Aramid Fiber Market Accounted For USD 6.98 Billion By 2030Posted by Neha Bora on November 23rd, 2023 San Francisco, 23 Nov 2023: The Report Aramid Fiber Market Size, Share & Trends Analysis Report By Product, By Application (Security & Protection, Frictional Materials, Rubber Reinforcement, Optical Fibers), By Region, And Segment Forecasts, 2023 - 2030 The global aramid fiber market size is expected to reach USD 6.98 billion by 2030, registering a CAGR of 7.8% over the forecast years, as per a new report by Grand View Research Inc. Superior properties, such as strength and heat-resistance, of aramid fiber have promoted its utilization in the production of body armor fabric. The growing need for security and protection across various industries, such as mining, healthcare/medical, oil & gas, building & construction, and military, is projected to propel the market growth. In addition, stringent regulations in developing economies related to occupational safety are likely to benefit the market growth over the forecast period. Aramid fibers are being increasingly used as an alternative to metal wire and organic fiber in structural composite applications in the aerospace and marine sectors, and ropes for oil rigs in offshore locations. In addition, product benefits, such as non-aggressive wear & tear on drums and discs and fade resistance, are anticipated to propel its usage. The manufacturing process involves the use of a number of high-cost chemicals, which elevates its production cost. In addition, huge capital investment in machinery and production process is anticipated to pose a threat to the growth of the market. However, the development of cost-beneficial production facilities is anticipated to boost the market growth. Access Research Report of Aramid Fiber Market @ https://www.grandviewresearch.com/industry-analysis/aramid-fiber-market Aramid Fiber Market Report Highlights
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List of Key Players of Aramid Fiber Market
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