Aramid Fiber Reinforcement Materials Market Global Size, Growth and Demand 2021 to 2030

The Global Aramid Fiber Reinforcement Materials Market size valued to USD 3.73 billion in 2019, shall garner USD 7.83 billion by 2030, with a growing CAGR of 6.7% from 2020-2030.

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Top Companies: E. I. du Pont de Nemours and Company, Teijin Ltd., Kolon Industries, Inc., Honeywell International Inc., SRO Aramid (Jiangsu) Co., Ltd., Hyosung Corporation, Toray Industries, Inc., Yantai Tayho Advanced materials Co., Ltd., Ibiden Co., Ltd. and others.

Market Dynamics and Trends

The global aramid fiber reinforcement materials market is observing lucrative market opportunities with a constant elevation in the growth chart, owing to ascending demand from aerospace & defense sector, rise in safety & security concerns, increasing onshore and offshore drilling activities in oil & gas sector, stringent regulatory standards regarding workplace safety, as well as higher inclination towards weight reducing materials that tend to decrease energy-consumption and increase the operational efficiency of the finished goods.

Furthermore, benefits offered by the aramid fiber reinforcement materials such as light weight, excellent flame, heat resistance, low creep, thermal dimensional stability, as well as high strength, toughness, and modulus; are anticipated in propelling the growth of the aramid fiber reinforcement materials market in future.

However, factors such as non-bio degradable nature of aramid fiber, higher sensitivity towards ultra-violet radiations as well as humidity, plus high production cost, capital investments and fluctuating prices of raw-materials is expected to inhibit the growth of aramid fiber reinforcement materials market.

Moreover, investment towards development of innovative technologies leading to lower the manufacturing cost and level-up the operational efficiency, plus the ongoing R&D activities in this sector, are expected to fuel-up the aramid fiber reinforcement materials market growth in the coming future.

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North America has dominated the global aramid fiber reinforcement materials market in the past, and is expected to maintain its dominance throughout the forecast period, holding the highest market share. This is attributed to factors such as stringent regulations pertaining to the security and protection measures, growing number of refurbishing activities, presence of key market players in this region as well as growing demand of these materials from the transportation and protective clothing sector. Asia Pacific is expected to be the fastest developing region owing to the presence of developing economies, increased urbanization, and growing demand of IoT and telecommunication in this region. Furthermore, developments of industrial sectors such as automotive, electronics, aviation and others raise the demand of aramid fiber on a large scale, this in-turn shall supplement the growth of the aramid fiber reinforcement materials market, over the forecast period.

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