The Market was valued at XX USD billion in 2015, and is estimated to reach XX USD billion by 2020, growing at a CAGR of XX %. We expect, United States to hold a major share followed by Canada and Mexico in North America region.
In the world where durable and light-weight composites are replacing traditional materials, aramid fibers are playing a crucial role in the market. They are important for reinforcing the composites where exceptional damage tolerance and weight reduction is needed. Aramid fibers are synthetic fiber, which is produced by spinning a solid fiber from solution. They lie in the class of strong synthetic and heat-resistant fibers. These fibers offers numerous useful mechanical and functional properties such as high tensile strength, low density, compressive strength alike to E-glass fibers, high thermal resistance, good abrasion and chemical resistance, and improved impact resistance.
In terms of type, para-aramid fiber dominated the market in 2015, owing to their increasing usage in ballistic protection i.e. for manufacturing bullet proof 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 increasing warfare and mounting security threats is 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. Additionally, 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 percent of injuries are the result of falling or flying glass, mortar shrapnel, and explosive fragments. Thus such a security threat give rise to this market. Some of the major players dominating the market are namely, Teijin Aramid, E.I. du Pont, Hyosung Corporation, and Kermel.
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