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Aramid Fiber Market-Rising Demand for Industrial Protective Clothing and Automotive Market Drives Growth By 2023

Aramid fiber is a fiber with a long chain of synthetic polyamide. Aramid polymer is prepared by a reaction between carboxylic acid halide group and amine group. Aramid fiber is produced by spinning the dissolved aramid polymer to a solid fiber from a liquid chemical blend. Depending on their components, aramid fibers have been divided into para-aramid fiber and meta-aramid fiber. As plastic composite materials, para-aramid fibers are used in body, floor, and wall materials of airplanes, fishing rod, golf club, bow, ski, etc.
Additionally, these fibers are used as a substitute of reinforced concrete for curtain walls for multistoried building. Meta-aramid fibers are used in clothing for fire-fighters, filter cloth for high-temperature, uniforms for high-temperature workings, car racing suits, heat insulating materials, etc. Aramid fiber is employed in end-user industries such as aerospace & defense, automotive, electrical, electronics & communication, construction, and sports goods. In terms of revenue, the global aramid fiber market was valued at US$ 2,598.2 Mn in 2014 and is projected to reach US$ 5,099.1 Mn by 2023, expanding at a CAGR of 7.8% from 2015 to 2023. 
Asia Pacific is anticipated to be the fastest growing market for aramid fiber during the forecast period. Demand for aramid fiber in the region is estimated to be mainly driven by rapid rise in the consumption of aramid fiber in China, India, and countries in ASEAN. Growth in the automotive industry and increase in defense expenditure is projected to drive the demand for aramid fiber in Asia Pacific in the next few years.
The aramid fiber market in the Middle East & Africa is also likely to experience significant growth during the forecast period. The aramid fiber market in North America is expected to witness significant growth owing to steady recovery of the developed region from the economic slowdown. The aramid fiber market in Latin America is anticipated to expand at a noteworthy rate over the next eight years, primarily due to growth in automotive and construction end-user industries.
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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.
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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