The rising usage of steel fiber in construction sector, high demand for metal fiber in gas filtration application, and others.
The metal fiber market was valued at $4.5 billion in 2019, and is projected to reach $5.7 billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027.
Arcelor Mittal, Addas Group, Bekaert S.A, Nippon Seisen Co., Ltd, Fibrezone India, Stanford Advanced Materials, and Green Steel Group are some of the major companies in the metal fiber industry.
Aerospace industry is expected to increase the demand for metal fiber during the forecast period.
On the basis of type, steel segment accounted for the largest share in the metal fiber market in 2019.
Increased contribution of emerging economies in aerospace sector is one of the major drivers of the metal fiber market.
Rising construction sector in developing regions such as LAMEA and Asia-Pacific is one of the factors enhancing the global metal fiber market.
The outbreak of COVID-19 has decreased automobiles sales and hampered worker dense sector such as construction industry which has impacted the demand for metal fibers in 2020.
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Global Opportunity Analysis and Industry Forecast 2020-2027