The scope of our recent study on the “Multiaxial Woven Fabrics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application” includes the factors fueling the market growth, revenue estimation and forecast, market share analysis, and significant market players identification and their key developments.
The multiaxial woven fabrics market size is expected to grow from US$ 1,089.17 million in 2022 to US$ 1,469.01 million by 2028; it is estimated to record a CAGR of 5.1% from 2022 to 2028. The multiaxial woven fabrics market is highly competitive, owing to the presence of regional and global players. The players compete with each other based on product differentiation, product quality, and price. They provide a wide range of products suitable for different applications. Market players are adopting different strategies such as research and development investments, capacity expansion, and collaborations to stand out as strong competitors in the market.
Based on type, the global multiaxial woven fabrics market is segmented into bidirectional fabrics, triaxial fabrics, quadraxial fabrics, and others. The quadraxial fabrics segment held the largest market share in 2022. Quadraxial fabrics are used in chemical tanks & pipes, defense, wind energy, transportation, aerospace, marine, and sports industries where excellent mechanical strength and aesthetic quality finishes are required.
The global multiaxial woven fabrics market is segmented into five main regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Europe dominated the global multiaxial woven fabrics market share in 2022. Factors fueling the market growth in Europe are increasing use of composites in various end-use industries and strong growth of the automotive, marine, aerospace, and construction industries in the region.
Impact of COVID-19 Pandemic on Multiaxial Woven Fabrics Market
The onset of the COVID-19 pandemic forced the shutdown of vehicle manufacturing plants in 2020, which hampered the demand for multiaxial woven fabrics. Moreover, politically enforced measures to contain the disease, such as implementing curfews; closing factories, offices, and dealerships; and laying off short-time workers, led to stagnancy in automotive, building and construction, and other labor-intensive industries, thus resulting in the decreased sales of multiaxial woven fabrics. Furthermore, disrupted global supply chains hampered the availability of raw materials at manufacturing plants, in turn impacting manufacturing activities, delivery schedules, and essential and nonessential product sales. All these factors hindered various industries in 2020 and early 2021, thus, restraining the multiaxial woven fabrics market growth.
However, in 2021, various economies resumed operation as governments of various countries announced the relaxation of the previously imposed restrictions, which boosted the global marketplace. Further, manufacturers were permitted to operate at full capacities, which helped them overcome the demand–supply gaps and other repercussions. Resurgence in the operations of automotive, aerospace & defense, and building & construction industries is expected to provide the impetus for the multiaxial woven fabrics market growth during the forecast period.
The report includes the segmentation of the global multiaxial woven fabrics market as follows:
On the basis of type, the multiaxial woven fabrics market is categorized as bidirectional fabrics, triaxial fabrics, quadraxial fabrics, and others. By application, the market is segmented into construction, industrial, military, consumer goods, and others. Based on geography, the global multiaxial woven fabrics market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
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