The globalaramid fiber market size is projected to reach USD 7,243.3 million by the endof 2027. The presence of several large-scale companies will contribute to the growth of the market in the coming years. According to a report published by Fortune Business Insights, the aramidfiber industry was worth USD 4,522.6 million and will exhibit a CAGR of 6.5% during the forecast period,2020-2027.
The measurestaken to curb the spread of the disease, including lockdown and socialdistancing practices have resulted in a shortfall of manpower and workforce. As a result, several production units have either been put on hold or being operated with limited resources. The demand for aramid fiber has gone down drastically in the past few months; a factor that will have a considerable impact on the overall market in the coming years.
Covid-19Pandemic has Limited Product Adoption in End-use Industries
The recentcoronavirus outbreak has had a massive impact on several economies across theglobe. The efforts taken to curb the spread of the disease have limited the growth of the businesses across the world. Due to the rapid spread of the disease, several countries are looking to implement strict measures with a view to controlling the spread of the disease.
Aramid fibersare widely used across diverse industry applications, mainly due to theirexceptional physical properties. The product is characterized by mechanical strength and excellent resistance to external factors including pressure and humidity. As this is a manmade fiber, availability is not an issue. The increasing demand for the product has led to the presence of several large scale manufacturing units across the world. The presence of several large scale manufacturers will have a direct impact on the growth of the overall market in the forthcoming years. Besides this, properties such as low flammability and good fabric integrity will contribute to the growing adoption of aramid fibers across diverse industry verticals in several countries.
IncreasingNumber of Product Innovations will Emerge in Favor of Market Growth
The report encompasses severalfactors that have contributed to the growth of the overall market in recentyears. Accounting to the increasing demand for the product, there is a healthy market competition across the world. Among all factors, the increasing number of product innovations has had the highest impact on the growth of the overall aramid fiber market in recent years. In September 2018, Snow Peak announced the launch of a new product through the integration of aramid fiber. The company introduced a new material fabric that is directed for use in outdoor apparel. The applications of aramid fiber are not limited to a single domain and this has been a major contributor to market growth. Increasing number of such product innovationswill have a huge impact on the growth of the overall market in the forthcoming years.
Europe to Emerge Dominant; Increasing Applications in AutomotiveIndustry Will Aid Growth
The reportanalyzes the ongoing market trends across North America, Asia Pacific, Europe,the Middle East & Africa, and Latin America. Among all regions, the market in Europe is projected to emerge dominant in the coming years. The increasing applications of the product across diverse industry verticals by large scale companies based in this region will emerge in favor of market growth. The increasing demand for efficient fuel sources has given the platform for companies operating in this region. As of 2019, the market in Asia Pacific was worth USD 1615.7 million and this value is projected to rise at considerable pace in the coming years. The market in Asia Pacific is projected to rise at the highest CAGR during the forecast period driven by the initiatives taken by government organizations for industrial safety in countries such as India and China.
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