Aramid Fiber Market Size Worth $6.51 Billion By 2024 | CAGR 9.7%: Grand View Research, Inc.
On the other hand, high cost of production is anticipated to limit the market growth. However, these fibers are light weight, heat resistant, non-flammable, and highly durable. These properties are boosting their demand, thereby augmenting the market expansion. A considerable part of every country's annual budget is occupied by the defense sector due to various factors such as political differences and rising tension across borders. Thus, increased government expenditure in the aerospace, defense and security industries is expected to drive the market.
Para-aramids led the global market in 2015. They possess high tensile strength and a tendency to deform when force is applied. They are created by the dry-jet, wet spinning technique, which results in a fiber consisting of an extended liquid crystal chains formed along its axis with a greater degree of crystallinity and strength. These fibers are widely used in vehicle components such as hoses, tires, belts, brake pads, fiber-glass reinforcement, gaskets, clutches and vehicle armors. Thus, increasing applications of para-aramid fibers in the automobile component manufacturing is anticipated to drive the segment further over the forecast period.
Browse full research report with TOC on "Aramid Fiber Market Size, Share & Trends Analysis Report By Product (Para-aramid, Meta-aramid), By End-use (Security & Protection, Aerospace, Electrical Insulation), By Region, And Segment Forecasts, 2018 - 2024" at:https://www.grandviewresearch.com/industry-analysis/aramid-fiber-market
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