Albany, NY -- (SBWIRE) -- 05/28/2015 -- According to the report, the global aramid fiber market was valued at US$ 2,598.2 Mn in 2014 and is anticipated to reach US$ 5,099.1 Mn by 2023, expanding at a CAGR of 7.8% from 2015 to 2023.

Aramid fiber is a synthetic polymer prepared by the reaction between carboxylic acid halide group and amine group. Aramid fiber is used extensively in industrial applications. This fiber is widely used in the manufacture of protective clothing, body armor, automotive components, and electrical components. Considering the broad range of industrial applications of aramid fiber, several prominent companies across the world engage in the manufacture of para-aramid fiber and meta-aramid fiber. Rising demand for industrial protective clothing and growth in the global automotive market is estimated to drive the global aramid fiber market during the forecast period.

Para-aramid fiber was the largest product segment of the aramid fiber market, accounting for 70% share of the market in 2014. Para-aramid fibers are primarily used to manufacture bulletproof body armor fabrics. These fibers are utilized in several high-tech applications such as aerospace and defense. Para-aramid fiber is used in the manufacture of body, floor, and wall materials of airplanes; fishing rod; golf club; bow; ski, etc. These fibers are also used as a substitute of reinforced concrete for curtain walls for multistoried buildings. Demand for par-aramid fiber is increasing due to higher consumption of aramid fiber in the production of body armor and aerospace components. In terms of growth rate, para-aramid fiber is projected to be the fastest growing product segment of the aramid fiber market during the forecast period. Growth of para-aramid fiber can be primarily ascribed to the rising demand for the fiber in end-user industries such as automotive, aerospace & defense, and electrical.

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Based on region, the global aramid fiber market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Europe was the largest regional market for aramid fiber, constituting over 35% share in 2014. Increase in demand for protective clothing and personal armor is anticipated to boost the aramid fiber market in Europe in the next few years. This rise in demand can be primarily ascribed to the increase in export to developing countries. Asia Pacific is projected to be the fastest growing region in the global aramid fiber market during the forecast period. Rising demand for aramid fiber in automotive, electrical, and construction end-user industries in emerging economies such as China and India, and countries in ASEAN is likely to drive the aramid fiber market in Asia Pacific in the next few years. The aramid fiber market in North America is estimated to expand at a significant rate over the next eight years, due to the slow but steady recovery of the economy in the U.S. The aramid fiber market in Latin America is anticipated to expand at a significant rate over the next eight years, primarily due to growth in automotive and construction end-user industries. The aramid fiber market in the Middle East & Africa is projected to witness decent growth in the next few years, owing to rising demand for protective clothing in the oil & gas industry in the Middle East.

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Rising demand for aramid fiber in the rapidly expanding automotive, aerospace & defense, and electrical end-user segments is anticipated to drive the global aramid fiber market in the next few years. Rapid commercialization of aramid nano-fiber is expected to act as an opportunity for the aramid fiber market in the next eight years. However, availability of application-specific substitutes and high cost of manufacturing associated with aramid fiber are estimated to hamper market growth of aramid fiber during the forecast period. Major manufacturers of aramid fiber include E. I. du Pont de Nemours and Company, Teijin Aramid, Kolon Industries Inc., HYOSUNG Corporation and Yantai Tayho Advanced Materials Co., Ltd.

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