Industrial Fabrics Market
The global industrial fabrics market size is projected to reach USD 209.48 billion by 2028, exhibiting a CAGR of 6.3% during the forecast period. The market value was estimated to be USD 128.39 billion in 2020, highlights Fortune Business Insights™ in its report, titled “Industrial Fabrics Market Size, Share & COVID-19 Impact Analysis, By Fiber Type (Polyamide, Polyester, Aramid, Composites, and Others), By Application (Conveyor Belts, Transmission Belts, Protective Apparel, Automotive, Flame Resistant Apparel, and Others), and Regional Forecast, 2021-2028”.
COVID-19 Impact
Increasing Adoption of Industrial Fabrics amid the COVID-19 Pandemic to Aid the Market
While the industrial fabrics market growth registered a marginal decline of 0.66% in 2020 and is expected to reach USD 136.55 billion in 2021 due to the supply chain disruptions triggered by the COVID-19 pandemic, the market may gain from the current crisis. This is attributable to the sudden spike in the demand for functional textiles from the medical and healthcare sector. For example, in New York, Party Line Tent Rentals has been distributing the Navi-Trac® tents to health authorities in the New York Tri-State Area to set up temporary drive-in vaccination centers. In Ohio, MMI Textiles began converting woven and non-woven fabrics into personal protective equipment (PPE) to aid the fight against the coronavirus in the US. Thus, the COVID-19 pandemic has created novel opportunities for textile manufacturing companies and the unprecedented nature of the crisis is further pushing companies to leverage their innovation capabilities.
What Does the Report Offer?
The report contains unparalleled intelligence on the different market drivers, trends, and restraints. Further, valuable insights into the performance of all market segments and comprehensive analysis of the leading players’ profiles and dominant strategies are also incorporated into the report. In addition, the report offers a detailed assessment of the impact of regional developments on market growth.
Development of Composite Fabrics for the Auto Industry to Fuel Growth
With the clamor for augmenting sustainability in the automotive industry heightening, leading automakers and vehicle component suppliers are ramping up their innovation capacities to develop and incorporate composite industrial fabrics in their vehicles. For example, Renault, the French auto giant, recently announced that it had developed a fabric for its Zoé subcompact vehicle fully made up of recycled materials. According to Renault, the material has been formulated using scraps from seatbelts and other textiles in the auto industry, as well as polyester fibers from recycled PET bottles. On the other hand, Switzerland-based Autoneum engineered a lightweight textile called Hybrid-Acoustics PET from PET fibers, which can insulate and absorb sound waves in vehicle engine bays. Thus, the growing employment of waste materials in the manufacturing of sustainable textiles for automotive applications is opening new doors of innovation in this market
Segmentation
Based on fiber type, the market is classified into polyamide, polyester, aramid composites, and others.
By application, the market’s segments include conveyor belts, transmission belts, protective apparel, automotive, flame-resistant apparel, and others. Here, the automotive segment commanded a share of 28.5% in the global market and a share of 28.3% in the US market.
On the basis of geography, this market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Regional Insights
Skyrocketing Growth of the Auto Industry to Power the Asia Pacific Market
Asia Pacific is poised to dominate the industrial fabrics market share during the forecast period supported by the exhilarating growth of the automotive industry in China and India. Since industrial textiles are extensively utilized by vehicle manufacturers for automotive interiors, the rapid progress of the auto sector in this region will generate incredible opportunities for market players. The region’s market size stood at USD 45.32 billion in 2020.
In North America, the rising adoption of industrial fabrics for the manufacturing of flame-retardant PPE to comply with the stringent worker safety regulations will propel the regional market. Meanwhile, in Europe, the robust presence, operations, and R&D investments by the region’s auto giants are anticipated to augment the market’s growth prospects in the coming years.
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https://www.fortunebusinessinsights.com/industrial-fabrics-market-105445
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