The global aramid fiber market revenue is expected to expand at a significant CAGR over the forecast period. Aramid fiber is strong and heat resistant synthetic fiber. It is used in military vehicles, protection gear, sports goods, aircrafts, etc.
Increasing demand for protection gear in defense and military sector, owing to rising political unrest in all parts of the world is a major factor driving growth of the global aramid fiber market. However, high cost of aramid fiber and availability of alternatives materials such as ceramic or fiber glass are factors expected to hamper growth of the target market in the near future.
The global aramid fiber market report has been segmented on the basis of product type, application, and region. On the basis of product type, the market is segmented into para aramid and meta aramid. Para aramid segment dominates the global market in terms of revenue and expected to maintain its position over the forecast period, owing to its increased usage in defense and aerospace sector.
On the basis of application, the market is segmented into aerospace, electrical and electronics, defense, telecommunication, and automotive. Currently, automotive segment dominates the global market in terms of revenue and expected to maintain its dominance over the forecast period. Electrical and electronics segment expected to witness fastest growth, due to increasing use of aramid fiber for insulation and optical fiber purposes.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Europe is expected to dominate the global market in terms of revenue over the forecast period, owing to increasing demand for protection gear in this region. The market in Asia Pacific is expected to witness lucrative growth in terms of revenue, owing to a modernization of defense and law enforcement agencies.
Key players operating in the global aramid fiber market include Monsanto Company, DowDuPont Inc., Advanta Seed Ltd., BrettYoung Seeds Ltd., Royal Barenbrug Group, Allied Seed LLC, Ampac Seed Company, Imperial Seed Ltd., and Land O’ Lakes Inc.