Market Overview:
Aramid fibers are synthetic fibers composed of polyamide and are characterized by high strength, low weight, modulus, and resistance to abrasion. They have higher strength than steel and possess excellent thermal stability. Due to their lightweight and high tensile strength, aramid fibers find wide applications in bulletproof vests, military apparels, aerospace components, frictional materials, and optical fiber cables. Market key trends: Increasing adoption of aramid fibers in bulletproof vests and military apparels is a key trend driving the growth of the global aramid fibers market. Aramid fibers are ideal for bulletproof vests and military apparels as they provide maximum protection from bullets, fragments, and shrapnel while being lightweight. Various national armies and law enforcement agencies are increasingly procuring bulletproof vests made from aramid fibers to protect their forces. Additionally, ongoing development activities to produce aramid fibers with improved properties such as flexibility and cut-resistance are also fueling the market growth. Porter's Analysis Threat of new entrants: The aramid fibers market features high capital requirements and well-established operations of major players which act as entry barriers for new players. Bargaining power of buyers: Buyers have moderate bargaining power in the global aramid fibers market due to availability of alternative materials and price fluctuations. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials and established supply chain of key players. Threat of new substitutes: Substitute materials like carbon fibers, glass fiber and natural fibers pose a competitive threat. Competitive rivalry: Competition is high between major players to expand applications of aramid fibers. The global Aramid Fibers Market Share is estimated to be valued at US$ 4447.55 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights SWOT Analysis Strengths: High strength and heat resistance properties of aramid fibers make them suitable for ballistic protection and various industrial applications. Weaknesses: High production costs and dependency on limited raw material sources. Opportunities: Growing demand from automotive, aerospace and defense industries due to lightweight and durable properties. Development of aramid papers expands applications. Threats: Competition from natural fibers and stringent environmental regulations during manufacturing. Key Takeaways The global aramid fibers market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing demand from automotive & transportation industries. The automotive industry utilizes aramid fibers for engine components, hoses & belts requiring heat resistance. Regionally, Asia Pacific dominated the global aramid fibers market in 2023 and is likely to maintain its dominance over the forecast period. China accounted for over 25% of the global aramid fibers demand in 2023 due to large automotive, defense and electronics industries in the country. Europe is another major consumer of aramid fibers owing to presence of major aerospace companies. Key players operating in the aramid fibers market are China National Bluestar (Group) Co. Ltd, DuPont, Hebei Silicon Valley Chemical Co Ltd, Huvis, Hyosung, Kermel, Kolon Industries Inc., Shenma Industrial Co. Ltd, Sinopec Yizheng Chemical Fibre Limited Liability Company, Suzhou Zhaoda Specially Fiber Technical Co.,Ltd., Teijin Limited, Toray Industries Inc., Wuxi, Heshengyuan Carbon Fiber Technology Co. Ltd, X-FIPER New Material Co. Ltd, Xiamen Chao Yu Environmental Protection Technology Co. Ltd, and Yantai Tayho Advanced Materials Co. Ltd. Read More: https://www.dailyprbulletin.com/new-avenue-for-the-aramid-fibers-market-growth-trends-and-forecast-analysis/
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