Albany, NY -- (SBWIRE) -- 12/20/2016 -- Driven by growth in the automotive and protective clothing industries, the global aramid fiber market is projected to expand at a high single-digit CAGR between 2015 and 2023, states a new market research report published by Transparency Market Research (TMR). The report, titled "Aramid Fiber Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023", states that the market, with a valuation of US$ 2,598.2 mn in 2014, will expand at a 7.8% CAGR and reach US$ 5,099.1 mn by 2023.

Aramid fiber, a synthetic polymer obtained through a reaction between arboxylic acid halide and amine group, finds numerous applications in a variety of industrial products and operations. Some of the most common applications of aramid fiber are protective clothing, automotive components, body armor, and electrical components.The report segments the global aramid fiber market on the basis of three criteria: product type, end-use industry, and geography.

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On the basis of product type, the aramid fiber market is classed into para-aramid fiber and meta-aramid fiber. The para-aramid fiber segment witnesses huge demand from industries such as aerospace, defense, and automotive. The segment had over 70% of the global aramid fiber market in 2014 and is also expected to remain the fastest-growing market segment over the report's forecast period.

On the basis of end-use industries, the market is segmented into aerospace and defense, automotive, electrical, electronics and telecommunication, and others. In 2014, over 35% of all the aramid fiber produced globally was consumed by the global automotive industry. Over the report's forecast period too, the demand for aramid fiber is expected to grow at a healthy pace from the automotive industry. Demand for aramid fiber is projected to grow at the fastest pace in the electrical industry, at an estimated 8.3% CAGR over the report's forecast period.

On the basis of geography, the market is segmented into North America, Latin America, Asia Pacific, Europe, and Middle East and Africa. Of these, Europe stood as the largest regional market in 2014, accounting for a 35% share in the global aramid fiber market. The high demand for protective clothing and personal armor in Europe will lead to high consumption of aramid fiber over the report's forecast period.

Asia Pacific is expected to be the fastest growing regional market for aramid fiber over the report's forecast period. Industries such as electrical, construction, and automotive, especially in India and China, are expected to exhibit a high demand for aramid fibers in the near future. The demand for aramid fiber is also expected to remain steady in ASEAN countries.

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The rebounding construction and automotive industries – the two key end-use industries of aramid fiber – in Latin America will also lead to significant rise in demand for aramid fiber from the region. In Middle East and Africa, demand for aramid fiber will be sustained by the oil and gas industry, which utilizes protective clothing in large volumes.Some of the key companies operating in the global aramid fiber market are Kolon Industries Inc., E. I. du Pont de Nemours and Company, Yantai Tayho Advanced Materials Co., Ltd, HYOSUNG Corporation, and Teijin Aramid.

The report segments the global aramid fiber market into:

Aramid Fiber Market: Product Analysis
-Para-aramid fiber
-Meta-aramid fiber

Aramid Fiber Market: End-user Analysis
-Aerospace & defense
-Automotive
-Electrical
-Electronics & telecommunication
-Others (including construction)

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