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Metal Fibers Market Growth & Trends
The global metal fiber market size is expected to reach USD 6.98 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.9% from 2020 to 2027. The market is driven by increasing product demand from the end-use industries, including aerospace, automotive, and textile, owing to favorable characteristics and demand for lightweight and advanced fibers. Characteristics of metal fibers that attract the industries include chemical resistance, strength, and failure strength. The use of metal fibers in industrial solutions, circuit boards, mobiles, and other power and electronics also enhances product demand.
The market majorly deals with products, including fibers of steel, aluminum, copper, which boosts the product demand. Steel fibers and aluminum fibers are projected to account for a significant share in the market and are expected to witness considerable growth over the forecast period. Demand for metal fibers majorly depends on its demand from various end-use industries.
A considerable number of companies are integrated vertically across the value chain. The value chain elements include raw material suppliers, manufacturers, distributors, and others. The government policies compelling the manufacturers to offer and introduce advanced fibers in order to have lightweight vehicles and control over CO2 emissions trigger the demand for metal fibers. The industry witnessed a large number of multinational and established players occupying a significant market share. However, constant advancement in the fibers and rising demand for composite fibers tend to hamper the market growth in the forecast period.
Metal Fibers Market Report Highlights
- By product, steel fiber is expected to witness significant growth from 2020 to 2027, on account of high product penetration in automotive, construction, and other applications
- Aluminum metal fibers are expected to reach USD 1.57 billion by 2027 owing to the extensive product use in aerospace and defense and automotive applications
- The textile end-use industry was valued at USD 739.97 million in 2019 on account of demand for handbags, carpets, apparels, footwear, and home d?cor
- Asia Pacific is estimated to register the fastest CAGR in terms of revenue from 2020 to 2027 owing to the surge in demand from the end-use industries
- R&D investments from major multinational companies involved in the market for the production of advanced fibers and textile products favor market growth.