The global aramid fiber market size is projected to reach USD 7,243.3 million by the end of 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 market was worth USD 4,522.6 million in 2019 and will exhibit a CAGR of 6.5% during the forecast period, 2020-2027.
Information source: https://www.fortunebusinessinsights.com/aramid-fiber-market-102183
Aramid fibers are widely used across diverse industry applications, mainly due to their exceptional 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 these fibers across diverse industry verticals in several countries.
Increasing Number of Product Innovations will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the increasing demand for the product, there is 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. The increasing number of such product innovations will have a huge impact on the growth of the overall market in the forthcoming years.