Oct 19, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Para-Aramid Fiber Market.

It was estimated prior to this unanticipated outbreak that the Para-Aramid Fiber Market to projected to witness an impressive double-digit CAGR over the next five years to reach US$ US$ 2.7 Billion in 2026. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.

Commonly known as Kevlar®, para-aramid was first developed at DuPont™ by Stephanie Kwolek in the 1930s. However, it was first made commercially available in the 1970s as a replacement for steel in racing tires. Para-aramid possesses higher crystallinity as compared to meta-aramid and is manufactured through the dry-jet wet spinning method. It is used across industries for a broad range of applications such as ropes and cables, tire reinforcements, optical fiber cables, hose reinforcements, friction materials, and ballistic protection.

Over the years, there have been several advancements in the industry concerning the development of new products. For instance, Teijin, in 2017, introduced a new para-aramid fabric that protects structures from airborne volcanic fragments. Teijin Ltd. And DuPont de Nemours, Inc. maintain unambiguous precedence in the market, occupying over 80% market share.

The leading industries, aerospace & defense, and automotive, have been trying to achieve a state of placidity for the past few years. With minor hurdles along the road within both of the highest demand-generating industries, the market stakeholders hoped to regain stability in 2020, with flourishing demand and a hassle-free market environment. However, the sudden outburst of COVID-19 shook the unsuspecting market players, bringing in unsought changes in the business.

Segment Analysis

By End-Use Industry Type

Stratview Research has segmented the market as aerospace & defense, automotive, electrical & electronics, oil & gas, and industrial. One of the cornerstones of the global economy, the oil & gas industry, faced an abysmal impact of the pandemic, suffering the third price collapse in the past 12 years, with the prices reaching 30-year lows. The two largest demand-generators of the market; the resilient aerospace & defense and automotive industries are likely to rebound gradually, creating an array of opportunities in the long run. Lastly, the rather unwary electrical & electronics industry is expected to be the thrust-bearer of the market.

By Application Type

Based on the application type, we have segmented the market as protection & safety, electrical transmission, tire reinforcement, rubber reinforcement, friction materials, and others. Protection & safety is likely to maintain its dominance in the market throughout the forecast period with usage in crucial areas of application such as armored vehicles, high-tech aerospace applications, and bullet-proof body armor.

Regional Insights

North America and Europe held the major chunk of the market in 2020. These two regions, with the presence of key players, are likely to maintain their dominance in the years to come. Asia-Pacific is expected to most efficiently handle the crisis at hand, growing at the highest rate during 2021-2026. The Chinese para-aramid fiber industry developed late but progressively achieved industrialization during the past decade. India to become the next potential manufacturing hub, decking up to welcome companies willing to move away from China amid the pandemic.

Key Players:

Key players operating in the global Para-Aramid Fiber market are-

  • Teijin Ltd.
  • DuPont de Nemours, Inc.
  • Kolon Industries, Inc.
  • Hyosung
  • Yantai Tayho Advanced Materials Co. Ltd., etc.

Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

The Para-Aramid Fiber analysis report discusses the following heads in great detail:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis
  • COVID-19 Impact Assessment
  • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
  • Market trend and forecast analysis
  • Market segment trend and forecast
  • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
  • Attractive market segments and associated growth opportunities
  • Emerging trends
  • Strategic growth opportunities for the existing and new players
  • Key success factors 

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