OTTAWA, Nov. 02, 2020 (GLOBE NEWSWIRE) — Precedence Research, Recently Published Report on “Metal Fiber Market Size, Share, Growth, Trends, Scope, Segment Forecasts, Regional Outlook 2020 – 2027”.
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The global metal fiber market was valued at US$ 4.82 billion in 2019, according to new study report.
Metal fiber is also referred as synthetic fiber particularly in the textile industry, is basically a fiber containing either a metal, plastic coated metal, core covered by a metal, or a metal coated plastic. Metals such as silver, gold, and copper have been significantly used for embroidery and weaving during ancient times in many countries such as India, Persia, and Egypt. Apart from textile, these metal fibers have their wide range of application across numerous industries such as automotive, aerospace & defense, power, electronics, chemicals & materials, and many more. These metal fibers are also produced from their alloys such as stainless steel alloys, nichrome, copper, titanium, brass, nickel alloys, and many others.
Growth Factors
Metals are very crucial elements for the development of any industry. Presently, change in consumer preference for light-weight materials impact significantly towards the growth of metal fiber over the time period and this trend expected to be continued over the coming years because of significant on-going developments in the textile industry.
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Apart from textile sector, automotive industry is the other prominent sector that has upended the global market for metal fibers. Alarming rate of rise in the air pollution has compelled governments of various nations to adopt stringent pollution control methods and as transportation contributes prominently towards the increasing pollution, thus strict measure are adopted regarding emission. In the wake of same, auto manufacturers are looking for light-weight materials that reduce the overall weight of the vehicle and enhance the fuel efficiency, thereby reducing the overall per vehicle contribution to the pollution.
Regional Snapshots
The Asia Pacific is the most prominent market for metal fiber and accounted for the highest value share of nearly 32% in the year 2019. The growth of the region is mainly attributed to the significant demand of metallic products from developing countries such as India, China, and South Korea. These nations witness an emerging growth in the textile, automotive, and various other industries that further propels the market growth in the region. Furthermore, several manufacturers are expanding their production facilities in the region that further anticipated to drives the market growth over the analysis timeframe.
Besides this, Europe and North America are the other significant markets in the metal fiber owing to high demand from automotive and aerospace & defense industries. North America followed by Europe invests prominently in the research & development sector of defense and aerospace to strengthen their research arena and military base. Apart from this factor, rapid changing lifestyle along with their clothing greatly influences the market growth for metal fiber industry in the regions.
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Report Highlights
- The Asia Pacific is the front-runner in the global market accounting for a revenue share of nearly 32% in 2019 due to prominent demand from India, China, and other countries
- The metal fiber market in Europe is majorly driven by its significant demand from automotive industry
- The market in North America generated around 1.1 Billion in 2019 and projected to register a substantial growth over the forthcoming years owing to high demand for lightweight fibers
- Steel fiber emerged as a leading product segment in 2019 with a revenue share of around 35% because of high demand for steel fibers in non-structural applications
- Aluminum is the other important product segment that follows steel fiber in terms of revenue and estimated to expand at a rate of nearly 5% over the forecast timeframe
- The automotive industry dominated the global market with more than 25% of total revenue in the year 2019 because of diverse applications in body parts, chassis, and car seats
- The aerospace &defense industry emerged as a second largest end-use industry in the year 2019 owing to large application in sound attenuation and hydraulic fluid filter media
Related Reports
- Metal Fiber Market – The global market was valued at USD 4.82 billion in 2019 and expected to reach USD 7.01 billion by 2027, with at a compound annual growth rate (CAGR) of 4.8% during the forecast period 2020 to 2027.
- Thermal Interface Materials Market – The global market was valued at US$ 1.88 billion in 2019 and projected to reach US$ 4.31 billion by 2027, with at a compound annual growth rate (CAGR) of 10.9% during the prediction period 2020 to 2027.
- Textile Chemicals Market – The global market is expected to garner revenue USD 35.4 billion by 2027, with a compound annual growth rate (CAGR) of 4.3% during the forecast period from 2020 to 2027.
Key Players & Strategies
The prominent market players in the metal fiber market face intense competition among them because of rapid investment in the Research & Development (R&D) activity to offer a differentiated product and grab major consumer base through the same on the global scale. These industry participants are also significantly adopting various inorganic growth strategies such as merger & acquisition, partnership, collaboration, and regional expansion to gain competitive advantage in the global market.
Some of the key players operating in the market are IntraMicron, Inc., N.V. Bekaert S.A., PPG Industries Ohio Inc., Fiberguide Industries Limited, Fibrometals SRL, Green Steel Group, MBC Metal Limited, Nippon Seisen Co., Ltd, Stanford Advanced Materials, Addas Group, Guven Metal, and BinNova Metal Fiber Technology GmbH among others.
Market Segmentation
By Product
- Nickel
- Steel
- Aluminum
- Copper
- Others
By End-use Industry
- Power & Electronics
- Automotive
- Chemical & Materials
- Textile
- Aerospace & Defense
- Others
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Rest of the World
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