Fishing Net Fibers Market is Anticipated to Reach More Than US$ 5.0 Billion by the end of 2026 - PMR

NEW YORK, June 18, 2019 /PRNewswire/ --  Persistence Market Research provides crucial perceptions linking the global fishing net fibers market, and delivers widespread information of fishing net fibers through systematized market research. The report titled, 'Fishing Net Fibers Market: Global Industry Analysis 2013–2017 and Forecast 2018–2026', analyzes the market, and forecasts the future market scenario of fishing net fibers on the basis of material and region. The global fishing net fibers market was valued at nearly US$ 4.0 Bn in terms of value at the end of 2018, and is anticipated to reach more than US$ 5.0 Bn by the end of the forecast period 2026, at a CAGR of around 3.0%.

Advanced Product Offerings to Create an Optimistic Scenario for Market Growth

An extensive range of fishing gear and practices, ranging from small-scale to large-scale industrial systems, are used for the catching of fish. Over the years, traditional fishing gear has been improved and has become more efficient, which has resulted in the surging demand for fishing net fibers. Furthermore, manufacturers have positively responded to the needs of fishermen by developing specific fishing gear suitable for certain species of fish, which also fuels the demand for fishing net fibers. In addition, environmental and ground conditions also create a constructive impact on the market of fishing net fibers.

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In the recent past, the manufacturing of fishing gear was aimed at increasing production by enhancing the efficiency of the fishing gear, coupled with the huge demand of fishing net fibers due to increasing demand from fishing industries. However, due to the current scenario of overfishing, increasing awareness about environmental issues, and the ecological impact of fishing, manufacturers are emphasizing on the development of responsible fishing gear systems with improved size-selective and species-selective properties, which also indirectly influence the market of fishing net fibers.

Rising Awareness for Responsible Fishing to Create Lucrative Opportunities for the Fishing Net Fibers Market

Unambiguous signs of overfishing and its negative impact on the environment are increasingly being revealed, which results in creating a negative impact on the growth of the fishing net fibers market. Furthermore, scientific management of the world's fishery resources to ensure long-term sustainability in fishing will also positively affect the market of fishing net fibers, as most fishing nets are manufactured from synthetic fibers. Therefore, there is rising awareness about the adoption of responsible fishing. Responsible fishing is expected to ensure the long-term sustainability of resources, minimize negative environmental impact, and help protect biodiversity. It will also create an optimistic impact on the market of fishing net fibers market.

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Continuous Expansion of Fishing Vessel Fleet Size Resulting in Market Growth

The total number fishing vessels was estimated at nearly about 5 million in 2016. The number of fishing vessels has witnessed growth in regions such as Asia Pacific and Latin America, owing to an increase in the number of fishing activities, which also creates a positive impact on the market of fishing net fibers. Continuous expansion of fleet size will indirectly positively influence the market of fishing net fibers market.

Fluctuation in the Prices of Raw Material and Stringent Rules & Regulations by Governments Hampering the Market of Fishing Net Fibers

Fluctuating prices of crude oil have negatively affected the prices of synthetic fibers, which are among the major raw materials for fishing net fibers. For instance, in December 2016, crude oil prices rose by around 16%, which has resulted in an increase in the prices of synthetic fibers by around 2% in the Asia Pacific region. This rise in the prices of synthetic fibers is expected to ultimately lead to an increase in the prices of fishing net fibers. Furthermore, the availability of low-cost competitor products in the market of fishing net fibers, for instance traditional fibers such as hemp, cotton, silk, etc., is likely to have an impact on customer preference. Thus, the fluctuating cost of raw material is likely to restrain the growth of the fishing net fibers market.

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Overfishing activities and rising environmental concerns have led to the imposition of rules, regulations, and anti-dumping duties by various governments regarding the dumping and excessive usage of fishing net fibers. The implementation of regulations and anti-dumping duties is likely to hamper the growth of fishing net fibers market.

Some of the main players in the fishing net fibers market are BASF SE, Advan Six Inc., Toray Industries, Inc., Royal DSM N.V., Indorama Ventures, Amco Polymers, Formosa Chemicals, and Fiber Corporation, among others.

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