North America Aramid Fiber Market is expected to reach US$ 49,265.28 thousand by 2028


PRESS RELEASE BY The Insight Partners 13 Dec 2021

Share this press on


The Para-Aramid-Fiber Segment to Dominate North America Aramid Fiber Market for Automotive Hoses Market during 2021-2028

According to The Insight Partners market research study on “North America Aramid Fiber Market for Automotive Hoses to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Type and Country,” is expected to reach US$ 49,265.28 thousand by 2028 from US$ 30,370.48 thousand in 2021. The market is estimated to grow at a CAGR of 7.2% from 2021 to 2028. The report provides trends prevailing in the North America aramid fiber market for automotive hoses along with the drivers and restraints pertaining to the market growth. Rise in demand from automotive industry and phenomenal characteristics of aramid fibers are major factors driving the growth of the North America aramid fiber market for automotive hoses. However, availability of direct substitute and high manufacturing cost may hinder the growth of North America aramid fiber market for automotive hoses.

Due to COVID-19 outbreak, supply chains, manufacturing processes, and research and development activities in the automotive industry are adversely affected. For instance, the car industry in the US remained vulnerable during the outbreak pandemic. Vehicle sales fell over 20% year-on-year in August, hitting 1.33 thousand vehicles. Total sales from January to August 2020 were roughly 8.8 thousand units, a 23% decrease compared to last year. However, with the opening of several growth markets, vaccination developments, and initiatives taken by various governments to support economic and industrial growth in North America, the demand for the aramid fiber is anticipated to grow at a steady pace in the coming years.

The North America aramid fiber market for automotive hoses is segmented into type and country. Based on type, the market is segmented into para-aramid fiber and meta aramid fiber. In 2020, the para-aramid fiber segment held the largest share in North America aramid fiber market for automotive hoses. Based on country, the North America aramid fiber market for automotive hoses is divided into US, Canada and Mexico. In 2020, US held the largest share in North America aramid fiber market for automotive hoses. Furthermore, in this present scenario of COVID 19 pandemic, the North America aramid fiber market for automotive hoses has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the North America countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for aramid fibers.

DuPont de Nemours, Inc.; Teijin Limited; Aramid Hpm, LLC; Continental AG; Kolon Industries Inc.; YOKOHAMA RUBBER CO., LTD.; Beaver Manufacturing Company; Artel Rubber Company; Gates Corporation; Norres and Huvis Corp. are some of the leading companies in the North America aramid fiber market for automotive hoses. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.

Contact Us
 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com

Download Free PDF Brochure