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Global aramid fibers market forecast

July 13th, 2020 / By: / Industry News

According to ResearchAndMarket.com’s report “Aramid Fibers—Global Market Trajectory & Analytics,” the global market for aramid fibers, estimated at US$3.6 billion in the year 2020, is projected to reach a revised size of US$6.3 billion by 2027, growing at a CAGR of 8.4% over the period 2020–2027.

Para-aramid, one of the segments analyzed in the report, is projected to grow at a 7.4% CAGR to reach US$3.4 billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the meta-aramid segment is readjusted to a revised 9.9% CAGR for the next 7-year period. This segment currently accounts for a 41.3% share of the global aramid fibers market.

The U.S. accounts for over 27.1% of the global market size in 2020 while Chine is forecast to grow at a 11.2% CAGR for the period of 2020–2027.