DUBLIN--(BUSINESS WIRE)--The "Aramid Fiber Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The market for aramid fiber is expected to grow at a CAGR of 6.38% during the forecast period of 2019 - 2024
Major factors driving the market studied are the rise in defense expenditure of various countries and growing need for fuel efficiency. Availability of alternatives to aramid fiber such as E glass and carbon fiber is expected to hinder the growth of the market.
- Aerospace & defense sector dominated the aramid fibers market in 2018 and is expected to grow during the forecast period. Whereas, the automotive industry is expected to register the highest CAGR through the forecast period.
- Emerging applications in the optical fiber industry is likely to act as an opportunity in the future.
- Europe dominated the global aramid fiber market followed by North America and Asia-Pacific across the globe with the largest consumption coming from countries such as Germany, United Kingdom, and France, among others.
Key Market Trends
Aerospace & Defence Sector Dominated the Market
- Weight is the most important consideration in the design and manufacture of heavier-than-air machines; researchers and scientists have been continuously striving to improve the lift-to-weight ratio.
- The same is applicable for defense uniform. Less weight gives the soldiers greater mobility, and thus, allows them to possess the tactical advantage in the battleground or in any hostile situation.
- Aramid-reinforced epoxy materials are used widely in airplanes for their physical properties.
- Aramids are used for both components and structural applications, in all aircraft & spacecraft, ranging from hot air balloons, gliders, etc., to fighter planes, passenger airliners, and space shuttles.
- Applications range from complete airplanes, such as the Beech Starship to wing assemblies, helicopter rotor blades, seats propellers, and enclosures for instruments and internal parts.
- Use of aramid has been increasing in the aerospace & defense sector because of various benefits, such as:
- Weight reduction - savings up to 20% to 50% in comparison to conventional or traditional materials.
- Mechanical properties can be tailored by 'lay-up' design, with tapering thicknesses of reinforcing cloth and cloth orientation.
- High impact resistance.
- High damage tolerance.
- With ever increasing environmental lobbying and the cost of fuel, commercial flying is under constant pressure to improve performance and weight reduction is a key solution in the equation. Furthermore, aircraft maintenance cost can be reduced by eliminating corrosion.
- All the above-mentioned factors significantly affect the increase in usage of aramids in aerospace & defense applications. The demand from these sectors is expected to be one of the main driving forces for the growth of the market studied during the forecast period.
Europe to Dominate the Market
- Europe dominated the aramid fiber market in 2018 and is further likely to retain its position during the forecast period. due to the increasing demand from the automotive and aerospace & defense industries.
- The European Union has decided to increase its defense budget, with EUR 1.5 billion in funding for defense, EUR 0.5 billion in funding for military research, and EUR 1 billion for development and acquisition.
- France too has added EUR 1.8 billion in funding to its 2018 defense budget, which is expected to reach EUR 34.2 billion as part of a planned rise in military spending over the next five years.
- With defense spending increasing through the years, the use of protective gear in defense too will rise, thus driving the market for aramid fiber in the defense sector.
- European Union is the world leader in the production of civil aircraft, which includes helicopters, aircraft engines, parts, and components. The aerospace industry in the region is investing continuously in research, development and innovation (RDI) which is expected to support the growth of the industry.
- The aforementioned factors are expected to hugely contribute to the increase in demand for aramid fiber consumption in the region during the forecast period.
The global aramid fiber market is highly consolidated with top 2 players accounting more than half of the market. The major companies include Teijin Aramid, DowDuPont, Kolon Industries, Yantai Tayho Advanced Materials Co. Ltd, and Hyosung Corporation.
- Rise in Defense Expenditure of Various Countries
- Growing Need for Fuel Efficiency
- Availability of Alternatives with Better Properties
Industry Value-Chain Analysis
Porters 5 Force Analysis
Opportunities & Trends
- Growing Demand from the Aerospace Sector
- Emerging Applications in the Optical Fiber Industry
- Teijin Aramid B.V.
- Toray Chemical Korea Inc.
- Kolon Industries Inc.
- China National Bluestar (Group) Co. Ltd
- Yantai Tayho Advanced Materials Co., Ltd
For more information about this report visit https://www.researchandmarkets.com/r/z0mhip