Para-Aramid Fiber Market to Witness a Handsome Growth during 2021-2026
Stratview Research has published a new report titled “Para-Aramid Fiber Market” which is segmented by Application Type (Protection & Safety, Electrical Transmission, Tire Reinforcement, Rubber Reinforcement, Friction Materials, and Others), by End-Use Industry (Aerospace & Defense, Automotive, Electrical & Electronics, Oil & Gas, and Industrial), by Form Type (Filament, Pulp, Staple Fiber, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
As per the study, the market was valued at US$ 1.8 billion in 2020 and is likely grow at exceptional CAGR of 5.6% during the forecast period of 2021-2026 to reach an annual market size of US$ 2.7 billion in 2026.
Read more: https://www.stratviewresearch.com/1367/para-aramid-fiber-market.html
Para-aramid fiber (more commonly known by its trade name, 'Kevlar') refers to a type of synthetic fiber that belongs to the aromatic polyamide family. It is characterized by its exceptional strength, heat resistance, and various other desirable properties. The term "para" in para-aramid indicates the molecular arrangement of the fiber, which contributes to its unique properties.
Para-aramid was first developed at DuPont™ by Stephanie Kwolek in the 1930s. However, it was first made commercially available in the 1970s as a replacement for steel in racing tires. Para-aramid possesses higher crystallinity as compared to meta-aramid and is manufactured through the dry-jet wet spinning method. It is used across industries for a broad range of applications such as ropes and cables, tire reinforcements, optical fiber cables, hose reinforcements, friction materials, and ballistic protection.
Over the years, there have been several advancements in the industry concerning the development of new products. For instance, Teijin, in 2017, introduced a new para-aramid fabric that protects structures from airborne volcanic fragments. Teijin Ltd. And DuPont de Nemours, Inc. maintain unambiguous precedence in the market, occupying over 80% market share.
Report Highlights
This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the industry’s market dynamics. It provides a thorough analysis of the market segments which include products, applications, and competitor analysis.
The market is bifurcated into various segments. Below given is the segment-wise analysis -
By End-Use Industry Type
The market is segmented into aerospace & defense, automotive, electrical & electronics, oil & gas, and industrial.
Aerospace & Defence held the largest market with a share of >30% in 2020. One of the cornerstones of the global economy, the oil & gas industry, faced an abysmal impact of the pandemic, suffering the third price collapse in the past 12 years, with the prices reaching 30-year lows.
The two largest demand-generators of the market; the resilient aerospace & defense and automotive industries are likely to rebound gradually, creating an array of opportunities in the long run. Lastly, the rather unwary electrical & electronics industry is expected to be the thrust-bearer of the market.
By Application Type
The market is segmented into protection & safety, electrical transmission, tire reinforcement, rubber reinforcement, friction materials, and others.
Protection & Safety is likely to maintain its dominance in the market with a share of >30% in 2020 with usage in crucial areas of application such as armored vehicles, high-tech aerospace applications, and bullet-proof body armor.
By Form Type
The market is segmented into Filament, Pulp, Staple Fiber, and Others.
Filament segment held the largest market with a share of >80% in 2020.
Which Region is expected to remain the largest market?
North America and Europe both held the largest market with an equal share of >30% in 2020. These two regions, with the presence of key players, are likely to maintain their dominance in the years to come.
Asia-Pacific is expected to handle the crisis most efficiently at hand, growing at the highest rate during 2021-2026. The Chinese para-aramid fiber industry developed late but progressively achieved industrialization during the past decade. India to become the next potential manufacturing hub, decking up to welcome companies willing to move away from China amid the pandemic.
Who are the Key Players in the Market?
The supply chain of this market comprises raw material suppliers, para-aramid fiber suppliers, part manufacturers, OEMs, and MRO companies.
The key players in the market are-
China National Bluestar (Group) Co., Ltd.
DuPont de Nemours, Inc.
Hyosung Corporation
Kolon Industries, Inc.
Yantai Tayho Advanced Materials Co.
Teijin Limited
Toray Industries, Inc.
The major players’ key focus (capacity expansions) has now transitorily shifted to cash preservation and long-term stability to handle the ongoing crisis.
Like the overall aramid market, DuPont de Nemours and Tejin Ltd. practically rule the para-aramid fiber market’s competitive landscape, Tejin maintaining its vanguard. The market is extremely concentrated with the top five players grabbing the majority share of the market.
The major companies display a keen focus on capacity expansions to perpetuate and expand their steadfast presence in the market. For instance, in 2017, the market leader, Teijin, announced its target of Twaron’s capacity expansion by more than 25% over the next five years.
In the same year, the company also established a new production line at its Technora production facility in Matsuyama, Japan.
Key questions answered by the report.
What is the projected CAGR for revenue from the Para-Aramid Fiber Market during the forecast period?
What would the market be valued at by 2026?
What is a major driving factor for the growth of the market?
Which region accounted for the largest revenue share in the Para-Aramid Fiber Market?
Which are the major market players?
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