Aramid Fiber Market to Grow at 9.9% CAGR by 2024

PUNE, India, Feb. 15, 2019 /PRNewswire/ -- ReportsnReports.com adds aramid fiber market is projected to grow from USD 3.28 billion in 2018 to USD 5.78 billion by 2024, at a CAGR of 9.9%. The increasing demand for lightweight materials for automotive components owing to stringent environmental and emission regulations is expected to drive the market in the automotive industry. In addition, the demand for lightweight and flexible materials for body armor, firefighting equipment, bulletproof vests, helmets, and vehicle armor is driving the demand for high-performing materials, such as aramid fibers and composites of aramid fibers.

Browse 109 Market Data Tables and 36 Figures spread through 128 Pages and in-depth TOC on "Aramid Fiber Market by Type (Para-Aramid Fiber, Meta-Aramid Fiber), Application (Security & Protection, Frictional Materials, Industrial Filtration, Optical Fibers, Rubber Reinforcement, Tire Reinforcement), Region - Global Forecast to 2024" https://www.reportsnreports.com/reports/316423-aramid-fiber-market-by-type-para-aramid-fiber-meta-aramid-fiber-and-application-security-protection-frictional-material-tire-rubber-reinforcement-optical-fiber-electrical-insulation-aerospace-others-global-trends-forecasts-to-2019.html

Key companies supplying aramid fibers are DowDuPont (US), Teijin Ltd. (Japan), Toray Industries Inc. (South Korea), Hyosung Corp. (South Korea), Kolon Industries Inc. (South Korea), Huvis Corp. (South Korea), Yantai Tayho Advanced Material Co. (China), Kermel (France), China National Bluestar (Group) Co. Ltd. (China), SRO Aramid (Jiangsu) Co. Ltd. (China), Taekwang Industrial Co., Ltd. (South Korea).

By application, the security & protection segment is expected to lead the market during the forecast period. The stringent regulations enforced by the government and other agencies in developed economies, such as the European countries and the US, play a pivotal role in driving the aramid fiber market. Aramid fibers are used to make fire-, cut-, and stab-proof protective clothing such as helmets, footwear, coveralls, and gloves. They are used for military, industrial, and civil purposes. The need for thermal and ballistic protection is rising in civil law enforcement and armed forces owing to increasing insurgency and terrorism.