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 estimated to reach US$ 2.7 Billion by 2026 at a Healthy CAGR during the forecast period of 2021-2026.
Commonly known as Kevlar®, 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.
The leading industries, aerospace & defense, and automotive, have been trying to achieve a state of placidity for the past few years. With minor hurdles along the road within both of the highest demand-generating industries, the market stakeholders hoped to regain stability in 2020, with flourishing demand and a hassle-free market environment. However, the sudden outburst of COVID-19 shook the unsuspecting market players, bringing in unsought changes in the business.
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
Based on the end-use industry, Stratview Research has segmented the market as aerospace & defense, automotive, electrical & electronics, oil & gas, and industrial. 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
Based on the application type, we have segmented the market as protection & safety, electrical transmission, tire reinforcement, rubber reinforcement, friction materials, and others.
Protection & safety is likely to maintain its dominance in the market throughout the forecast period with usage in crucial areas of application such as armored vehicles, high-tech aerospace applications, and bullet-proof body armor.
Which Region is expected to remain the largest market?
North America and Europe held the major chunk of the market 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 most efficiently handle the crisis 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?
This report provides market intelligence most comprehensively. It also provides critical insights into the key players active in the market, enabling strategic decision-making for the existing market players and those willing to enter the market. The following are the key players acting in the Para-Aramid Fiber Market:
- Teijin Ltd.
- DuPont de Nemours, Inc.
- Kolon Industries, Inc.
- Hyosung
- Yantai Tayho Advanced Materials Co. Ltd., etc.
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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