Aramid Fiber Reinforcement Materials Market to Grow at 6.7% CAGR by 2030
Rising demand for the product from aerospace & defence and automotive sector and rise in security concerns are the major factors which are expected to drive the growth of Aramid Fiber Reinforcement Materials industry during the forecast period of 2020-2030.
The Aramid Fiber Reinforcement Materials Market Industry is expected to grow at the CAGR of 6.7%, according to a new research report by Next Move Strategy Consulting.
According to the report, rising demand for the product from aerospace & defence and automotive sector and rise in security concerns are the prominent factors driving the aramid fiber reinforcement materials market growth. Increasing demand for the high-performance, safety supporting materials will help in the expansion of the aramid fiber reinforcement materials market size. Continuously increasing need for the weight reduction in the vehicles and aerospace devices, rising fuel concern, and increasing government support for research and development have boosted the growth of the aramid fiber reinforcement materials market. On the other hand, non-biodegradable nature of aramid fiber materials and high costs may slow the market growth during the forecast period. Innovation in existing technologies and development of aramid fibers with higher strength and durability will create the new opportunity and may change the aramid fiber reinforcement materials market trend in near future.
On the basis of type, the global market is segmented into meta-aramid fibers, para-aramid fibers, and others. Meta aramid fibers accounted for the largest aramid fiber reinforcement materials market share and it is expected to remain the largest one during the forecast period. This is due to high demand of meta aramid fiber in the various application industries including automotive, aerospace & defence, consumer goods, marine, and others.
By end user, market is segmented into automotive, aerospace & defence, consumer goods, marine, and others. Aerospace & defence commands for the major share in the aramid fiber reinforcement materials market owing to its huge demand in aerospace industry. Rising demand for the light weight material in manufacturing have driven the market growth. Consumer goods is expected to be the fastest growing segment for the market owing to increasing adoption of aramid fiber reinforcement materials by the consumer goods segment and their high durability, performance, and low maintenance.
Regionally, the global market is majorly segmented into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. North America holds the major share in the global aramid fiber reinforcement materials market in terms of consumption whereas; Asia Pacific is the fastest growing market.
According to the report, some the key players in the aramid fiber reinforcement materials market are Honeywell International Inc., Du Pont De Nemours And Company, SRO Aramid (Jiangsu) Co., Ltd., Kolon Industries, Inc., Teijin Limited, Yantai Tayho Advanced Materials Co., Ltd., Hyosung Corporation, Toray Industries, Inc, Huvis Corporation, and Ibiden Co., Ltd.
Browse key industry insights from the report at https://www.nextmsc.com/report/aramid-fiber-reinforcement-materials-market in detail along with the table of contents:
Key Insights from the Aramid Fiber Reinforcement Materials Market Report:
- North America dominates the global aramid fiber reinforcement materials market owing to the well-developed automotive and aerospace sector, huge spending and continuously increasing demand.
- India and China is expected to emerged as an potential market for aramid fiber reinforcement materials
- Innovation is the organic strategy adopted by the players across the globe to sustain in the market.
The report aramid fiber reinforcement materials market– segmented by type, end user and geography
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