According to a new report published by Allied Market Research titled, “Metal Fiber Market by Type, and End-use Industry: Opportunity Analysis and Industry Forecast, 2020–2027,” the global 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.
Metal fibers are manufactured fibers produced of or metal coated plastic, plastic-coated metal,and metal. It can be mixed with cotton, nylon, synthetic blends,and wool. Metal fiber has characteristics such as good energy absorption, high strength, lightweight, high stiffness, durable, good conductor of electricity and heat, and others.A metal fiber can be differentiated from ametal filament by its diameter.
The demand for metal fiber has increased owing to rise in demandfor filtration application, increase in usage of steel fiber in construction industry, and others. However, the availability of alternative, high manufacturing cost and volatility in prices of raw material are some of the factors expected to hinder the metal fiber market growth during the forecast period.
The metal fiber market is segmented into type, end-use industry, and region. Depending on type, the market is categorized into steel, copper, nickel, aluminum, others. Various end-use industries of metal fiber studied in the market include automotive, textile, aerospace, construction, power & electronics, and others. Region wise, the metal fiber market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The metal fiber market share is analyzed for all regions and segments.
By on the type, steel segment garnered 33.4% in terms of revenue in 2019. This is attributed to its high demand in construction sector. It is used in numerous construction applications such as flooring &slabs, pavements & tunneling, and precast.
On the basis of end-use industry, power & electronics garnered 10.8% in terms of revenue in 2019 and expected to grow at CAGR of 4.0% during the forecast period. This is attributed to its high demand in gas filtration and high efficiency particulate air (HEPA) filtration.
By on the region, Asia-Pacific is expected to grow at CAGR of 4.6% in terms of revenue during the forecast period. This is attributed to factors such as rapidly growing consumer bases in countries such as India, China, and others. Some of the rapidly growing industries are aerospace, construction, textiles, and others. In addition, it also has presence of key players in the region.
The metal fiber market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the metal fiber market include Arcelor Mittal, Addas Group, Bekaert S.A, Kosteel Co. Ltd., Yutian Zhitai Steel Fiber Manufacturing Co., Ltd, Nippon Seisen Co., Ltd, Fibrezone India, Stanford Advanced Materials, Sarda Industrial Enterprises, and Green Steel Group.
Other players in the value chain of the metal fiber market include Freudenberg Group, Fibre Technology Ltd, Sarda Industrial Enterprises, Carlisle Companies Inc., Guven Metal, Boean Metal Products, Sunny Metal, Remix Steel Fiber, and Hollingsworth & Vose Company.
Key findings of the study
- The report outlines the current market trends and future scenario of the metal fiber market from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets.
- The metal fiber market size is provided in terms of revenue.
- On the basis of type, the copper segment is expected to grow at a CAGR of 3.7% during the forecast period.
- On the basis of type, the aluminum segment gained 12.9% share in 2019 in terms of revenue.
- On the basis of end-use industry, the textiles segment garnered a share 18.7% in 2019 in terms of revenue.
- On the basis of region, North America garnered a share of 21.1% in 2019 in terms of revenue.
Impact of COVID-19 on the Metal Fiber Market
- The manufacturing as well as supply regions or countries witnessed economic slowdown, owing to the lockdown implemented across several countries. The downstream section of the value chain that is the end-use industry has witnessed less demand, which has impacted the growth of themetal fibermarket.
- For instance, the automotive sector has been witnessing slowdown, owing to decreased automobilesales that resulted in decreased demand for raw materials. Therefore, this factor consequently impacted the demand for metal fiber.