Aramid Fiber Market will exhibit a CAGR of 7.0% during the forecast period, 2019-2026, and USD 7.28 billion by 2026, and the Market value as per 2018 was USD 4.25 billion.
Fortune Business Insights™ in a new report, titled, “Aramid Fiber Market Size, Share & Industry Analysis, By Type (Para, Meta, and Others), By Application (Security & Protection, Frictional Materials, Rubber reinforcement, Optical fiber, Tire reinforcement, Electrical insulation, Aerospace, and Others), and Regional Forecast, 2019-2026.”
Aramid Fiber Market Drivers and Restraint:
Growing Demand from Safety & Protection Industry Is Likely to Drive the Aramid Fiber Market
A large quantity of aramid fiber is used in safety & protection applications such as military, private security, municipal law enforcement, and private contractors involved in government works. The regulations regarding the health and safety of employees are very stringent in North America and European countries, and thus driving the market for aramid fiber. Also, not only military personals are getting safer by using the aramid fiber, but also the demand for protective clothing is increasing due to the demand from industrial organizations. The aramid fiber is used to make stab-proof, fire-proof, and cut-proof protective clothing such as coveralls, gloves, footwear, and helmets.
Furthermore, the technological advancements in reducing the load for solider and also improvisation in personal protection is estimated to drive the demand for soft and lightweight armour over the coming years which is expected to drive the market for aramid fiber.
List of Key Players Covered in the Aramid Fiber Market Report:
- Teijin Limited
- Kolon Industries Inc.
- Yantai Tayho Advanced Materials Co., Ltd.
- X-FIPER New Material Co., Ltd.
- HUVIS CORPORATION
- Hyosung Corporation
- China National Bluestar (Group) Co, Ltd.
- Toyobo Co., Ltd.
- Aramid Hpm, LLC.
- Other Key Players
To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/aramid-fiber-market-102183
Some of the key industry developments in the Aramid Fiber Market Include:
November 2019- Teijin Aramid B.V., based in the Netherlands announced o increase its production capacity. targeting more than 25% capacity increase in five years, this expansion will be done to keep up with growing market demand. The capacity increase will be used as an opportunity to invest in new technologies which reduce CO2 emissions and the capacity increase will take place in the two factories in the Netherlands, Delfzijl, and Emmen.
September 2018– Snow Peak, an innovator of outdoor apparel and gear and Teijin Limited announced that they have developed a new material fabric for outdoor apparel, by utilizing Teijin’s dye able and flame-retardant meta-aramid fiber, Teijinconex neo. This new fabric will be used for a new product for Takibi series, for Snow Peak’s high-performance outdoor clothing.