report 2024

The aramid fiber market size has grown rapidly in recent years. It will grow from $4.78 billion in 2023 to $5.29 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The historical growth in aramid fiber can be attributed to several factors, including robust economic growth in emerging markets, increased government spending on military and defense industries, a growing need for lightweight materials to achieve substantial emission reduction in vehicles, and government initiatives supporting the textile industry.

The aramid fiber market size is expected to see rapid growth in the next few years. It will grow to $7.98 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. Projected growth is fueled by population increase, urbanization, automotive sector demand, and widespread adoption of 5G technology. Key trends include increased investments, sustainable fabric production, blockchain technology use, and strategic partnerships.

The growing necessity for lightweight materials that contribute to substantial emission reduction in vehicles is a key factor propelling the aramid fiber market. The utilization of lightweight materials in automobiles plays a pivotal role in decreasing overall weight, fuel consumption, and greenhouse gas emissions. Aramid fibers, known for their lightweight and high-strength properties, are employed as reinforced materials in various automotive components, including tires, turbocharger hoses, powertrain components, belts, brake pads, gaskets, clutches, seat textiles, electronics, and seat sensors. The adoption of lightweight materials in the automotive industry is predicted to witness a Compound Annual Growth Rate (CAGR) of 5% by 2028, as per insights from the Electronic Specifier, a UK-based publisher of global electronics sector information resources. Thus, the increasing demand for lightweight materials aiming at significant emission reduction in vehicles is poised to drive the growth of the aramid fiber market.

The surge in demand within the automotive sector is anticipated to be a significant contributor to the growth of the aramid fiber market in the forecast period. Aramid fibers find widespread use in reinforcing various automotive components, such as tires, powertrain elements, turbocharger hoses, brake pads, belts, gaskets, clutches, seat textiles, electronics, seat sensors, and hybrid motor materials. Notably, the passenger vehicle segment in India achieved record-high sales, reaching 2,504,084 units in FY 2022-23 as of November 2022, as reported by Invest India, a National Investment Promotion and Facilitation Agency based in India. The industry is expected to exhibit a growth rate of 16% in FY23. Consequently, the escalating demand within the automotive sector is poised to be a driving force behind the growth of the aramid fiber market.

Major players in the aramid fiber market are increasingly directing substantial investments towards expanding their production capacities. In a noteworthy example, in June 2021, Kolon Industries, a South Korea-based chemical and textile manufacturing company, disclosed a significant investment amounting to 236.9 billion won ($208.6 million). This investment is earmarked for doubling the annual production capacity of aramid, a pivotal raw material for fifth-generation network cables and electric vehicles. The objective is to raise the production capacity from the existing 7,500 metric tons to 15,000 tons by the year 2023. Similarly, Teijin Aramids, a Netherlands-based producer of high-strength fibers, took a strategic step in February 2021 by installing state-of-the-art equipment. This move is designed to not only meet the surging global demand for high-performance aramids but also to enhance production capacity and sustainability at Teijin Aramid locations.

The increasing trend of substantial investments has become a prominent feature in the aramid fiber market. Manufacturing companies specializing in aramid fibers are channeling investments towards expanding their production capacities, aligning with the escalating demand across various end-use sectors. Kolon Industries, in its June 2021 announcement, emphasized the investment's aim to bolster the production capacity of aramid fiber, a crucial component in vehicle tires. With the projected completion of the expansion by 2023, Kolon Industries anticipates a substantial increase in manufacturing capacity from 7,500 to 15,000 metric tons. The company envisions leveraging this improved capacity to swiftly expand into advanced industries, including the burgeoning electric vehicle sector.

In February 2021, Herculite Products Inc., a U.S.-based manufacturer of high-performance fabrics, acquired Burlan Manufacturing LLC for an undisclosed sum. This strategic move aims to bolster Herculite's presence in high-performance reinforced textile composites, aligning with the company's mission to support customer growth through innovative products and engineered solutions. Burlan Manufacturing LLC, also based in the U.S., specializes in the production of wrap tape, reinforcing fabrics, webbing, strapping, and lashing products.

Major companies operating in the aramid fiber market report are DuPont, 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., China National Bluestar Co. Ltd., Indorama Corporation Pte Ltd., Bhor Chemicals and Plastics Private Limited, Kishco Enterprises Private Limited, Weiqiao Textile Company Limited, Gold Star Fabrics Private Limited, Nisshinbo Textile Inc., Marubeni Corporation, Far Eastern New Century, Kermel, Coats Group PLC, AMANN Group, Solvay, Kamenskvolokno JSC, Special Textile Group, Dexcraft, Texel Inc., EIS Fabrication Solutions, Dunmore Corp, Maples Industries Inc., Hanesbrands Inc., Mohawk Industries Inc., Wallace Workwear Inc., Lenrod Industries, Bermatex, Saint Gobain Tape Solutions, Trelleborg Engineered Coated Fabrics, Albany International Corp., WORK PROTEC SA, Texiglass Industria e Comercio Textil Ltda., A MARSHALL MOFFAT SA, Geotex SRL, BCA Textil Ltd., Omar Kassem Alesayi Textiles Co.Ltd., United Textiles, Aratex Group, Saudi Spinning & Textile Mill, Da Gama Textiles, African Textiles Manufacturers Ltd., AlSaraTex Co, Integrated Fibers Limited.

Europe was the largest region in the aramid fiber market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aramid fiber market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the aramid fiber market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Two main types of aramid fiber exist such as para-aramid and meta-aramid. Para-aramid is a heat and flame-resistant synthetic fiber characterized by high tensile strength, impact resistance, and low elongation at break. It is additionally resistant to acids and alkalis. Applications span protective fabrics, frictional materials, optical fibers, tire and rubber reinforcement, composites, and more. These find use in various industries such as aerospace and defense, automotive, electronics and telecommunications, sports goods, and others.

The aramid fiber market research report is one of a series of new reports that provides aramid fiber market statistics, including aramid fiber industry global market size, regional shares, competitors with an aramid fiber market share, detailed aramid fiber market segments, market trends and opportunities, and any further data you may need to thrive in the aramid fiber industry. This aramid fiber market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The aramid fiber market consists of sales of meta-aromatic and para-aromatic polyamide. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.