The market size of aramid fiber was USD 3.9 billion in 2021 and is projected to reach USD 6.3 billion by 2026, at a CAGR of 9.7% between 2021 and 2026. The increased demand for lightweight and flexible materials from the automotive and military & defense industries for various applications is driving the market. Furthermore, the regulations relating to reducing carbon emissions compel several industry players to look for alternative materials that are lightweight, strong, and fuel-efficient. This is expected to drive the aramid fiber market further during the forecast period. On the contrary, the high R&D costs and the non-biodegradable nature of aramid fibers are restraining the market growth.
The key market players profiled in the report include Teijin Ltd. (Japan), DuPont De Numerous, Inc. (US), Yantai Tayho Advanced Materials Co., Ltd. (China), Hyosung Corp. (South Korea), Toray Industries, Inc. (Japan), Kolon Industries Inc. (South Korea), Huvis Corporation (South Korea), Kermel (France), China National Bluestar (Group) Co., Ltd. (China), and SRO Aramid (Jiangsu) Co. Ltd. (China).
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Players in the aramid fiber market are mainly concentrating on new product launches, and acquisitions to meet the growing demand for aramid fiber for various end-use industry. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.
The growth of the aramid fiber market has been influenced by new product launches that were undertaken between 2018 and 2021. Different companies are deploying different strategies to strengthen their position in the aramid fiber market. For example, DuPont De Numerous, Inc., is primarily focused on the Americas, while Kolon Industries Inc., Teijin Ltd., Yantai Tayho Advanced Materials Co., and Toray Industries, Inc. are mainly focused on APAC. In general, these five companies have a strong foothold in their home regions and exploring geographic diversification alternatives to grow their businesses. Moreover, all five companies are focused on increasing their market shares through partnerships and enhancing their product portfolio over the past few years.
DuPont De Numerous, Inc. is a global leader with technology-based materials and solutions. It offers expertise and delivers essential innovations to a broad range of markets, including electronics, transportation, building and construction, healthcare, and worker safety. The company has a presence in about 60 countries worldwide and manufacturing operations in about 40 countries. As a part of its growth strategy, the company is engaged in partnerships and collaborations in various regions, owing to the growing demand for aramid fibers in the protective clothing and high-performance clothing industries. It is concentrating on growing its Safety & Construction business segment—it is the biggest supplier of aramid fibers for the US Department of Defense. Recently, it also collaborated with VF Workwear to develop a heat-resistant garment line.
On the other hand, Teijin Ltd. offers services to the transportation, information & electronics, safety & protection, environment & energy, and healthcare industries. It manages its business through six segments, namely, High Performance, Composites, Healthcare, Fibres & Products Converting, IT and Others. Teijin Ltd. offers a wide range of aramid fibers, which helps the company maintain its position in the market. Apart from this, the company is expanding its production operations rapidly to cater to the increasing demand for high-quality products; increased product supply would help the company increase its revenue. Moreover, the company is aggressively partnering with various relevant companies to develop innovative solutions. Additionally, it expanded in various regions to take advantage of high-growth markets. For instance, in November 2019, the company announced a capacity increase of para-aramid fiber for the Netherlands’ facilities. It is also focusing on innovation and research and development (R&D) through the identification and development of future potential products.
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