Increasing number of airbags per vehicle, rise in demand for protective clothing, and surge in usage of silicone fabrics in the manufacturing sector drive the growth of the global silicone fabrics market. Based on base fabric, the fiberglass segment held the major share in 2020. By region, on the other hand, Asia-Pacific would remain lucrative by 2030.
Portland, OR, Sept. 28, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global silicone fabrics market was estimated at $3.9 billion in 2020 and is expected to hit $5.8 billion by 2030, registering a CAGR of 4.2% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increasing number of airbags per vehicle, rise in demand for protective clothing, and surge in usage of silicone fabrics in the manufacturing sector drive the growth of the global silicone fabrics market. On the other hand, availability of low-cost substitutes and fluctuating raw materials prices impede the growth to some extent. However, growing penetration in the medical and healthcare sphere is expected to create lucrative opportunities in the future.
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The outbreak of the pandemic gave way to halted industrial manufacturing activities, which led to reduced demand for silicone fabrics, thereby impacting the market negatively.
However, the global situation is getting better at a gradual pace, and the market is expected to revive soon.
The global silicone fabrics market report is analyzed across base fabric, application, end use, and region.
Based on base fabric, the fiberglass segment held the major share in 2020, garnering more than two-fifths of the total market. The polyamide segment, on the other hand, would manifest the fastest CAGR of 4.8% during the forecast period.
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By application, the industrial fabric segment accounted for around half of the total market revenue in 2020, and is anticipated to retain its dominance by 2030. The same segment would also grow at the fastest CAGR of 4.6% from 2021 to 2030.
Based on region, the market across Asia-Pacific contributed to the major share in 2020, holding more than one-third of the global silicone fabrics market. The same region would also cite the fastest CAGR of 4.6% from 2021 to 2030. Other provinces studied in the report include North America, LAMEA, and Europe.
The key market players analyzed in the global silicone fabrics market report include Trelleborg AB, KAP AG, Compagnie DE Saint-Gobain S.A., Colmant Coated Fabrics, Nott Company, Serge Ferrari Group, 3M Company, Auburn Manufacturing Inc., Mid-Mountain Materials, Inc., and Newtex Industries, Inc. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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