A new report projects the industrial fabrics market will grow from $120.94 billion in 2018 to $153.60 billion by 2023, at a compound annual growth rate (CAGR) of 4.9 percent.
Marketsandmarkets writes that the flame-resistant apparel application segment is projected to register the highest CAGR in terms of value and volume during the forecast period. The increasing industrial activities in the Asia-Pacific region (APAC), Europe and North America are bolstering the flame-resistant industrial fabric market.
The polyester fiber segment is estimated to account for the major market share during the forecast period. The large market size of polyester industrial fabrics is attributed to their increasing application in conveyor belts and transmission belts, as well as other applications in the automotive industry.
APAC is estimated to be the largest market for industrial fabric in 2018, in terms of value and volume. The report attributed the growth of the APAC market to the expansion of the automotive industry.
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