Para-aramid Fibers Market Size, Share & Trends Analysis Report By Application (Security & Protection, Optical Fibers, Friction Material, Rubber Reinforcement, Tire Reinforcement), By Region (North America, Europe, Asia Pacific), And Segment Forecasts, 202

Para-aramid Fibers Market Size, Share & Trends Analysis Report By Application (Security & Protection, Optical Fibers, Friction Material, Rubber Reinforcement, Tire Reinforcement), By Region (North America, Europe, Asia Pacific), And Segment Forecasts, 2023 - 2030

Para-aramid Fibers Market Growth & Trends

The global para-aramid fibers market size is expected to reach USD 4,488.3 million by 2030 at a 5.3% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for security and protective measures in various industries such as military and construction is likely to boost product demand.

Raw material prices play a key role in industry growth, which helps players align product demand and gain control over the supply chain. Furthermore, major players are focused on integration across the value chain in order to maintain continuous raw material supply in a bid to increase market revenue.

The market is witnessing a high level of competition owing to presence of a large number of regional and global players with operations across the globe. Key participants are actively involved in adopting various strategic initiatives to gain a large share. The degree of competition depends on product demand, innovation in technology, and distribution network.

The production process is highly energy intensive and makes use of expensive chemicals, which increases raw material cost in proportion to the overall cost of the product.

Para-aramid Fibers Market Report Highlights

• Security and protection was the largest segment with a share of 39.01% in 2022 and is expected to reach a value of USD 1.8 billion by 2030. This is owing to increasing demand for production of security and protective wearables, including bulletproof vests
• The optical fibers segment is expected to grow at the fastest CAGR of 7.0% over the forecast period. This is due to surge in demand for aerial dielectric self-supporting cables, premise cables, water-blocking yarns, fiber to the home (FTTH), ballistic tapes, and ripcords
• Europe held the largest market share of 36.9% in 2020 with a share and the trend is expected to continue until the end of the forecast period. This can be attributed to high demand from various application sectors such as security and protection, electrical insulation, rubber reinforcement, and tire reinforcement
• Increasing demand for high fuel efficiency and continuous advancements in the transportation sector are expected to emerge as major factors driving the industry over the forecast period
• Key players aim to achieve optimum growth and strengthen their position through various expansion strategies such as partnerships, new product developments, agreements, technical collaborations, and capacity expansions.

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