New Product Development and Operations of End-Use Industries at Full Capacities to Give Boost to the Industrial Fabric Demand During the Forecast Period
Industrial fabrics are used in a variety of applications, including conveyor belt, transmission belt, protective apparel, automotive carpet, flame resistance apparel and others. It possesses high strength, scrub resistance, and good light stability, which makes it useful in applications such as conveyor belt, protective clothing, warp knitting, hoses, industrial sewing threads, and narrow & broad fabrics. However, amidst the global COVID-19 pandemic, the demand for industrial fabric s from the industries mentioned above is expected to show a sharp decline. The global Industrial fabric market size is expected to grow from USD 108.3 billion in 2020 to USD 162.9 billion by 2025, projecting a CAGR of 8.5 % during the forecast period between 2020 and 2025.
Key players operating in the industrial fabric market offer high-grade industrial fabrics and are focused on adopting inorganic and organic growth strategies to strengthen their market positions. These players have adopted partnerships, expansions, acquisitions, and new product developments as their key growth strategies between 2013 and 2018.
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Major players operating in the industrial fabric market include Forbo International SA (Switzerland), Ahlstrom-Munksjö (Finland), Habasit AG (Switzerland), Toray Industries Inc. (Japan), ContiTech AG (Germany), Cerex Advanced Fabrics Inc. (US), W. Barnet GmbH & Co. KG (Germany), DowDuPont (US), Johns Manville (US), and Fitesa SA (Brazil). These companies have a strong presence in the market and are undertaking initiatives to improve their business strategies and product portfolios.
Habasit AG is one of the prime players in the industrial fabric market. The company is a prominent supplier of belting solutions to various industries, such as food, textile, automotive, packaging, business machines, wood, and printing & paper. The company is highly focused on the new product development strategy. For instance, in April 2018, the company introduced a new polyether-based TPU food belt, which offers enhanced food safety and longer service life.
Ahlstrom-Munksjö is another major player in the industrial fabric market. The company offers a wide variety of fabric-based products for transportation, wind, construction, and other industries. The company has adopted various strategies to cater to the increasing demand in the market. For instance, in July 2018, it launched Highflow, which is a new fabric for use in the production of wind turbine blades. The company also merged with Munksjö Oyj to provide innovative fiber-based solutions and enhance its product portfolio.
Related Reports:
Industrial Fabric Market by Fiber (Polyamide, Polyester, Aramid, Composite), Application (Conveyor Belts, Transmission Belts, Protective Apparel, Automotive Carpet, Flame Resistant Apparel), and Region - Global Forecast to 2023
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