The metal fiber market size stood at USD 4710 million in 2020. It is projected to reach USD 6,561.6 million by 2027 at a CAGR of 4.5% during the forecast period. The market is growing exponentially due to its excellent properties, high tensile strength, and chemical and corrosion resistance. Fortune Business Insights™ stated this in a report titled, “Metal Fiber Market, 2020-2027.”
Segmentation-
Growing Demand for High strength material Foster Steel Segment
On the basis of product, the market is classified into copper, aluminum, steel, nickel, and others. The steel segment will dominate due to its growing demand in textile industries and non-structural applications to increase strength and resistance.
Necessity for high-quality fibers Spurs Bundle Drawing Segment
Based on technology, the market is fragmented into foil shaving, machining, melt spinning and bundle drawing. The bundle drawing segment is anticipated to gain traction due to its capability to elongate to several kilometers to produce high-quality fibers.
Growing Requirement in Textile Sector Bolsters ESD/EMI Protection Segment
In terms of application, the market is fragmented into hot glass manipulation, electrical cables, specialties, ESD/EMI protection, filtration, and others. The ESD/EMI protection segment will grow due to its high usage in the textile sector.
Demand for Efficient and Durable Filter Surged Automotive Segment
With regards to end-use, the market is segmented into aerospace, power & electronics, textile, automotive, and others. The automotive segment will be expected to gain traction due to its ability to act as an excellent sound absorber to meet automotive pollution requirements.
Report Coverage
The report provides insights into the regional analysis covering different regions, contributing to the market's growth. The report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market's growth.
Information Source: https://www.fortunebusinessinsights.com/metal-fiber-market-103888
Drivers and Restraints
Rising Demand for Filtration Process in Automotive Industry to Stimulate Product Demand
Rising Industrialization and high consumption of textile products have surged the metal fiber market growth. Another reason that grows the demand for the product is its ability to offer high durability which gives flexibility in manufacturing the garments. It also prevents engine clogging, making the filtration process more efficient. Meanwhile, introducing technologies such as powder metallurgy and pressure handling could hamper the market growth.
Regional Insights
Growing Adoption of Protective Clothing Nurtures Growth in the Asia Pacific
The Asia Pacific is expected to lead the global market during the forecast period and held the prominent metal fiber market share due to the growing adoption of protective clothing and plastic compounds across the region.
Europe is expected to witness significant growth due to the increased need for personal protective equipment. Also, the growing industrialization across the region, such as Chile, Mexico, and Brazil, has fueled the market growth due to rising demand from the power and electronics industry.
Competitive Landscape
Key Players Invested heavily in R&D activities to boost its Portfolio
With rising investments in advanced design and innovation, key players could inject funds into mergers and acquisitions. Furthermore, major firms will likely invest in technological advancements and R&D activities to expand their market presence.
Industry Developments:
May 2018: The fiber-based industry Bekaert announced to stop all Dramix steel to mitigate the social impact.
List of the Companies Profiled in the Metal Fiber Market:
• MBC Metal Limited (China)
• Addas Group (Egypt)
• GUVEN METAL (Turkey)
• BinNova GmbH & Co. KG (Germany)
• Deutsches Metallfaserwerk Dr. Schwabbauer GmbH & Co. KG (Germany)
• IntraMicron (US)
• NIKKO TECHNO, Ltd. (Belgium)
• CREAFIBRES SAS (France)
• Green Steel Group (Italy)