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New York, USA, Oct. 02, 2022 (GLOBE NEWSWIRE) -- The Global Industrial Fabric Market Size Was Valued At USD 18.1 Billion In 2021. The Market Is Projected To Grow USD 29.4 Billion In 2030, At A CAGR Of 4.4%. as per the latest research report by Spherical Insights & Consulting.
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The nobel coronavirus is an unprecedented worldwide pandemic that has spread to over 180 nations and resulted in massive human and economic losses all over the world. Due to disruptions in the supply chain for industrial fabric products, the industrial fabric market has been significantly damaged as a result of the COVID-19 pandemic. Furthermore, during the COVID-19 period, increased raw material prices, particularly cotton and cotton yarn, reduced industrial fabric output. Cotton and cotton yarn prices, for example, increased by 20-30 percent in December 2020 compared to March 2020, according to a report published by the Denim Manufacturers Association of India (DMAI). Furthermore, there is a significant shift in investment from other sectors to healthcare in order to limit the increase of novel coronavirus cases. In addition, due to the risk of infection among the staff, some industrial fabric production enterprises and mills have closed or reduced their operations. This has temporarily slowed the industrial fabric market's production rate.
According to an article released by Textile Value Chain, the total number of industrial fabric mills operating in India has increased by 53.3 percent since 2012, to 46 in 2021 from 30 in 2012. As a result, there may be more affordable industrial fabric available. In the coming years, this aspect is projected to propel the industrial fabric industry forward. Furthermore, unbranded denim manufacturers account for a significant portion of industrial fabric use. This may provide an extra boost to the industrial fabric market's growth. Favored preference for denim amongst youth owing to boosting the sales of denim market. Increasing usage of denim products by women and millennials in smaller cities and rural areas is likely to propel the growth of the industrial fabric market.
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The raw segment dominated the global industrial fabric market share owing to raw denim is also known as unwashed or dry denim. It has a lengthy lifespan, although the color fades with each wash. The cotton segment dominated the global industrial fabric market share owing to cotton fabric has been used for apparel and home adornment since prehistoric times. It provides comfort and durability while also being less in weight. The homeware segment dominated the global industrial fabric market share owing to surging usage of the denim used in the homeware & décor applications. Denim upholstery is a lesser-known use for the fabric.
Asia Pacific region is expected to dominate the market share of global industrial fabric market owing to attributable to an increase in consumer's disposable income in developing nations and individuals rising standards of living. The rising use of industrial fabric in the production of a wide range of denim products such as jeans, shirts, jackets, and other denim products is a major market trend in the global market. Cotton's widespread availability has fueled the region's industrial fabric market's expansion. Furthermore, preferential market access is a vital component boosting Bangladesh's textile sector, which has resulted in a huge increase in demand for industrial fabric. Due to steady economic growth and urbanization, China is likely to maintain its supremacy over the predicted period. Increased government investment in innovative textiles, growing taste for luxury brands, and changing lifestyles are likely to propel India's textile and clothing industry into double digit growth.
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Key Companies & Recent Developments
The global industrial fabric market is highly competitive with the presence of several big players across the globe. Many large players are spending much on research and advancements to know about the latest technology and requirements of consumers. Key players are Kontoor Brands, Inc, Advance Denim Co. Ltd, Arvind Limited, Bextex, Nandan Denim Ltd, Cone Denim LLC, Ha-Meem Group, KURABO INDUSTRIES LTD, UNITIN-INDUSTRIAS MORERA S.A, KAIHARA DENIM, Kuzgunlar, Nasel Textile, Kilim, Artistic Denim Mills, ISKO, Modern Denim Ltd, Raymond UCO Denim Pvt. Ltd and Others.
Browse key industry insights spread across 200 pages with 92 market data tables and figures & charts from the report “Global Industrial Fabric Market Size, Share, And COVID-19 Impact Analysis, By Fabric Type (Raw, Sanforized, Crushed, Stretch, Vintage, Selvedge, And Others), By Raw Material (Cotton, Spandex, Polyester, And Others), By End-Use (Clothing, Homeware, Accessories & Others) And By Region (North America, Europe, Asia-Pacific, Latin America, Middle East And Africa) Analysis And Forecast 2021 – 2030” in detail along with the table of contents
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