Report : Asia Pacific Aramid Fiber Market for Automotive Hoses Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Para-Aramid Fiber and Meta Aramid Fiber)
The Para-Aramid-Fiber Segment to Dominate Asia Pacific Aramid Fiber Market for Automotive Hoses Market during 2021-2028
According to a new market research study on “Asia Pacific 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$ 1,23,156.97 thousand by 2028 from US$ 72,082.42 thousand in 2021. The market is estimated to grow at a CAGR of 8.0% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific aramid fiber market for automotive hoses along with the drivers and restraints pertaining to the market growth. Growing application in automotive industry and benefits associated with aramid fibers are major factors driving the growth of the Asia Pacific aramid fiber market for automotive hoses. However, widescale availability of direct substitute together with high manufacturing cost may hinder the growth of Asia Pacific aramid fiber market for automotive hoses
The COVID-19 outbreak created significant resistance to the automotive parts market in 2020, as trade restrictions disrupted the supply chain, and government blockades across the region reduced consumption of aramid fibers However, growing regional demand, government incentives, and easy raw materials availability are expected to drive the market growth over the forecast period. For example, India's Automotive Mission Plan FAME II emphasizes government support to the growing Indian automotive and parts manufacturing industry. In recent years, the automobile parts and accessories industry has undergone significant changes. The development of the auto parts manufacturing industry in Asia Pacific is driven primarily by the growing automotive industry, especially in China, South Korea, and India. The growing production of electric vehicles propels the demand for theirs parts and components, which would fuel the aramid fiber market for automotive hoses in the region during the forecast period.
The Asia Pacific 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 Asia Pacific aramid fiber market for automotive hoses. Based on country, the Asia Pacific aramid fiber market for automotive hoses is divided into Australia, China, India, Japan, South Korea and rest of Asia Pacific. In 2020, China held the largest share in Asia Pacific aramid fiber market for automotive hoses. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific aramid fiber market for automotive hoses has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for aramid fibers.
DuPont de Nemours, Inc.; Teijin Limited; 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 Asia Pacific 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.
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