Metal Fiber Market Trends

Growth Drivers

• Growing Demand for Automotive Vehicles – Metal fibers are used significantly and widely in the automotive sector. Automotive sector is growing rapidly across the world. Hence, this is anticipated to be an important factor to drive the market growth. Revenue of worldwide automotive manufacturing industry was sized at approximately USD 2.9 trillion in 2021 and it is estimated to increase significantly over the forecast period.
• Increasing Expansion Rate of Construction Industry – According to estimates, by the end of 2025, the construction industry in India is expected to reach a total value of USD 1.3 trillion.
• Rising Government Support to Expand the Chemical Industry – Within the Union Budget 2022-23, the Indian government allocated approximately USD 27 million to the Department of Chemicals and Petrochemicals.
• Increasing Expansion of Chemical Industry across the Globe – Global chemical industry garnered revenue of nearly USD 4 trillion around the world in the year 2021.
• Increasing Fiber Production around the Globe – In the year 2021, natural fibers such as cotton or wool had a production volume of nearly 26 million metric tons, whereas chemical fibers accounted about 89 million.

Challenges

• Design Restrictions
• Lack of Expert Professionals
• High Production Cost