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Global nonwoven fabric market to reach 7.3% CAGR
Date Published：10/8/2018 06:10:04 PM
The global nonwoven fabric market is expected to witness a CAGR of 7.3% during the forecast period 2018-2023, reports ResearchAndMarkets.com.
The market is driven by the growing demand for nonwoven fabric from the automotive and construction industries of emerging economies in Asia-Pacific.
Nonwoven fabrics are required in the construction sector for applications in house wraps, roofing materials, and geotextiles. With the increase in spending on construction activities in developing regions, such as Asia-Pacific, the demand for nonwoven fabrics has witnessed an increase. This is majorly due to the rapid economic growth in China and India.
Nonwoven fabrics are largely required for applications in disposable products, such as baby diapers, adult incontinence, and feminine hygiene products. They are also required in medical & surgical products, filtration products, and wipes. With such large application base of nonwoven fabric in the healthcare sector, the market for nonwoven fabric is expected to grow at a great pace, especially owing to the rising hygiene and health concerns. Additionally, rising disposable incomes and willingness to spend on such products further augment the nonwoven fabric market.
Asia-Pacific is expected to be the largest consumer, globally, owing to the commissioning of additional capacities, as well as increase in the production of nonwoven fabric in the region. In terms of consumption and production of nonwoven fabric, in 2017, China held the largest share, globally. It accounted for nearly 27% share of the global consumption of nonwoven fabric. Additionally, rapid increase in investments and advancements in the Indian healthcare sector shall further augment the growth of the nonwoven fabric market in the region during the forecast period. The Indian healthcare industry witnessed a slew of investments by global health players, which include the Parkway Group and a host of Middle Eastern players.