The market was valued at USD 2.97 billion in 2015 and is estimated to reach USD 4.43 billion by 2020, growing at a CAGR of 8.34%. The analysis predicts Europe, Middle-East and Africa (EMEA) will hold a major share in the market followed by North America and Asia-Pacific.
The global aramid fiber market report elucidates the situation of aramid fiber across the world and studies the markets segmentation based on aramid fiber types, which include para-aramid and meta-aramid. The para-aramid fiber dominated the market in 2015, owing to their increasing usage in ballistic protection i.e. for manufacturing bulletproof vests and hard armor or ballistics for military and homeland security vehicles. However, meta-aramid fiber is expected to have high growth rate owing to the increased usage in making the suits of firefighters, military pilots, race car drivers, and firefighters face mask, because of their excellent durable and heat resistance nature.
The global aramid fiber market report also studies the end-users segmentation of the market, which includes automotive, aerospace and defense, fiber optic cables, marine and others. The increasing warfare and mounting security threats are becoming a prime driver in the growth of the aramid fiber market. In the past few years, there has been a consistent rise in the number of armed conflicts globally. The ISIS conflict, Indo-Pak conflict over Kashmir, the conflict between Russia and Ukraine over Crimea, and the Syrian civil war are just a few examples. Additionally, the rise in tensions between the countries and across the borders has further led to an increase in the demand for ballistic protection armor for both the vehicles and troops such as headgear, armored car, bulletproof vests, and ballistic missiles.
Furthermore, homeland security and law enforcement personnel also face life-threatening situations when unexpected terrorist attacks, riots, and organized crime occur. Almost 95% of injuries are the result of falling or flying glass, mortar shrapnel, and explosive fragments. Many countries especially US, France, and Syria are facing terrorist threats from ISIS and the ongoing war in the Islamic State, and countries such as the US, Russia, France, Germany, Uzbekistan, Morocco, and Saudi Arabia are fighting together against the Islamic State; this global dynamic increases the demand for ballistic protection equipment.
Market Dynamics of the Global Aramid Fiber Market:
The global aramid fiber market report also segments in terms of geography into: Europe, Middle-East and Africa (EMEA), North America, the Asia-Pacific (APAC), and South America. The analysis shows Europe, Middle-East and Africa (EMEA) dominated the market in 2014, followed by North America and Asia-Pacific.
Some of the major players dominating the market are:
Key Deliverables in the Study: