CHICAGO, Feb. 23, 2023 /PRNewswire/ --The report "Meta-aramid Fiber Market by Type (Staple, Filament, Paper), Application (Nonwoven Bagfilter, Apparel, Turbohose, Electric Insulation, Honeycomb Reinforcement), and Region (Asia Pacific, Europe, North America, MEA, South America) - Global Forecast to 2027", is projected to reach USD 2.3 billion by 2027, at a CAGR of 10.6% from USD 1.4 billion in 2022.
Aramid fibers are a family of high-strength, high-modulus fibers made from aramid resin. Aramid fibers are long-chain synthetic polyamides with extremely high tensile strength, which are frequently used in advanced composite products that require high strength and are lightweight. There are two types of aramid fiber, para-aramid and meta-aramid.
In terms of value, staple continues to be the largest type of segment in 2021. Apparel is the largest application segment of the meta-aramid fiber market. In terms of value, Europe was the largest market for meta-aramid fiber in 2021. Meta-aramid fibers face a significant threat from substitutes as they are frequently used with other advanced fibers with similar structural and physical properties. The threat of new entrants is low in the market, as this market has high cost of setting up manufacturing plants and low-profit margins.
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"Paper is estimated to be the fastest-growing type in the meta-aramid fiber market for the forecast period."
Meta-aramid in paper form has excellent properties such as high strength, low deformation, electrical insulation, high temperature resistance, corrosion and flame resistance. Paper is available in majorly two forms insulation paper and structural materials paper. Meta-aramid shortcut fibers are majorly used in the production of electrical insulation paper.
"Electric insulation was the second major application for the meta-aramid fiber market in 2021 in the global market"
Electrical insulators are used to hold conductors in position, this keeps them apart from one another and from nearby structures. They act as a barrier in an electric circuit, limiting the passage of electricity to wires or other conducting paths as desired. Meta-aramid fibers are majorly used in electric insulation for automotive, including electric vehicles. Electric vehicle insulations are used to insulate different components of an electric vehicle for thermal, electrical, and acoustic management. Insulation protects the components against cold in winter and excess heat in summer.
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"Europe is estimated to be the largest region in meta-aramid fiber market in 2020."
Industrial expansion and technological developments in the region are driving the consumption of meta-aramid fiber. The growth of the market is also expected to be supported by the improving global economy. Stringent safety regulations within industries such as oil & gas, construction, aluminum, and steel are fueling the demand for protective clothing, which, in turn, is further driving the demand for meta-aramid fibers in the region.
The key market players profiled in the report include Teijin Ltd. (Japan), DuPont De Numerous, Inc. (US), Yantai Tayho Advanced Materials Co., Ltd. (China), Toray Industries, Inc. (Japan), Huvis Corporation (South Korea), Kermel (France), X-FIPER New Material Co., Ltd. (China), Aramid HPM, LLC (US), Shanghai J&S New Materials Co., Ltd. (China) and Lydall Industrial Filtration (UK).
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Aramid Fiber Market - Global Forecast to 2026
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