Textile Coatings Market to Perceive Substantial Growth During 2025
A
new intelligence study by Transparency Market Research (TMR) suggests
that the opportunities in the global textile coatings market is
divided among a large number of companies, although a few vendors do
hold stronger position than the rest of the lot. The report
identifies The Dow Chemical Company, Covestro AG, Clariant AG, BASF
SE, and Huntsman International LLC as some of the key companies in
the textile coatings market. The report projects the demand in the
global market for textile coatings to increment at a CAGR of 3.9%
during the forecast period of 2017 to 2025, estimating it to reach a
valuation of US$4,918.5 mn by the end of 2025, significantly up from
its evaluated worth of US$3,406.0 mn in 2016.
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In
the near future, the report expects the competitive landscape to
remain fragmented among the regional players, while the prominent
global companies of the textile coatings market will focus on the
enhancement of their product portfolio to cater to specific demands
from diverse end-use industries. The focus will mostly be on creating
durable products that offer advantages over their respective
counterparts. As the acceptance of textile coatings spreads, the
vendors with financial might are expected to gain new opportunities.
Increasing production capacity and geographical expansion is expected
to be other important strategies of the market leaders to add to
their market share.
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Polyurethane
and polyvinylchloride sub-segments of thermoplastics segment held
major share of textile coatings market in 2016, whereas full surface
coating technology had significantly more demand than the other
prominent technology - dot coating. Industrial clothing and
upholstery fabric were the two most profitable end-users of textile
coating market during the same base year. Being the manufacturing hub
of the world, China currently has a flourishing textile coatings
market, with other Asia Pacific countries such as India, South Korea,
and Malaysia also posing potent demand.
Flourishing
End-use Industries Behind Sustained Uptake
The
prosperity of industrial, transportation, and building and
construction industries is reflecting positively on the global
textile coatings market. There is increasing need to maintain quality
in various industries, owing to fire safety regulations, performance
requirement of apparel, and stringent standards for protective
clothing. In the building and construction industry, textile coatings
are used for home furnishing as they offer benefits such as
anti-abrasion, fire retardation, anti-bacteria, thermal insulation,
and self-cleaning. The automotive market, wherein the demand for
passenger vehicles is incrementing quickly, is another favorable
factor for the textile coatings market, as these coatings offer
superior resistance to grease, soil and water, heat, scratches. In
the recent past, heavy investments have been made for by the
automotive industry players for research and development of
innovative fiber that repel water, enhance moisture content, resist
heat absorption, and add to the comfort. Increasing demand for
geotextiles is another drive of the global textile coatings market.
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Bio-based
Alternatives Eating into the Demand
Besides
several drivers, the moderate growth rate of the global textile
coatings market is attributed to growing environmental concerns and
the advent of bio-based alternatives. The bio-based alternatives not
only are receiving support from various governments, the consumers
too are preferring products that are in-sync with the nature, and
thereby eating into the textile coatings market.
As
per the author of the report, innovation in the production
technologies, such as conductive textiles, shape memory polymers,
PCMS, and nanotechnology in textiles will open new opportunities for
the companies operating in the global textile coatings market.
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Textile Coatings Market Research Report @
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