The Aramid Fiber Global Market Report 2023 by The Business Research Company, provides aramid fibre market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Aramid Fiber Global Market Report 2023, the global aramid fibre market size grew from $4.33 billion in 2022 to $4.83 billion in 2023 at a compound annual growth rate (CAGR) of 11.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The aramid fibre market size is expected to grow to $6.89 billion in 2027 at a CAGR of 9.3%.
The rising need for lightweight materials offering significant emission reduction in vehicles is contributing to the growth of the aramid fibre market. The use of lightweight materials in automobiles helps in reducing weight, fuel consumption, and greenhouse gas emissions. Aramid fibres are used as reinforced materials in the manufacturing of tires, turbocharger hoses, powertrain components, belts, brake pads, gaskets, clutches, seat textiles, electronics, and seat sensors in automobiles due to their lightweight and high strength capabilities.
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The aramid fibre market is segmented:
1) By Type: Para-Aramid Fiber, Meta-Aramid Fiber
2) By Application: Protective Fabrics, Frictional Materials, Optical Fibers, Tire Reinforcement, Rubber Reinforcement, Composites, Other Applications
3) By End-Use Industry: Aerospace And Defense, Automotive, Electronics and Telecommunication, Sports Goods, Other End Users
The increasing investments have emerged as the major trend gaining popularity in the aramid fibre market. Aramid Fiber manufacturing companies are investing in expanding their aramid fibre production capacity in order to fulfil the growing demand from end-use sectors. For instance, in June 2021, Kolon Industries, a South Korea-based chemical and textile manufacturing company, announced a 236.9 billion won ($209.2 million) investment to increase its production capacity of aramid fibre, a material used in vehicle tires. Kolon Industries estimates that after the expansion is completed in 2023, its manufacturing capacity will increase from 7,500 to 15,000 metric tonnes. It stated that with improved production capacity, the company plans to quickly expand into advanced industries including electric vehicles.
The aramid fibre market report table of contents includes:
1. Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
...............
19. Company Profiles
20. Key Mergers and Acquisitions
21. Opportunities and Strategies
22. Aramid Fiber Market, Conclusions and Recommendations
23. Appendix
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