Despite the presence of a large number of players in the global textile coatings market, only a few display a strong hold over the market. Going forward too, the competitive landscape is expected to remain fragmented with the prominent players focused on product enhancement to serve the specific demands of various end-use industries. These players are mostly focused on developing durable products that offer unsurpassed advantages over predecessor products.
Further, the rising acceptance of textile coatings will benefit players with financial might. Increasing production capacity and expansion of geographical outreach will further benefit these players from gaining larger market share.
As per estimates presented in a report by Transparency Market Research (TMR), the global textile coatings market is likely to expand at a CAGR of 3.9% between 2017 and 2025. Progressing at this rate, the global textile coatings market is expected to attain a value of US$4,918.5 by 2025-end from US$3,406.0 mn in 2016.
Q: What are the key growth drivers of the global textile coatings market?
A: The enormous growth of transportation, industrial, and building and construction sectors in recent years has positively influenced the global textile coatings market. Due to fire safety regulations, standards for protective clothing, and performance requirement of apparel there is a pressing need to maintain quality across these industries.
In the building and construction sector, textile coatings are used for home furnishings on account of benefits of anti-abrasion, anti-bacteria, fire retardation, self-cleaning, and thermal insulation.
The automotive sector also holds promise for the textile coatings market. The rising demand for passenger vehicles is creating a demand for textile coatings to provide protection against water, heat, grease, soil, and scratches. Keen players have been striving to develop innovative fiber with added features to repel water, provide added comfort, enhance moisture content, and resist heat absorption. The rising demand for geotextiles is also a key factor acting in favor of the growth of global textile coatings market.
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Q: Which are the key end-users of textile coatings?
A: The leading end-users of textile coatings are industrial clothing, geotextiles, upholstery fabric, medical hygiene, and footwear. The segments of industrial clothing and upholstery fabric held significant share of the market in 2016. The industrial clothing segment is driven by increasing performance stipulations and rising safety regulations across several industries.
Q: What are the factors propelling Asia Pacific textile coatings market to the fore?
A: The Asia Pacific textile coatings market is expanding due to a number of factors that include population explosion and rising standard of living in the region. The collective influence of these factors will lead the Asia Pacific textile coatings market to expand at an above-average growth rate of 4.3% in terms of volume for the forecast period between 2017 and 2025.