Growing requirements for aramid fiber from a variety of fields, comprising the petroleum sector, healthcare services, fabrication, and others are expected to push the target market's development from 2023 to 2033.
The market is expected to be worth US$ 6.8 billion by 2023. The market is estimated to experience a CAGR of 5.5% through 2033. The aramid fiber market size is assumed to be worth US$ 4 billion in 2023.
Growing remodeling efforts, as well as stringent rules governing workplace security and health in a variety of industries, are expected to boost the United States aramid fiber market opportunities. Such measures are also projected to contribute to the expansion of global aramid fiber adoption trends in Latin American countries.
Aramid fibers are important in sustainable energy usage, especially wind turbine blades. The requirement for durable and lightweight materials grows in tandem with the growth of the renewable energy sector.
The automobile and aerospace sectors in the United States are still looking for lightweight materials to increase fuel efficiency while lowering pollution. Aramid fibers are employed in a variety of components, which contributes to market growth.
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Aramid fibers are also employed in the construction industry for purposes such as strengthening concrete. Infrastructure projects in the United States may increase demand for these materials.
In areas such as aircraft and automotive, the United States maintains high regulatory expectations for safety and quality. Compliance with these criteria is expected to remain a top priority for aramid fiber makers.
There are over 2,300 businesses in the German aerospace industry, most of which are concentrated in northern Germany. As a result, during the predicted period, aramid fiber consumption is expected to rise along with the growth in aircraft production. It is predicted that the market in this country is assumed to expand over the coming years due to the increasing demand from various end-user sectors.
Key Takeaways
“The increasing demand for aramid fiber from a wide range of industries, including the petroleum industry, healthcare services, manufacturing, and others, is predicted to fuel the target market's growth from 2023 to 2033,” says an FMI analyst.
Competitive Landscape
The top companies in the global aramid fiber market are using tactics such as collaboration contracts, technological collaboration, and resource mobilization to strengthen their positions in this industry. Many global aramid fiber firms are likewise aiming to launch products that are both affordable and of high quality to increase market penetration.
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Top Key Players in the Global Market
Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global aramid fiber market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights by Product Type (Para-Aramid, Meta-Aramid), Application (Security & Protection, Frictional Materials, Rubber Reinforcement, Optical Fibers, Tire Reinforcement, Electrical Insulation, Aerospace, Others), and Region.
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 14, 2024