Los Angeles, CA -- (SBWIRE) -- 12/09/2019 -- Light weight Aramid Fiber with superior properties offer various advantages for its applications in electronics, automotive, and defense sectors. According to a new study report titled "Global Aramid Fiber Reinforced Polymer (AFRP) Market: Report, History and Forecast 2014-2025," published by QY Research for the estimated period of 6-years, global Aramid Fiber Reinforced Polymer (AFRP) market was valued at US$ 1.54 Bn in 2018 and is expected to reach US$ 1.76 Bn by the end of 2025. The market is anticipated to register a sluggish CAGR of 2.5% from 2019 to 2025.
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Increasing Usage of Aramid Fiber Reinforced Polymer in Various Applications to Fuel the Growth of the Market
Aramid Fiber Reinforced Polymer offers fabric integrity and has high thermal resistance, which improves the quality of the product leading to the growth of the market. Other features of the products such as non-conductivity, high melting point, and low inflammability are likely to create a positive impact on the growth of the market. It also has extensive usage in rubber reinforcement application and electrical insulations, thereby driving the growth of the Aramid Fiber Reinforced Polymer market.
Increased Demand for Protective Clothing to Propel Growth of the Application Segment
Based on end-users the market is bifurcated into aircraft, sports goods, vehicles, military, and Others. The Aramid Fiber Reinforced Polymer has extensive usage in military segment. It is used to make protective clothing, stab-resistant products, and bullet jackets. It also has wide usage in designing protective gear for military and security personnel around the world. As various countries across the globe are increasing their defense budgets for providing quality precautions and safety, the application segment is likely to benefit over the next few years. Based on the product, the Aramid Fiber Reinforced Polymer market is segregated into thermoset and thermoplastic.
Growing Expenditure on Defense Sector to Propel the growth of Aramid Fiber Reinforced Polymer Market in Asia Pacific region
Rising defense expenditure due to geopolitical tension is expected to fuel the growth of the market in the Asia Pacific region. This is because of increased emphasis on modernizing the protective gear of the military and armed forces. Rising IT infrastructure in Europe is resulting in the growth of fiber optics leading to a greater need for insulation in electric consumer goods. This is expected to stimulate the growth of the Aramid Fiber Reinforced Polymer market in the region.
Key Players Are Keen On Providing High-Quality Products to Foster Growth
Teijin, Dupont, Lanxess, Advanced Composites, Celancese, TenCate, AXIA Materials, Polyone, Protech, Lingol, and Lengine are some of the key players operating in the global Aramid Fiber Reinforced Polymer market. Key players are inclined to offer cost-effective and high-quality products.
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