DUBLIN--(BUSINESS WIRE)--The "Asia Pacific Aramid Fibers Market - Segmented By Type, End Use Application and Geography -Growth, Trends and Forecasts (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The Asia-Pacific market for aramid fiber is expected to register a CAGR of 8.36% during the forecast period, 2018-2023. This significant growth is majorly driven by the growing demand for fuel efficiency.
Aramid fibers are essential for meeting the increasing demands from the transportation industry to have a durable system and body parts that offer better performance with lightweight. In a typical automobile, the use of fibers is 50% by volume while adding just 10% to the weight. A vehicle weight reduction of 100 kg saves up to 12.5 g of CO2 emissions every kilometer.
Among the end-user industries, automotive holds the highest market share of around 58% of the Asia-Pacific aramid fiber market. In the automotive industry, meta-aramid is majorly used for thermal insulation & spacers, hot gas filtration, cushioning material, and as safety & protective clothing. The automotive production in the Asia-Pacific region has increased by more than 3.3% in 2017, with countries such as India, China, and Thailand, registering the largest production.
China registered the largest share of approximately 60% of the aramid fiber market in Asia-Pacific. The demand for aramid fiber in the region is majorly driven by the increase in the defense expenditure and the automotive production. The positive growth in the defense budget valued at USD 174.5 billion in 2018 is expected to increase the use of personal protective equipment in the defense sector, which is expected to in turn increase the usage of aramid fiber in the defense industry through the forecast period.
- Teijin Aramid
- Hyosung Corporation
- Toray Chemical Korea Inc.
- Kolon Industries Inc.
- HUVIS Corporation
- China National Bluestar Co. Ltd
- Yantai Tayho Advanced Materials Co. Ltd.
Key Topics Covered:
2. Executive Summary
3. Market Insights
4. Market Dynamics
5. Market Segmentation and Analysis
6. Competitive Landscape
7. Company Profiles
8. Future of the Market
For more information about this report visit https://www.researchandmarkets.com/research/zmljl3/asia_pacific?w=4