Report : Asia Pacific Multiaxial Woven Fabrics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Type (Bidirectional Fabrics, Triaxial Fabrics, Quadraxial Fabrics, and Others) and Application (Construction, Industrial, Military, Consumer Goods, and Others)
At 6.5% CAGR, the Asia Pacific Multiaxial Fabrics Market is projected to be worth US$ 422.19 million by 2028, says Business Market Insights
According to Business Market Insights research, the Asia Pacific multiaxial fabrics market was valued at US$ 289.07 million in 2022 and is expected to reach US$ 422.19 million by 2028, registering a CAGR of 6.5% from 2022 to 2028. Increasing investments in wind energy sector and growing focus of manufacturers on adopting different strategies are the critical factors attributed to the Asia Pacific multiaxial fabrics market expansion.
Clean (renewable) energy has gained momentum as nonrenewable energy resources are aggressively depleting. Many countries are focusing on generating clean energy to reduce carbon footprints. Wind power is one of the rapidly expanding renewable energy sources. In wind energy generation, the fabrics offer applications in blade repairing and nacelle covers. Hence, increasing investments in the wind energy sector will boost the use of multiaxial fabric, which would provide lucrative opportunities for the Asia Pacific multiaxial woven fabrics market over the coming years.
On the contrary, high cost of establishing and operating manufacturing unit hurdles the growth of Asia Pacific multiaxial fabrics market.
Based on type, the Asia Pacific multiaxial fabrics market is segmented into bidirectional fabrics, triaxial fabrics, quadraxial fabrics, and others. The quadraxial fabrics segment held 48.6% share of Asia Pacific multiaxial fabrics market in 2022, amassing US$ 140.58 million. It is projected to garner US$ 205.41 million by 2028 to expand at 6.5% CAGR during 2022–2028.
Based on application, the Asia Pacific multiaxial fabrics market is segmented into construction, industrial, military, consumer goods, and others. The industrial segment held 56.6% share of Asia Pacific multiaxial fabrics market in 2022, amassing US$ 163.70 million. It is projected to garner US$ 240.11 million by 2028 to expand at 6.6% CAGR during 2022–2028.
Based on country, the Asia Pacific multiaxial fabrics market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 58.7% share of Asia Pacific multiaxial fabrics market in 2022. It was assessed at US$ 169.62 million in 2022 and is likely to hit US$ 257.66 million by 2028, exhibiting a CAGR of 7.2% during the forecast period.
Key players profiles in the Asia Pacific multiaxial fabrics market report Albany International Corp; Parabeam BV; SGL Carbon SE; Sigmatex (UK) Ltd; and Tantra Composite Technologies Pvt Ltd, among others.
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