Vulcanized Fiber Market Share

North American Market Forecast

The market share of vulcanized fiber in North America, amongst the market in all the other regions, is projected to be the largest with a share of about 38% by the end of 2036. The growth of the market can be attributed majorly to flexible government guidelines. It is estimated that in 2022, the electronics industry in the United States of America was projected to grow by around 5.1%. On account of the rising electronic industry, the global vulcanized fiber market is estimated to grow over the forecast period. Additionally, the growing marine industry is also expected to boost the global vulcanized fiber market over the forecast period. The report published by National Marine Manufacturers Association states that annual sales of marine and boat products and services were estimated to be worth USD 42 billion in the year 2019. The increasing population across the region and growing number of people using automobiles owing to high disposable income is estimated to propel the market growth. The rising living standards of people wowing to the rising use of smart kitchen appliances in households for various purposes in the kitchen, living room, garage, and other areas is predicted to boost the market growth in the coming years.

APAC Market Statistics

The Asia Pacific vulcanized fiber market is estimated to be the second largest, registering a share of about 26% by the end of 2036. The Asia Pacific region is estimated to provide lucrative business opportunities for the growth of the global vulcanized fiber market in the future. It was estimated that the kitchen & dining furniture market accounted for USD 5 billion alone in China in 2020. Hence, on the back of rapid urbanization in the Asia Pacific region, the global vulcanized fiber market is estimated to grow significantly over the forecast period. The rising price of petrochemical in the region owing to the disruption in the supply chain during the pandemic is anticipated to boost the market growth. The market growth is also attributed to the rising emissions into the air with a high vehicle population that uses petrochemicals. Digitalization of education, employment, and overall living is anticipated to drive the growth of the market in the coming years. The applications of vulcanized fibers in various sectors in the region with the rising population and economic growth of the country are anticipated to propel the market growth.

Europe Market Forecast

Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2036. The growth of the market can be attributed majorly to the increasing investment in research and development to create new textile control machines in the region. The increasing number of producers in the region who are ready to invest in the vulcanized fibers business is estimated to boost the market growth. The number of industries of automobiles and automobile spare parts is estimated to drive the growth of the market during the forecast period. The increasing purchases of electric passenger cars owing to the self-driving facility are projected to dominate the market growth. The increasing number of new electronic devices launch and the rising spending capacity of people are expected to contribute to the market growth. The rising furniture sector in the region with rising living standards of people is also estimated to hike the market growth in the coming years. The increasing demand for laminates in the field of construction is also anticipated to have a positive impact on the growth of the market.