Global Aramid Fiber Market
The aramid fiber market size has grown rapidly in recent years. It will grow from $4.78 billion in 2023 to $5.29 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, government spending on military and defense industries, rising need for lightweight materials offering significant emission reduction in vehicles, and government initiatives for the textile industry.
The aramid fiber market size is expected to see rapid growth in the next few years. It will grow to $7.98 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to increasing population and urbanization, increasing demand from the automotive sector, and growing adoption of 5g technology….
