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Nonwoven fabric market to touch $66.8 bn

Jun 22, 2017
Nonwoven fabric market to touch $66.8 bn

Global nonwoven fabric market is anticipated to reach $66.8 billion by the end of 2024. It is estimated to register 8.3 per cent CAGR during 2016-2024, according to the report by Persistence Market Research (PMR). The nonwoven fabric spun global consumption was anticipated to have registered 8.3 per cent Y-o-Y rate by the end of 2016. It also projected the polypropylene segment to account for revenue share of 71 per cent by 2016 end, expecting to maintain its dominance throughout the forecast period (2016-2024).

In terms of application, nonwoven fabric materials are majorly used in consumer products such as feminine care products, disposable diapers and adult incontinence. The market for nonwoven fabric is witnessing a significant growth due to the rise in demand for hygiene products. Moreover, the infant and child population is increasing in Asia Pacific. Hence, this factor is anticipated to boost the demand for disposable diapers in the coming years. With the rise in consumption of feminine care products and disposable diapers in the developing countries is expected to boost market growth during 2016-2024.

Lightweight and fuel efficient transportation automobiles are also witnessing an increase in demand, this in, turn, is expected to boost the growth of nonwoven fabric market in years ahead. Increase in automotive production combined with the rise in use of nonwoven material in automobile interiors is expected to drive growth of nonwoven fabric market to an extent.

However, high cost of raw materials increases the price of finished products. This increase in price of finished products is anticipated to hamper the growth of nonwoven fabric market during the forecast period. Another factor expected to restrict the growth of nonwoven fabric market is the rise in stringent rules and regulations on the textile industry.