North America Aramid Fiber Market - Growth, Trends, and Forecast (2020 - 2025)
The market is segmented by Product Type (Para-aramid and Meta-aramid), End-user Industry (Aerospace and Defense, Automotive, Electronics and Telecommunication, Sporting Goods, and Other End-user Industries), and Geography (United States, Canada, Mexico, and Rest of North America)
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Scope of the report
Key Market Trends
TABLE OF CONTENTS
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The North America aramid fiber market is estimated to witness a significant growth, at an estimated CAGR of around 6.5%, 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.
United States accounted for the largest market share and is expected to continue domination during the forecast period.
Scope of the report
The North America aramid fiber market report includes:
Aerospace and Defense
Electronics and Telecommunication
Other End-user Industries
Rest of North America
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Key Market Trends
Aerospace and Defence 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 9,130 units in North America.
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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United States to Dominate the Market
In the North America region, United States dominated the aramid fiber market. United States 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.
According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037, owing to the growth in air cargo. Also, the US mainliner carrier fleet is expected to grow at a rate of 54 aircrafts per year due to the existing fleet getting older. Strong exports of aerospace components to countries, such as France, China, and Germany, along with robust consumer spending in the United States are driving the manufacturing activities in the aerospace industry.
Various automotive manufacturers are planning to invest during the coming years, amid threats from the government to increase levies on auto imports from Mexico. This factor is expected to positively impact the automotive industry in the country in the coming years, thereby increasing the consumption of aramid fiber in the automotive industry through the forecast period.
The sports market in the United States too is growing steadily and it is expected to reach almost USD 79 billion by 2021.
Overall, with the growing demand from various end-user industries is projected to drive the market in the country during the forecast period.
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The North America aramid fiber market is highly consolidated. The major companies include Teijin Aramid B.V., Dupont, HYOSUNG, and TORAY INDUSTRIES, INC., among others.