LONDON, Feb. 15, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Low Melting Fiber Global Market Report 2024, the low melting fiber market has demonstrated substantial growth in recent years, driven by factors such as the textile and nonwoven industry's demand for sustainable materials, the expanding automotive sector, and the rising need for medical and hygiene products. The low melting fiber market is projected to grow from $2.03 billion in 2023 to $2.19 billion in 2024, at a compound annual growth rate (CAGR) of 7.6%. This growth is indicative of the increasing adoption of low melting fibers across various industries.
Anticipated Growth and Key Drivers
In the forecast period, the low melting fiber market is expected to experience significant growth, reaching $2.76 billion by 2028, with a CAGR of 6.0%. Key drivers of this growth include the growing demand for nonwoven fabrics, particularly in the construction sector, rising demand from the bedding industry, and increasing applications in the medical field. Additionally, factors such as the emergence of new toxins, regulatory support, and the adoption of telemedicine are contributing to market expansion.
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Trends and Market Segments
Major trends in the forecast period include innovation in fiber technology, increased use of low melting fibers in 3D printing, and rising investment by private players in the low melting fiber segment.
The low melting fiber market is segmented based on type (melting point below 130 degrees Celsius, melting point above 130 degrees Celsius), structure type (sheath or core, side by side), and application (automotive industry, construction, bedding industry, and others), catering to diverse industry needs and requirements.
Leading Regions and Market Players
Asia-Pacific emerged as the largest region in the low melting fiber market in 2023, driven by rapid industrialization, infrastructure development, and increasing demand from key end-user industries.
Major players in the low melting fiber market include BASF SE, Mitsubishi Chemical Corporation, Saudi Arabia's Basic Industries Corporation (SABIC), and others. These companies are focused on developing sustainable solutions to meet market demands and maintain their competitive edge.
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In conclusion, the Low Melting Fiber Market Report provides valuable insights for industry players to capitalize on emerging opportunities and drive business growth. By leveraging the comprehensive analysis offered in the report, businesses can identify market trends, develop innovative products, and establish strategic partnerships to expand their market presence and meet evolving customer needs.
Low Melting Fiber Global Market Report 2024 by The Business Research Company provides insights on the low melting fiber market size, low melting fiber market segments, low melting fiber market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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