Press release
Nonwoven Fabric Market Worth US$ 66.8 Bn by 2024
Global consumption of nonwoven fabric spun is estimated to witness Y-o-Y rate of 8.3% in 2016 end. The polypropylene segment is estimated to account for maximum revenue share of ~71% by 2016 end and is expected to maintain its dominance over the forecast period.
However, high prices of finished products is attributed to high cost of raw materials. Such high prices of finished products are expected to impede market growth over the forecast period. Increasing stringent regulations on the textile industry is estimated as another factor restraining market growth. Moreover, shifting nonwoven production to ASEAN countries, offering consumer-specific products and basis weight reduction are some of the key trends observed in the global nonwoven fabric market.
Increasing demand for nonwoven fabric materials in hygiene applications, owing to favourable demographic trends is anticipated to drive market growth over the forecast period. Market growth is estimated to be spurred by increasing penetration of hygiene products in emerging countries. Increasing application of nonwoven fabric materials in automobiles, owing to rising need for lightweight and fuel-efficient transportation vehicles is also expected to be a prominent driving factor for market growth over the forecast period.
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The Asia Pacific nonwoven fabric market is anticipated to witness higher growth rates due to increasing penetration of disposable diapers in emerging ASEAN countries namely Indonesia, Malaysia and the Philippines. Growth rates in markets in the Middle East & Africa and Latin America are expected to be above average due low product penetration in these region. The market in Europe is anticipated to witness moderate demand over the forecast period owing to increasing construction activities in Russia. North America nonwoven fabric market is anticipated to witness relatively low demand due to increasing ageing population in the region.
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Kimberly-Clarke, Freudenberg SE and Ahlstrom are some of the top producers of nonwoven fabric materials.
PMR Long-term Outlook: The global nonwoven fabric market is expected to reach US$ 66.8 Bn by 2024 end, expanding at a CAGR of 8.3% during the forecast period (2016–2024). Asia Pacific, is estimated to account for share of 39.6% by 2016 end, and is projected to be the largest market in the global nonwoven fabric market.
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