The global metal fiber 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.
Increase in demand for metal fibers across different industries that include aerospace and defense, automotive, textile,and many others expected to propel the market growth for metal fiber over the analysis period. Increasing production of vehicles predominantly across the developing regions such as Asia Pacific and Latin America estimated to fuel the demand for metal fibers in the upcoming years. Additionally, shifting trend for light weight vehicles because of stringent government regulations to enhance the fuel efficiency as well as reduce the overall weight of the vehicle also favors the demand for metal fibers in the industry.
Apart from this, the demand for metal fibers anticipated to gain significant importance from aerospace & defense sector in order to develop advanced devices that are lighter in weight and consume less energy over a fixed time. This approach in defense and aerospace industry forecast to achieve new milestones in the coming years.
Steel fiber emerged as a leading product segment in 2019 with a revenue share of around 35%. High demand for steel fibers in non-structural applications owing to their ability to enhance strength and resistance are the major factors contributing towards the market growth for steel fiber. Increasing construction activities in developing countries along with renovations processes in developed countries is the other major factor that triggers the demand for steel fibers.
Additionally, 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. Significant usage of aluminum fibers in aerospace and automotive industries for beams, body, chassis, and others is the key factor that contributes towards the market growth.
End-use Industry Insights
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 automobile manufacturers invest prominently in the Research & Development (R&D) sector in order to develop light weight and advanced materials for the vehicles. Furthermore, stringent government policies for improving fuel efficiency and reduce the carbon emission from vehicles has compelled automobile manufacturers to adopt materials that offer light-weight vehicle parts this in turn propels the demand for metal fibers over the forthcoming years.
The aerospace &defense industry emerged as a second largest end-use industry in the year 2019. Sound attenuation and hydraulic fluid filter media are the few areas where metal fibers are extensively used in the aerospace industry. However, metal fibers are largely used in the products that include apparel, bags, footwear, carpets, garments, gloves, home décor products, seats, and other industrial solutions.
The Asia Pacific is the front-runner in the global metal fiber market and accounted for a revenue share of approximately 32% in 2019 because of prominent demand from India, China, and other Asian countries. In addition, India is an emerging nation and a lucrative market for automotive, textile, and other industries, thus the product demand for metal fibers projected to prosper in the region over the upcoming years. Further, multinational metal fiber manufacturers for example N.V. Bekaert S.A. has extended their manufacturing facilities and offerings in the developing countries that again favors the growth of the metal fibers market over the analysis period.
The metal fiber market in Europe is majorly driven by its significant demand from automotive industry. Europe is a hub of auto manufacturers and those are focusing notably towards vehicle advancement and feature upgradation to enhance the user experience along with meeting the strict government regulations.
However, the market in North America generated around 1.1 Billion in 2019 and projected to register a substantial growth over the forthcoming years because of high demand for lightweight fibers across various applications. The United States is a major market in the region and expected to exhibit prominent growth due to rapid development across various end-use industries such as electrical, defense, aerospace, and electronics.
Key Companies & Market Share Insights
The global metal fiber industry seeks intense competition among the market players as they are significantly involved in the R&D and upgradation of their existing product. In the wake of same, these companies invest remarkably in the R&D sector that expected to boost the demand for the product of the companies because of product differentiation. Further, these companies also focus prominently towards regional expansion and merger & acquisition to grab major consumer base in the global market.
Some of the prominent players in the metal fiber market include:
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of product, end-use industry, and region:
By End-use Industry
By Regional Outlook
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