The Asia-Pacific aramid fiber market is estimated to witness a significant growth, at an estimated CAGR of around 8%, over the forecast period. Major factor driving the market studied is the growing need for fuel efficiency. On the flipside, the availability of alternatives with better properties is expected to hinder the growth of the market studied.
- The aerospace and defense sector dominated the aramid fibers market and is expected to grow at a fastest rate during the forecast period.
- Emerging applications in the optical fiber industry are likely to act as an opportunity in the future.
- China accounted for the largest market share and is expected to continue domination during the forecast period.
Scope of the report
The Asia-Pacific aramid fiber market report includes:
| Product Type |
| ||Para-aramid |
| ||Meta-aramid |
| End-user Industry |
| ||Aerospace and Defense |
| ||Automotive |
| ||Electronics and Telecommunication |
| ||Sporting Goods |
| ||Other End-user Industries |
| Geography |
| ||China |
| ||India |
| ||Japan |
| ||South Korea |
| ||Rest of Asia-Pacific |
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Key Market Trends
Aerospace and Defense Sector Dominated the Market
- Aramids are used for both components and structural applications, in all aircraft and spacecraft, ranging from hot air balloons, gliders, etc., to fighter planes, passenger airliners, and space shuttles. Applications of aramid fibers are generally in wing assemblies, helicopter rotor blades, seat propellers, and enclosures for instruments and internal parts.
- With ever-increasing fuel costs and environmental lobbying, commercial flying is under constant pressure to improve performance, and weight reduction is a key factor in the equation. Aramid fiber presented a solution to this equation as it is lightweight and promotes fuel efficiency. Other positive attributes include excellent fatigue and corrosion resistance and good impact resistance.
- Every year, the aerospace industry uses a higher proportion of aramid fibers in the construction of each new generation of aircraft due to the provision of an all-weather operation of commercial aircraft and enhanced vision systems. Moreover, characteristics, such as temperature stability and durability, will further fuel the growth of the aerospace composites market over the coming years.
- With the increasing security concerns and increasing commercial use of aircraft as a medium of conveyance, the demand for aircraft has been increasing across the region. With this, various aircraft production orders have been lined up for delivery in the coming years.
- For instance, according to Boeing, by 2038, the deliverables of commercial aircraft are expected to reach about 17,390 units in the Asia Pacific.
- Hence, with the production of aircraft to deliver the aircraft orders from the defense as well as the aviation industry, the demand for aramid fiber is projected to increase in the region, during the forecast period.
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China to Dominate the Market
- In the Asia-Pacific region, China is the largest economy, in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country’s manufacturing sector is one of the major contributors to the country’s economy.
- The Chinese aircraft industry depicted significant growth over the years. According to Boeing, China is estimated to require around 7,600 new commercial aircraft, valued at USD 1.2 trillion, over the next two decades.
- Foreign investment in China has also been extended into the aviation sector, which is projected to register a CAGR of 6%, owing to China’s geographical location, which provides easy access to the industrial goods markets in the neighboring countries, as well as, other countries globally, making it a major access point for manufacturers and suppliers.
- China is the largest manufacturer of automobiles in the world. The country’s automotive sector has been shaping up for product evolution, with the country focusing on manufacturing products, in order to ensure fuel economy, and to minimize emissions (owing to the growing environmental concerns due to mounting pollution in the country).
- The production is expected to reach 30 million units by 2020, owing to the “Made in China 2025” initiative support in upgrading the existing low-cost mass production to higher value-added advanced manufacturing. “Automobile Mid and Long Term Development Plan”, was released in 2017, with an objective to make China a strong auto power in the next ten years.
- Due to all such factors, the market for aramid fiber in the country is expected to have a steady growth during the forecast period.
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The Asia-Pacific aramid fiber market is highly consolidated. The major companies include Teijin Aramid B.V., Dupont, Kolon Industries Inc., HYOSUNG, and Yantai Tayho Advanced Materials Co.,Ltd., among others.
Table Of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Growing Need for Fuel Efficiency
4.1.2 Increase in Defense Expenditure of India and China
4.2.1 Available Alternatives with Better Properties
4.2.2 High Cost Association
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Product Type
5.2 End-user Industry
5.2.1 Aerospace and Defense
5.2.3 Electronics and Telecommunication
5.2.4 Sporting Goods
5.2.5 Other End-user Industries
5.3.4 South Korea
5.3.5 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 China National Bluestar (Group) Co. Ltd
6.4.6 Kolon Industries Inc.
6.4.7 Teijin Aramid B.V.
6.4.8 TORAY INDUSTRIES, INC.
6.4.9 Yantai Tayho Advanced Materials Co.,Ltd.
*List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Demand from the Aerospace Sector
7.2 Emerging Applications in the Optical Fiber Industry
** Subject to Availability