Metal Fiber Market size is slated to cross USD 9 Billion by the end of 2033, growing at a CAGR of 6% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of metal fiber was over USD 2 Billion. The growth of the market can be attributed primarily to the expansion of the chemical industry worldwide. For instance, the Indian chemical industry accounted for nearly USD 170 billion in the year 2019 and is anticipated to reach around USD 300 billion by 2025.
Metal fibers, also known as synthetic fibers, are composed of metals, metals coated by plastics, or the core completely made up of metals. Metal fibers can be drawn from wires of larger diameters, shaved from thicker wire or grown around carbon seeds. Silver and gold were traditionally used in the textile industry for luxury clothing decoration purposes. The primary use of metal fibers lies in upholstery fabric and textiles such as lame and brocade. Metal fibers are also used by consumers in weaving. Metal fibers can be knit, braided and woven into fashionable trims and fabrics. Fabric production is significantly increasing, which is resulting into the growth of the global market. For instance, the total production of fabric in India amounted to over 77 billion square meters in 2020.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
6% |
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Base Year Market Size (2022) |
USD 2 Billion |
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Forecast Year Market Size (2033) |
USD 9 Billion |
End-user (Textile, Construction, Automotive, Electrical)
The global metal fiber market is segmented and analyzed for demand and supply by end user into textile, construction, automotive, electrical, and others. Out of these segments, the automotive oil segment is expected to hold the highest growth by the end of the year 2033 owing to the growing sales of cars across the world, and increasing production of automotive vehicles. It was noted that, in 2020, global car sales accounted to approximately 64 million automobiles, and from there it rose to approximately 67 million automobiles in 2021.
Our in-depth analysis of the global metal fiber market includes the following segments:
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By Material Type |
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By End User |
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Regionally, the global metal fiber market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2033 on the back of the growing production of vehicles, and significant numbers of employee in the automotive sector in the region. The United States produced approximately 9 million vehicles in 2020. About 924,000 Americans work in motor vehicles and parts manufacturing, and nearly 1,251,700 are employed by automobile dealers.
Author Credits: Smruti Ranjan, Rajrani Baghel
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