Meta Aramid Fiber Market growing at 7% CAGR by 2024| DowDuPont, Hyosung, Yantai Tayho Co., Kolon Industries Inc
Date: 2018-10-25   Author: Rahul Varpe  Category: #industry

Meta Aramid Fiber Market growing at 7%  CAGR by 2024| DowDuPont, Hyosung, Yantai Tayho Co., Kolon Industries Inc

A rather disputable terrain in itself, undoubtedly, aramid fiber market has carved out a unique place in the polymer realm in the recent years. Encompassing a massive application spectrum, the business space is characterized by string of regulations, and has gained prominent traction essentially on account of the product’s deployment in ballistic protection. 

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Citing an instance, recently in the first quarter of 2018, Nokian Tyres P.L.C. installed its aramid sidewall technology in its cargo and van tire range to keep the tires stable and enable it to bear impacts, depressions, and cuts much more efficiently, so that the vehicles would find it easier to navigate poorly constructed roads. Indeed, Nokian’s initiative is among the many moves undertaken by aramid fiber market players to increase the application scope of the product in domains apart from protective wear for the defense sector.

In the year 2016, Teijin launched two fabrics – the Technora® and Twaron® para-aramid fibers, in adherence to the Japan Cabinet Office’s new regulations, in order to protect evacuation shelters and lodges from volcanic fragments. Indeed, this launch has massively empowered Teijin’s stance in aramid fiber market, given how crucial these fibers are in the production of shielding products and protective clothing, amidst the globally rising incidences of warfare and political conflicts. 

Teijin’s product launch has also seemingly had an impact on para aramid fiber market, that secured the dominant position in the business in 2016, with a valuation of more than USD 2 billion. With a robust rise in the demand for protective vehicle armor, bulletproof clothing, helmets, and the like, para aramid fiber industry share is expected to increase further in the years ahead.

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The year 2017 witnessed Teijin‘s involvement in a plethora of projects, right from capacity expansions to increased product development for stipulated contracts. The company added a new production line in Japan, at the Technora aromatic polyamide fiber production facility to manufacture aramid fibers incorporated with excellent resistance to chemicals, fatigue, impact, and moisture and high tensile strength. 

These fibers are likely to find extensive applications in such as reinforcement material across the automotive, industrial, and oil & gas sectors, thus enlarging the expansion scope for Teijin. With the extensive commercialization of these fibers, it is most probable that the product spectrum of aramid fiber market will witness a dynamic transformation of sorts over 2016-2024.

One of the pivotal restraints that aramid fiber market has been encountering is the high manufacturing cost. In a bid to combat the price fluctuations, aramid fiber industry players periodically hike the product price to cope up with the increasing R&D expenditure. Say for instance, Teijin, in the year 2014, upscaled the prices of its patent Twaron fibers by 7% in order to do justice to its planned investments in sustainable manufacturing methodologies in addition to retaining its current partnerships with leading players.

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It is imperative to mention however, that aramid fiber market boasts of a slew of potential growth grounds for business expansion. A favorable regulatory spectrum, incidentally, is one of the major factors contributing toward the growth of this business sphere. Citing an instance, the OSHA has mandated specific norms with regards to occupational safety that are certain to impel the sales of protective clothing. Given that aramid fibers are extensively deployed in the manufacture of safety clothing, the enforcement of this regulation is slated to have quite a proportional impact on the revenue graph of aramid fiber market.


 



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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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