The global aramid fiber market is segmented by type, application, and geography. On the basis of type the market is classified into para-aramid fiber and meta-aramid fiber. During the forecast period it is expected that the para-aramid fiber will contribute largest share in the market. This is attributed to the growing demand for these fibers in the use of protective equipment such as helmets, gloves, bulletproof vests, and vehicle armor. Some of para-aramid fiber are Kelvar, Twaron, and Taparan. The meta-aramid fiber is expected to witness a substantial growth owing to increase in use for these materials in electrical insulation, filtration, and rubber equipment.

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The major growth drivers identified in the aramid fiber market is the increasing demand from industries such as security, automotive, and protection. There has been increasing investment from the government of countries such as China, U.S., Russia, and India for providing protection to the military force. These governments have started to increase the budget allocation for the production of bullet-proof vests, protective gloves, motorcycle protective clothing, and other equipment. These fibers are also used in the production of electromechanical cables, demand for which is growing in oil and gas industry. All these factors are driving the growth of the market.

The aramid fiber market is expected to grow at a significant rate during the forecast period owing to the use in aerospace and military applications attributing to the ballistic properties. Aramid fiber is a class of fibers which are heat resistant and strong structural strength. These fibers are used in different application including reinforcement in composites such as sport goods, military vehicles, aircraft, and others.

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High cost of production and investment in the research and development (R&D) is one of the factor which is restraining the growth of the aramid fiber market. These fibers are relatively new innovation and there in ongoing development activities for preparing new and improved fibers. However, these R&D activities are time consuming and require huge investment, leading to the slow growth of the market. Additionally, it is seen that there are low cost alternatives such as glass fibers and carbon fibers which are easily available in the market. Thus, these factors are restraining the growth of the aramid fiber market.

Some of the major players operating in the global aramid fiber market are Teijin Aramid B.V., DowDuPont Inc., Yantai Tayho Advanced materials Co. Ltd, KOLON Industries Inc., Huvis, Kermel, JSC Kamenskvolokno, China National Bluestar (Group) Co. Ltd., Hyosung Corp., and Toray Chemicals South Korea Inc.