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The global market for aramid fibre is anticipated to grow at a healthy pace during the forecast period, owing to the fact that aramid fibres are a preferred choice of automotive manufacturers for various applications. The market is further propelled by the rising demand from the defence sector. It is aided primarily by the rising demand from the security and protection sector in products such as ballistic-rated body armour fabric and ballistic composites. The growth of the market is also attributed to the emerging applications of the product in optical fibre activities.
North America accounts for a significant share in the global market for aramid fibre, bolstered by the increased focus on defence and military sector in the countries in the region. The United States of America is also flourishing in terms of military and defence technologies along with the rising oil and gas industry. This is further bolstering the aramid fibre industry in the country and is expected to continue to support the growth of the regional market in the forecast period.
Technological advancements and the launch of new products by the major players in the market are aiding the growth of the industry. In early 2021, Teijin Limited (OTCMKTS: TINLY), one of the key market players, announced significant advancements in its development of aramid fibre from ‘green’ raw material, i.e., non-fossil fuel raw materials. This is in compliance with government policies of various countries of North America and Europe, which is likely to propel the demand for aramid fibres in these regions in the coming years.
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The major players in the global aramid fibre market are Teijin Limited, DuPont de Nemours, Inc., Huvis Corporation, Shenma Industry Co., Ltd., Kolon Industries, Inc., and Kermel, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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