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

According to a new market research study on “South and Central 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$ 4,906.15 thousand by 2028 from US$ 3,118.74 thousand in 2021. The market is estimated to grow at a CAGR of 6.7% from 2021 to 2028. The report provides trends prevailing in the South and Central America aramid fiber market for automotive hoses along with the drivers and restraints pertaining to the market growth. Heightening demand from automotive industry and phenomenal characteristics exhibited by aramid fibers are major factors driving the growth of the South and Central America aramid fiber market for automotive hoses. However, presence of substitute and high cost of manufacturing may hinder the growth of South and Central America aramid fiber market for automotive hoses.

Due to COVID-19 pandemic, supply chains, overall manufacturing processes, and research and development activities in the automotive industry are adversely affected. The automotive industry in South and Central America was significantly affected due to the pandemic as the member states have implemented drastic measures and travel restrictions, including partially closing their borders, which has also affected the aramid fibers market for automotive hoses. However, the demand for aramid fibers is expected to increase in the region as the economies are recovering and vaccination drives are being adopted.

The South and Central 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 South and Central America aramid fiber market for automotive hoses. Based on country, the South and Central America aramid fiber market for automotive hoses is divided into Brazil, Argentina & rest of South and Central America. In 2020, Brazil held the largest share in South and Central America aramid fiber market for automotive hoses. Furthermore, in this present scenario of COVID 19 pandemic, the South and Central America aramid fiber market for automotive hoses has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the South and Central 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; Continental AG; YOKOHAMA RUBBER CO., LTD.; Beaver Manufacturing Company; Gates Corporation; and Huvis Corp. are some of the leading companies in the South and Central 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.

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