Aramid Fiber Market Swot Analysis, Investment Feasibility Analysis, And Investment Return Analysis, 2023
Aramid Fiber Market Overview
The Global Aramid Fiber Market is segmented into five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia Pacific is the largest region in the global aramid fiber market owing to the high growth pace of industrial and defense sectors. This drives the demand for protective clothing, thereby, propelling the aramid fiber market growth. The high production and exports of automotive in countries such as India, China, and Japan are expected to fuel the market growth. The extensive use of the product in electrical insulation of consumer goods is also influencing the market growth in Asia Pacific region. The demand for strong, lightweight, and safe automotive and consumer goods and the high disposable income has augmented the market growth.
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- TEIJIN LIMITED
- Yantai Tayho Advanced Materials Co.Ltd
- Toray Chemicals Korea Inc.
- Kolon Industries Inc.
- China National Bluestar (Group) Co. Ltd.
- SRO Aramid (Jiangzu) Co.Ltd.
- and IBIDEN CO.LTD
The Global Aramid Fiber Market is segmented on the basis of the type, application, and end-user industries.
Based on the type, the market is further segmented to meta-aramid, para-aramid, and others.
Based on the end-use industries, the global aramid fiber market is segmented into aerospace & defense, automotive, consumer goods, marine, and others.
On the basis of the application, the market is segmented into security & protection, frictional materials, rubber reinforcement, optical fiber, electrical insulation, and others.
North America is the second largest region in the global aramid fiber market on account of the high demand for aramid fiber from the defense & military sector of the U.S. The high research & development of aerospace is fueling the market growth further.
The European market is expected to witness a significant growth owing to the high production and exportation of automotive parts in Western Europe.
Latin American regional market is likely to grow owing to the high production and sales of automotive, especially in Mexico.
The Middle East & African market is expected to showcase considerable growth on account of the increasing use of the product in construction sector as a substitute of steel and asbestos.