Aramid Fiber Global Market Opportunities and Strategies to 2032

This report describes and explains the aramid fiber market and covers 2017 to 2022, termed the historic period, and 2022 to 2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The aramid fiber market reached a value of nearly $4,350.36 million in 2022, having grown at a compound annual growth rate (CAGR) of 6.58% since 2017. The market is expected to grow from $4,350.36 million in 2022 to $7,083.13 million in 2027 at a rate of 10.24%. The market is then expected to grow at a CAGR of 11.45% from 2027 and reach $12,180.09 million in 2032.

Growth in the historic period resulted from strong economic growth in emerging markets, government spending on military and defense industries, rising need for lightweight materials offering significant emission reduction in vehicles, and government initiatives for the textile industry. Factors that negatively affected growth in the historic period were impact of COVID-19 and high cost associated with aramid fiber.

Going forward, increasing population and urbanization, increasing demand from the automotive sector, and growing adoption of 5G technology will drive the growth. Factors that could hinder the growth of the aramid fiber market in the future include Russia- Ukraine war impact and non-biodegradable nature of aramid fibers.

The aramid fiber market is segmented by type into para-aramid fiber and meta-aramid fiber. The para-aramid fiber market was the largest segment of the aramid fiber market segmented by type, accounting for 78.20% of the total in 2022. Going forward, the para-aramid fiber segment is expected to be the fastest growing segment in the aramid fiber market segmented by type, at a CAGR of 10.30% during 2022-2027.

The aramid fiber market is segmented by application into protective fabrics, frictional materials, optical fibers, tire reinforcement, rubber reinforcement, composites and other applications. The protective fabrics market was the largest segment of the aramid fiber market segmented by application, accounting for 32.15% of the total in 2022. Going forward, the optical fibers segment is expected to be the fastest growing segment in the aramid fiber market segmented by application, at a CAGR of 10.60% during 2022-2027.

The aramid fiber market is segmented by end-use industry into aerospace and defense, automotive, electronics and telecommunication, sports goods and other end-use industries. The automotive market was the largest segment of the aramid fiber market segmented by end-use industry, accounting for 39.63% of the total in 2022. Going forward, the electronics segment is expected to be the fastest growing segment in the aramid fiber market segmented by end-use industry, at a CAGR of 10.68% during 2022-2027.

North America was the largest region in the aramid fiber market, accounting for 31.99% of the total in 2022. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the aramid fiber market will be Africa and South America where growth will be at CAGRs of 11.93% and 11.73% respectively. These will be followed by Asia Pacific and North America where the markets are expected to grow at CAGRs of 10.92% and 10.40% respectively.

The global aramid fiber market is highly consolidated with a few large players dominating the market. The top ten competitors in the market made up to 76.05% of the total market in 2021. DuPont was the largest competitor with 20.27% share of the market, followed by Teijin Ltd. with 18.37%, Taekwang Industrial with 15.52%, Toray Industries, Inc with 9.16%, Hyosung with 5.77%, Kolon Industries Inc. with 4.88%, Huvis Corp. with 1.68%, Yantai Tayho Advanced Materials Co. Ltd. with 0.35%, X-FIPER New Material Co., Ltd with 0.09% and China National Bluestar Co. ltd with 0.03%.

The top opportunities in the aramid fiber market segmented by type will arise in the para-aramid fiber segment, which will gain $2,152.28 million of global annual sales by 2027. The top opportunities in the aramid fiber market segmented by application will arise in the protective fabrics segment, which will gain $901.46 million of global annual sales by 2027. The top opportunities in the aramid fiber market segmented by end-use industry will arise in the automotive segment, which will gain $1,050.51 million of global annual sales by 2027. The aramid fiber market size will gain the most in USA at $659.15 million.

Market-trend-based strategies for the aramid fiber market includes focus on increasing investments, production of sustainable and eco-friendly fabrics, use of blockchain technology, and partnerships and collaborations to improve their financial strength and product portfolio.

Player-adopted strategies in the aramid fiber market includes meeting the market demands and strengthening position as a provider of sustainable solutions through business expansions, strengthening business operations through strategic collaborations and partnerships, and enhancing business capabilities through strategic investments.

To take advantage of the opportunities, the publisher recommends the aramid fiber companies to focus on increasing investments in production capacities, focus on sustainable and eco-friendly products, focus on use of blockchain technology, continue to focus on developed markets, focus on partnerships and collaborations, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events, continue to target fast-growing end-use industries, target fast-growing applications.