Industrial Fabrics Market Trends

Growth Drivers

• Expansion in the Production of Textile Fibers – The industrialization wave has generated a need for modern lightweight textiles for manufacturing. As a result, the production rate of textiles is expected to rise considerably and bring lucrative growth opportunities for the industrial fabrics market.  According to recent data, the worldwide production volume of textile fibers rose from 98 thousand metric tons in 2017 to 108 thousand metric tons in 2020.

• Escalation in Sales and Production of Vehicles – The demand for industrial fabrics is anticipated to grow on the account of rising sales and production of vehicles across the globe. Industrial fabrics are being highly utilized in car interiors including seats, headlines, carpets, side panels, and other parts. Industrial fabrics are also preferred in manufacturing vehicles for reinforcing tires and reducing the overall weight. Thus, the high demand for vehicles is anticipated to boost a noteworthy revenue generation of the market. The International Organization of Motor Vehicle Manufacturers (OICA), released global sales of vehicle statistics which revealed that it rose from 56,398,471 units in 2021 to 53,917,153 units in 2020. Whereas, the global production of vehicles was calculated to be 57,054,295 units in 2021, an increase from 55,908,989 units in 2020.

• High Number of Industrial Accidents – Industries have seen several accidents in the past few years. As a result, the demand for industrial fabrics is anticipated to grow to protect workers from hazards that can cause major injuries and can be life-threatening. A report calculated the number of fatal work injuries in the United States was estimated to be around 5,000 in 2020.

• Increased Spending by Companies in R&D Activities – With the expansion of various industries, major players are spending money on research and development activities for developing high-quality industrial fabrics. Thus, the high investment in the R&D sector is anticipated to boost market growth during the forecast period.  As to World Bank, Global Research and Development expenditure accounted for 2.63% of the total GDP in 2020. This was a rise from 2.13% of the total GDP in 2017. 

• Rapid Industrialization and Urbanization – In the recent period, owing to rapid urbanization, numerous industries have grown. As a result of quick industrialization, the sales of industrial fabrics are projected to increase in the analysis period. In 2018, as per the data from United Nations Organization, about 55% of the global population was living in urban areas. Further, by 2050, approximately 68% are anticipated to be living in urban areas.

Challenges

• Rising Concerns Regarding Environmental Protection – For instance, under the Resource Conservation and Recovery Act (RCRA), the United States Environmental Protection Agency controls solid and hazardous wastes generated in manufacturing, industry, and households. The objectives of RCRA are to safeguard us against the risks associated with waste disposal, preserve energy and natural resources through recycling and resource recovery, reduce or eliminate waste, and clean up trash that may have leaked, spilled, or been disposed of inappropriately.

• High Consumption of Hazardous Chemicals

• Stringent Rules Regarding Scouring of Raw Materials