Aramid Fiber Market Size Growth Forecast of over 5% Between 2016 and 2024

Aramid Fiber Market size was more than USD 2.5 billion in 2015 with growth forecast of over 5% between 2016 and 2024. This growth is judged by the development in the industries including safety equipment industry, boat manufacturing industry, aircraft and automotive parts industry and the adhesives and sealants industry.

The safety equipment industry was recorded as the major avenue, with more than 30% global aramid fiber market share in 2015. Application ranges from the manufacture of bulletproof vests and helmets to motorcycle and hunting apparels. With growing military expenditure and awareness about civilian safety, the market will see a positive influence.

Another major driver for the global aramid fiber market is the aerospace industry where it is used in the body parts of several aircrafts. The use of Kevlar 49 and Kevlar 29 for high impact parts of the aircraft body has seen a steady growth in the past years. Aramid fiber adhesive tapes is also finding a great deal of application in the aircraft assembly. Boeing has predicted a stable growth in terms of the numbers of their airplane fleet till 2024. This will drive the aramid fiber industry in the upward direction.

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The use of aramid fibers in the manufacture of boat hulls and sails will lead to a definite growth to the aramid fiber market in the forecast period from 2016 to 2024.

Meta Aramid or M-Aramid and Para Aramid or P-Aramid are the two types of aramid fibers. M-Aramid (such as Nomex) are used in protective clothing for firefighters and other first responders, hunters, auto racers and the military personnel and even for electrical insulation; along with heat shields for automobiles and in the aerospace industry.

Based on application, the industry can be classified into safety equipment, boat parts, aircraft parts, automotive parts and high resistance tapes. The safety equipment...