Report : Europe 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 Europe Aramid Fiber Market for Automotive Hoses Market during 2021-2028
According to a new market research study on “Europe 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$ 33,224.49 thousand by 2028 from US$ 19,743.31 thousand in 2021. The market is estimated to grow at a CAGR of 7.7% from 2021 to 2028. The report provides trends prevailing in the Europe aramid fiber market for automotive hoses along with the drivers and restraints pertaining to the market growth. An upsurge in the demand from automotive industry and remarkable characteristics of aramid fibers are major factors driving the growth of the Europe aramid fiber market for automotive hoses. However, presence of direct substitute along with high manufacturing cost may hinder the growth of Europe aramid fiber market for automotive hoses.
Due to COVID-19 outbreak, supply chains, overall manufacturing processes, and research and development activities in the automotive industry are adversely affected. The automotive industry in Europe was significantly affected due to the outbreak pandemic as the member states have implemented drastic measures and travel restrictions, including partially closing their borders. All these factors has negatively affected the aramid fibers market for automotive hoses. However, the demand for aramid fibers is expected to increase in the region during the forecast period as economies in the region are recovering and vaccination drives are being adopted.
The Europe 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 Europe aramid fiber market for automotive hoses. Based on country, the Europe aramid fiber market for automotive hoses is divided into Germany, France, Italy UK, Spain and rest of Europe. In 2020, rest of Europe held the largest share in Europe aramid fiber market for automotive hoses. Furthermore, in this present scenario of COVID 19 pandemic, the Europe aramid fiber market for automotive hoses has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Europe 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 Europe 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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