Market Size of Asia-Pacific Aramid Fiber Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.22 Billion |
| Market Size (2029) | USD 1.63 Billion |
| CAGR (2024 - 2029) | > 5.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Aramid Fibers Market Analysis
The Asia-Pacific Aramid Fiber Market size is estimated at USD 1.22 billion in 2024, and is expected to reach USD 1.63 billion by 2029, growing at a CAGR of greater than 5% during the forecast period (2024-2029).
In Asia-Pacific, countries like China and India were worst hit by the COVID pandemic, negatively affecting the market. Automotive and electronic manufacturing activities were temporarily halted due to the pandemic, which had decreased the usage of aramid fibers. However, the market recovered well after the restrictions were lifted. The market recovered significantly, owing to the rise in consumption of aramid fibers in the Aerospace and, defense, and automotive industries.
- The increase in demand for lightweight materials in the automotive industry, the rising defense expenditure of India and China, and the increase in the usage of aramid fibers as a potential substitute for steel materials are expected to drive the market.
- The availability of better alternatives for aramid fibers and the non-biodegradable nature of aramid fibers are hindering market growth.
- The growing demand from the aerospace sector and advancements in aramid materials manufacturing technology are expected to create opportunities for the market during the forecast period.
- China is expected to dominate the market due to the rising demand for aramid fibers in the aerospace and defense, automotive end-user industries. It is also expected to register the highest CAGR during the forecast period.
