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Construction Fabrics Market Statistics, Size And Share Analysis Report Forecast 2024 To 2033
Construction Fabrics Market
According to The Business Research Company's, The construction fabrics market size has grown strongly in recent years. It will grow from $5.23 billion in 2023 to $5.6 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to infrastructure development boom, environmental concerns, urbanization trends, government regulations, cost-effectiveness.
The construction fabrics market size is expected to see strong growth in the next few years. It will grow to $7.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to smart fabric integration, rising focus on resilience, growth in developing regions, innovation in sustainable materials, resurgence of mega projects. Major trends in the forecast period include digitalization of construction processes, customization and design flexibility, collaboration for research and development, high-strength and lightweight fabrics, smart fabrics and technology integration.
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Market Drivers and Trends:
The rise in construction activities is expected to propel the growth of the construction fabrics market going forward. Construction activities use advanced techniques, materials, and technologies to construct buildings, infrastructure, and other structures. Construction textiles are used in construction because they are lighter than traditional building materials, making shipping and installation easier. The construction fabric can assist the construction industry by providing lightweight, durable, and versatile materials for building and construction purposes. For instance, in February 2023, according to the United States Census Bureau, a US-based primary agency of the Federal Statistics System, construction spending in February 2023 was estimated to be $1,844.1 billion, increasing from $1,753.1 billion in February 2022. Additionally, Construction spending in the first two months of 2023 was $260.8 billion, which increased from $246.1 billion in the same period in 2022. Moreover, in March 2023, according to the United States Census Bureau, a US-based principal agency of the federal statistical system, the number of privately owned housing units approved by building permits in February was 1,524,000 on a seasonally adjusted yearly basis. This is 13.8% more than the January rate, which was corrected to 1,339,000. Therefore, the rise in construction activities is driving the growth of the construction fabrics market.
Technological advancements are a key trend gaining popularity in the construction fabric market. Companies operating in the construction fabric market are adopting new technologies to sustain their position in the market. For instance, in October 2022, DuPont de Nemours Inc., a US-based chemical corporation, and Seaman Corporation, a US-based maker of high-performance textiles, introduced a new Shelter-Rite high light transmission construction fabric made from translucent Tedlar PVF (Polyvinyl fluoride) film. This innovative architectural fabric is perfect for constructions that need natural light, such as sports stadiums, event venues, and greenhouses. Tedlar, with its high weather-ability and dirt-shedding qualities, extends the life and beauty of architectural fabric structures even in hostile conditions. It protects from ultraviolet (UV) radiation, moisture, rain, and pollution.
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Major Key Players of the Market:
Sioen Industries NV; Low & Bonar plc; Sattler AG; Taiyo Kogyo Corporation; Serge Ferrari SA; Saint-Gobain SA; Hiraoka & Co. Ltd.; Endutex Coated Technical Textiles SA; Verseidag-Indutex GmbH; Hightex GmbH; Seaman Corporation; EREZ Thermoplastic Products; Nandan Denim Ltd.; BASF SE; Dow Inc.; DuPont de Nemours Inc.; Ashland Inc.; Dongwon Industry Co.; Seele Inc.; Sefar AG; Novum Membranes GmbH; Freudenberg SE; Toray Industries Inc.; Teijin Limited; Milliken & Company; Ahlstrom-Munksjö OyJ; Berry Global Inc.; Heytex Group; Obeikan Technical Fabrics Co.; Herculite Products Inc.
Construction Fabrics Market 2024 Key Insights:
• The construction fabrics market will grow to $7.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Surge In Construction Activities Fuels Growth In The Construction Fabrics Market
• Adoption Of Technological Advancements Drives Innovation In The Construction Fabric Market
• Europe was the largest region in the construction fabrics market in 2023
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