Braiding Machine Market Forecast and CAGR
According to research estimates, Braiding Machine market is anticipated to grow at higher growth during 2021-2031 owing to the benefits provided by the product such as an efficient load distribution over the braided structure which provides abrasion resistance, good expandability, it is flexible, and flame retardant.
These properties of the product make them attractive for use for Owing to the prolonged lockdown in major countries, the production of the products has shut down which is expected to hamper the growth of the market from the last year.
What is Driving Demand for Braiding Machine?
Numerous applications of braided yarn in various industries such as marine, textile, electrical and aerospace is expected to augment the product therein fostering the growth of Braiding Machine market.
Furthermore, continuous growth in automobile production is one of the important factors which is providing the momentum to the market growth is expected to drive the market during the forecast period. Growing end-user demand for flexible, fame resistance and abrasion resistance product is anticipated to fuel the demand for the product.
The braiding machines since inception has underwent chronological advancement in design and operating configurations with fully automated machines being the current operating norm.
Product customization is expected to provide lucrative opportunity to the product manufacturers such as braids are not limited to one size, it can be manufactured in various lengths, diameters, and widths and includes a uniform distribution of weight through the braided material, which can enhance the impact resistance.
Increasing adoption of braided wires and cables in various industries and continuous growth in the automobile industries is the one of the major factor which is propelling the demand for the product which is considerably advancing its market growth over the forecast period.
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Automotive and Aerospace Industry Segment to Lead the Market
Increasing demand from automotive and aerospace industries in developing and developed countries is expected to be the primary driver for the product growth which positively affect the global market.
Asia Pacific Market Outlook
As observed in the geographical market, the Asia Pacific region has registered the market’s significant share. This significant market share is attributed to the rising investments in the expansion of industries and increasing population majorly in China is expected to encourage market growth in this region. Also, growing urbanization and rapid industrialization in India and China is driving the demand of the product over the coming years.
North America Market Outlook
U.S. and Canada are expected to remain frontrunner over the forecast period for Braiding Machines market. US is one of the prominent markets for the braided yarn products encompassing a plethora of end use verticals. Increasing adoption of wires and cables in electrical and aerospace industries.
The region is expected to deliver high growth for the market as owing to its burgeoning end user demand and recent manufacturing facility based investments undertaken by concerned stakeholders.
Europe Demand Outlook
Growing automotive sector and various other industries e.g. medical and sporting in European countries is expected to drive the demand of the product in incoming years. Hence, this region is expected to grow with the significant growth rate over the forecast period.
European countries have been severely impacted by the COVID-19 crisis, wherein, in the case of manufacturers one of the key issues is the shutdown of the production and sales of the product resulting in disruption of supply chain ecosystem.
However, the magnitude of jolt experienced during the year 2020 is expected to cease in the next 3-4 quarters, wherein PPE based manufacturers will be incorporating the machinery for enhancement of production.
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Who are the Key Manufacturers and Suppliers of Braiding Machine?
Some of the leading manufacturers and suppliers of the product
- Mayer Industries Inc.
- HERZOG GmbH
- Cobra Braiding Machinery Ltd.
- NIEHOFF Schwabach
- OMEC S.r.l.
- Spirka Schnellflechter GmbH
- Steeger USA
- Talleres Ratera
- L & P Machine Co
- Knitting Machinery Corp
- Lamb Knitting Machine Corp.
- Atlanta Attachment Co. Inc
- BeA Fasteners USA Inc.
- Wardwell Co
- Tompkins USA
- Gladding Braided Products Inc.
- Gauder Group Inc. (GGI)
- Windmill Associates Inc.
- Kinney Industries Inc.
- Kyang Yhe Delicate Machine Co. Ltd. etc.
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