Rise in Demand from Automotive Industry to Escalate Aramid Fiber Market for Automotive Hoses Growth During 2021–2028
According to our latest market study on “Aramid Fiber Market for Automotive Hoses Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Para-Aramid Fiber and Meta-Aramid Fiber),” the aramid fiber market for automotive hoses is projected to reach US$ 213.93 million by 2028 from US$ 127.41 million in 2021; it is expected to grow at a CAGR of 7.7% from 2021 to 2028.” The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Aramid fiber is a man-made polymer belonging to the class of strong synthetic and heat-resistant fibers. They provide good resistance to abrasion and organic solvents, and exhibit high melting point, low conductivity, and low flammability. There has been an increase in the use of aramid fibers in the automotive industry in applications such as tires, turbocharger hoses, powertrain components, belts, brake pads, gaskets, clutches, seat fabrics, electronics, seat sensors, and hybrid motor materials. These fibers are used to reinforce transmission, radiator, and turbocharger hoses. The hoses that are reinforced with aramid fibers are stronger and long-lasting and can withstand the toughest conditions.
Car or vehicle production involves a number of materials, such as iron, aluminum, plastic, steel, and glass. Aramid fibers are extensively used as a substitute for aluminum and steel due to their lightweight, high tensile strength, and superior corrosion resistance. Manufacturers in the automotive industry are continuously striving to introduce innovative products to stay competitive in the markets they serve. Safety aspects, excellent performance, and the need for sustainability, pressure the automotive industry to develop high-quality products. They need to ensure a fine performance of automotive hoses irrespective of increasingly difficult conditions. For example, under-hood hose systems must withstand increasingly harsh operating conditions; consequently, the hose reinforcing yarns must have superior strength, as well as chemical, thermal, and dimensional stability. Aramid fibers help improve the safety, performance, and durability of automotive components, including automotive hoses and automotive belts. In addition, they help extend product life, improve product performance, and so on.
Aramid Hpm, LLC; Artel Rubber Company; Beaver Manufacturing Company; Continental AG; DuPont De Numerous Inc.; Gates Corporation; Huvis Corp.; Kolon Industries Inc.; Norres; Tejin Limited; and Yokohama Rubber Co., Ltd. are among well-established players in the aramid fiber market for automotive hoses.
Impact of COVID-19 Pandemic on Aramid Fiber Market for Automotive Hoses
The COVID-19 pandemic significantly impacted the aramid fiber market for automotive hoses in 2020. During the pandemic, the automotive industries temporarily discontinued their production processes, leading to a decrease in demand for products made up of aramid fibers. In addition, the global automotive industry has witnessed a downfall recently. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA) ~77.62 million vehicles were produced globally in 2020, compared to 92.18 million vehicles in 2019, indicating a 15.8% drop in production. The drop can be attributed to a lower output in major automobile hubs such as the US, China, Japan, and Germany, which experienced a 19%, 2%, 17%, and 24% decline, respectively, in 2020, compared to 2019. However, the industry has started to gain momentum since the Q4 of 2020 and is expected to witness significant growth in the coming years owing to the rising demand for electric vehicles.
Aramid Fiber Market for Automotive Hoses by Region, 2020
Aramid Fiber Market Size, Growth, Demand & Report Forecast 2028
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Aramid Fiber Market for Automotive Hoses Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Para-Aramid Fiber and Meta Aramid Fiber)
Aramid Fiber Market Size, Growth, Demand & Report Forecast 2028
Download Free SampleAramid Fiber Market for Automotive Hoses Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Para-Aramid Fiber and Meta Aramid Fiber)
The “Global Aramid Fiber Market for Automotive Hoses Analysis to 2028” is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the market with detailed segmentation based on type and geography. Based on type, the aramid fiber market for automotive hoses is segmented into para-aramid fiber and meta-aramid fiber. The market, based on geography, is segmented into five main regions North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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