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Global aramid fiber market outlook

April 16th, 2020 / By: / Industry News

According ResearchAndMarket.com’s report “Aramid Fiber Market—Forecasts from 2020 to 2025”, the global aramid fiber market is expected to grow at a CAGR of 8.59% over the forecast period to reach a total market size of US$6.315 billion by 2025 increasing from US$3.852 billion in 2019.

Aramid fiber is a class of strong synthetic fiber that is widely used for ballistic rated body armor fabric and composites. The growing adoption of aramid in the aerospace industry is expected to be one of the prime drivers for the growth of the market during the forecast period. The aviation industry is under pressure to upgrade its performance with the adoption of lightweight technology which promotes fuel efficiency. However, high research and development cost coupled with the complexity in the production process of aramid fiber is expected to restrain the growth of the market in the coming years.