The global market for was dominated by the top three market players namely TenCate, Teijin Aramid, and Milliken & Company. These players accounted for almost 27.2% of the overall market share in the global industrial protective clothing fabrics market. These top companies are now looking to enhance their market presence with the help of setting up new facilities for manufacturing in newer regions as well as forming strategic mergers and takeovers. Some of the other key players in the global industrial protective clothing fabrics market include names such as Solvay S.A., PBI Performance Products Inc., Huntsman International LLC., Glen Rave Inc., and Gunei Chemical Industry among others. Recently, Teijin Limited has acquired a commercial land area of about 440 acres in Greenwood, South Carolina. The company aims to establish a production site for carbon fiber which can be used for the aircraft and automotive applications. The company intends to invest US$600 million for this project and hopes to create 220 jobs by the year 2030. With the help of this investment, Teijin aims to accelerate its international expansion of its business of integrated high-performance material by using its hubs in the U.S., Europe, and Japan.
The global market for industrial protective clothing fabrics is an intensely competitive because of large numbers of producers involved regionally while the lesser portion of the market is taken up across the world by the key market players. Parallelly, there is small scope for new companies to enter the market due to the obstacles they face while entering the market coupled with strong market presence of already established players.
The global industrial protective clothing fabrics market is expected to reach an overall market valuation of US$2.24 bn by the fall of 2016 and is projected to reach the total valuation of US$3.36 bn by the end of the forecast period of 2016 to 2024. This growth is expected to be achieved at a CAGR of 6.8% over the course of the given forecast period.
Backing by Governments Propel Global Industrial Clothing Fabric Market Growth
The demand for the global protective clothing fabric market is chiefly driven by oil and gas industry. It accounted for nearly 20% the total market share. Oil and gas segment has always been the major driver for the market as working in the segment requires high levels of protective clothing. Because of the high risk conditions and increasing necessity for better security equipment to cut down the injury and mortality rates, demand for the industrial protective clothing fabric has increased. Moreover, the demand for the global industrial protective clothing fabric market has been spurred by growing support by different governments across the globe in terms of enhancing the implementation of workers’ safety. The market around the world is spearheaded by the growing investments by the governments and healthy rate of product development and innovation.
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Uncertainties in the Oil and Gas Segment Hamper Market Growth
However, there are still factors that are negatively affecting the growth of the global industrial protective clothing fabric market. One of the restraining factor for the market growth is the slowing down of the development of the oil and gas segment. This has put the market in an uncertain situation and moreover, it has been impeded by the reduction in the number of rigs in the recent years. In addition to this, high costs associated with the manufacturing of the fire-resistant fabric is also hampering the market growth.