Dublin, Sept. 30, 2022 (GLOBE NEWSWIRE) -- The "Aramid Fiber Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030" report has been added to ResearchAndMarkets.com's offering. Aramid fibre market is expected to grow at a CAGR of 11% during the forecast period of 2022 to 2030. The market is being driven by the rising demand for lightweight and flexible materials from the automotive industry as well as the military and defence industry for a variety of applications.
Furthermore, the restrictions connected to the reduction of carbon emissions drive various industrial participants to search for alternative materials that are not only lightweight but also sturdy and fuel-efficient. During the time of analysis, it is anticipated that this will continue to propel growth in the aramid fibre market.
On the other hand, the expansion of the market is being hindered by the high expenses of research and development as well as the non-biodegradable nature of aramid fibres. In terms of value, the aramid fibre market in Europe is the most important worldwide, followed by the markets in North America and the Asia Pacific. Increasing Application Across Industries Boosting Market Revenues
The expansion of the aramid fibre market has been significantly impacted by the fast-growing demand for lightweight materials in applications involving security and protection. In the same vein as this, the rising demand for lightweight materials that offer significant emission reduction in vehicles is also acting as a key determining factor favouring the growth of the aramid fibre market. This is due to the fact that lighter materials are easier to transport and store.
Additionally, the potential for aramid fibre to serve as a substitute for steel and asbestos, in addition to the demand for protective measures brought about by the rise of asymmetric warfare, are all factors that are contributing to the market's expansion. The rising demand for products, automotive and aerospace applications is the primary contributor to the expansion of the market.
Stringent Environmental Regulations Favouring Market
Governments all over the world are placing a greater emphasis on the requirement of severe environmental rules. The Environmental Protection Agency (EPA) in the United States has been consistently revising and enforcing a number of emission standards for vehicles. In addition, the European Union (EU) has mandated rigorous standards that makers of passenger vehicles and light-duty vehicles are required to comply to remain in compliance with the EU light-duty vehicle CO2 regulation.
Because of these laws aimed at lowering carbon emissions, several major participants in the sector are being forced to search for new materials that are not only strong but also lightweight. As a result, a number of different industries are shifting away from using conventional materials like steel and aluminium in favour of more modern materials like aramid fibres and carbon fibres in order to cut down on weight and lessen their overall demand for energy. Increase R&D Costs are Constraining the Market Growth
Aramid fibres are high-performance materials that are used in the composites of applications that require high load-bearing capacity, high mechanical and chemical strength, excellent thermal resistance, and lightweight materials. Aramid fibres are also used in applications that require excellent thermal resistance and lightweight materials.
Therefore, substantial research and development are required for these fibres in order to produce high-quality products suitable for a wide variety of applications, including security and protection as well as industrial filtration. However, the research and development costs, which include man-hours, materials, and technology, are significantly high. This is one of the factors that is preventing the aramid fibre market from expanding further. Market Segmentation Type
Sub Application Analysis (Personal Protection, Protective Apparels, and Armored Vehicles)
Sub Application Analysis (Fiber Optic Cables, Electric Insulation, and Others)
Sub Application Analysis (Passenger Car, Aircraft Tire, Bicycle Tire, Racing & Motorcycles, and Others)
Sub Application Analysis (Conveyor Belts, Automotive Hoses, Industrial Hoses, Power Transmission Belts, and Others)
Sub Application Analysis (Automotive, Industrial Breaking Elements, Automotive Gaskets, Industrial Gaskets, and Others)
Key Topics Covered: 1. Preface 2. Executive Summary 3. Aramid Fiber Market: Business Outlook & Market Dynamics 4. Aramid Fiber Market: By Type, 2020-2030, USD (Million) 5. Aramid Fiber Market: By Application Type, 2020-2030, USD (Million) 6. North America Aramid Fiber Market, 2020-2030, USD (Million) 7. UK and European Union Aramid Fiber Market, 2020-2030, USD (Million) 8. Asia Pacific Aramid Fiber Market, 2020-2030, USD (Million) 9. Latin America Aramid Fiber Market, 2020-2030, USD (Million) 10. Middle East and Africa Aramid Fiber Market, 2020-2030, USD (Million) 11. Company Profile Companies Mentioned
Yantai Tayho Advanced Materials Co. Ltd. of China
Hyosung Corp. of South Korea
Toray Industries Inc. of Japan
Kolon Industries Inc. of South Korea
Huvis Corp. of South Korea
China National Bluestar (Group) Co. Ltd. of China
SRO Aramid (Jiangsu) Co. Ltd. (China).
For more information about this report visit https://www.researchandmarkets.com/r/36n5do
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