New York , Jan. 29, 2024 (GLOBE NEWSWIRE) -- The global industrial fabrics market size is estimated to attain at 7% CAGR from 2023 to 2033. The market is expected to garner a revenue of USD 200 billion by the end of 2033, up from a revenue of USD 130 billion in the year 2022. The primary factor that is attributed to the growth of the market is the rapid expansion of the textile industry across the world in the recent period. The presence of a high number of textile enterprises across the world is expected to boost the production rate of industrial fabrics. As per recent reports, the revenue generated by the global textile industry stood at USD 900 billion in the year 2018. It is further projected to reach approximately USD 1,250 billion by 2024.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4506
Industrial fabrics are generally utilized in the production processes of the parts of structures, machines, and other technical articles. Employing both natural and synthetic materials, industrial fabrics are manufactured in diverse patterns to be used in varied manufacturing processes. Moreover, the demand for advanced industrial fabrics from the automotive sector as materials of industrial fabrics have high strength. As a result, it is estimated to create possibilities for market expansion in the future. Moreover, the applications of geomembranes and geotextiles are estimated to grow in barrier tubes, liners, structural supports, reservoir covers, geotechnical, hydraulics, and others are also estimated to escalate the adoption rate of industrial fabrics in a wide range of end-use industries.
Industrial Fabrics Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The automotive segment to garner the highest growth
- Market in North America to grow at the highest rate
Increasing Production of Textile Fibers across the Globe to Boost Market Growth
The industrialization wave has generated a need for modern lightweight textiles for manufacturing. As a result, the production rate of textiles is expected to rise considerably and bring lucrative growth opportunities for the industrial fabrics market. According to recent data, the worldwide production volume of textile fibers rose from 98 thousand metric tons in 2017 to 108 thousand metric tons in 2020. The demand for industrial fabrics is anticipated to grow on account of rising sales and production of vehicles across the globe. Industrial fabrics are being highly utilized in car interiors including seats, headlines, carpets, side panels, and other parts. Industrial fabrics are also preferred in manufacturing vehicles for reinforcing tires and reducing the overall weight. Thus, the high demand for vehicles is anticipated to boost a noteworthy revenue generation of the market. The International Organization of Motor Vehicle Manufacturers (OICA), released global sales of vehicle statistics which revealed that it rose from 56,398,471 units in 2021 to 53,917,153 units in 2020. Whereas, the global production of vehicles was calculated to be 57,054,295 units in 2021, an increase from 55,908,989 units in 2020. Industries have seen several accidents in the past few years. As a result, the demand for industrial fabrics is anticipated to grow to protect workers from hazards that can cause major injuries and can be life-threatening.
Industrial Fabrics Industry: Regional Overview
The global industrial fabrics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding manufacturing of textile fibers to Drive Market Growth in Asia Pacific Region
The industrial fabrics market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The primary factor for the market growth in the region is the rising population along with the increasing demand and manufacturing of textile fibers. The recent statistics revealed that China was the top-ranked global textile exporter in 2021 with a value of approximately USD 120 billion, almost 52% of the total textile export industry in Asia. Another growth factor of the market is the presence of a large manufacturing base along with the availability of cheap labor and raw materials at a low cost for manufacturing industrial fabrics in countries like India, China, and Japan. In addition, the a high demand for industrial fabrics from various end-use industries including automotive, oil & gas, chemical, construction, and other manufacturing industries.
Construction Industry Demand to Propel Growth in the North American Region
The North American industrial fabrics market is estimated to garner the highest CAGR by the end of 2033. The construction industry in North America is a major consumer of industrial fabrics for applications such as geotextiles, awnings, and architectural membranes. According to a report by the Industrial Fabrics Association International (IFAI), the North American market for geosynthetics, including geotextiles, was valued at over USD 3 billion in 2019, highlighting the significance of industrial fabrics in construction. Industrial fabrics play a crucial role in the automotive sector, being used for manufacturing components such as airbags, seat belts, and interior materials. The aerospace sector in North America contributes to the demand for industrial fabrics, with applications including aircraft interiors, seat covers, and technical textiles. North America places a strong emphasis on innovation, with ongoing advancements in textile technologies leading to the development of technical textiles with enhanced properties. The increasing emphasis on sustainability and environmental considerations is driving demand for industrial fabrics made from recycled materials or sustainable sources.
Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-4506
Industrial Fabrics, Segmentation by Application
- Automotive
- Residential
- Conveyor Belt
- Transmission Belt
- Protective Apparel
- Flame Resistant Apparel
- Others
Amongst these segments, the industrial fabrics market automotive segment is anticipated to hold the largest share over the forecast period. The overall demand for vehicles on a global scale remains a primary driver for the automotive segment. Population growth, urbanization, and increasing middle-class incomes contribute to higher vehicle ownership. According to the International Organization of Motor Vehicle Manufacturers (OICA), global motor vehicle production reached around 92 million units in 2019, showcasing the substantial demand for vehicles. Advancements in automotive technologies, particularly the rise of electric vehicles (EVs), are shaping the automotive industry. Governments and manufacturers are investing heavily in EV development to meet environmental goals and consumer demand for sustainable transportation. Governments worldwide are imposing stricter emission standards to combat environmental issues. This drives automotive manufacturers to invest in technologies that reduce vehicle emissions, such as electric powertrains and cleaner combustion engines. The development of autonomous and connected vehicles is a transformative trend in the automotive industry. These technologies aim to enhance safety, improve traffic flow, and provide new levels of convenience to consumers.
Industrial Fabrics, Segmentation by Fiber
- Polyamide
- Polyester
- Aramid
- Composite
- Others
Amongst these segments, the industrial fabrics market polyester segment is anticipated to hold a significant share over the forecast period. Polyester is extensively used in the apparel and textile industry due to its durability, wrinkle resistance, and affordability. The demand for polyester fibers for clothing and home textiles remains consistently high. The International Polyester Institute (IPI) reported that in 2019, polyester filament production reached approximately 46.7 million tons globally, with a significant share used in textile applications. Various advantages of industrial fabrics made with polyester fiber such as lightweight, malleable, water-resistant, sturdy, and highly functional are anticipated to increase the usage of polyester in manufacturing strong industrial fabrics which could be used in various industries and numerous applications. On the other hand, the polyamide segment is also estimated to hold a significant share and further grow with a notable CAGR during the forecast period. As a result of the robust properties of polyamide including heat stabilization and flame retardation, industrial fabrics manufactured with polyamide are being extensively used in producing flame-retarding apparel and other protective fabrics.
Industrial Fabrics, Segmentation by Type
- Fiberglass Fabric
- Carbon Fabric
- Vinyl Fabric
- Crewel Fabric
- Reflective Fabric
- Quilted Fabric
- Laminated Fabric
- Narrow Fabric
A few of the well-known market leaders in the global industrial fabrics market that are profiled by Research Nester are Johns Manville, Toray Industries, Inc., Habasit International AG, DuPont de Nemours, Inc., ContiTech AG, Cerex Advanced Fabrics, Inc., Freudenberg Group, Bridgestone Corporation, Forbo Management SA, Henderson Textiles, and other key market players.
Recent Development in the Industrial Fabrics Market
- Johns Manville plant in Spartanburg, South Carolina has started the production of nonwoven fabric to meet the demand for urgently needed disposable medical gowns during the COVID-19 times.
- Toray Industries, Inc. has announced the launch of its newly developed MAKSPEC V, an antiviral textile that is expected to deliver exceptional washability and comfort.
Read our insightful Blogs and Data-driven Case Studies:
- Green Chemistry - A continuously-evolving frontier
Explore the significance and influence of Green Chemistry in this article. Gain knowledge about how this changing field is revolutionizing our perspective on chemical processes and their effects, on the environment.
- A Specialty Chemical Firm Sought To Develop Into More Fields And Open Up New Channels For The Large-Scale Production Of Petrochemicals To Fulfil Market Needs
The case study shows how a specialty chemical firm fulfils market needs. After extensive market analysis, company launched technically distinct goods, which further facilitated successful business expansion.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates, and executives for their future investments while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided the right guidance at the right time is available through strategic minds.
