Flame Resistant Fabrics Market to Observe Strong Development by 2024
The global flame resistant fabrics market is expected to witness positive growth in the years to come. According to a report published by Transparency Market Research (TMR), the market is made up of leading vendors, with each player offering a unique flagship product. The market participants are expected to adopt various strategies to increase their respective shares. Competitive pricing, agreements with distributors, and supply chain management are to mention a few of them. . The vendors are expected to engage in intensive research and development activities, leveraging latest technologies to come up with improved products. Some of the key participants of the worldwide flame resistant market are DuPont, Milliken & Company, Teijin Aramid, Lenzing AG and TenCate.
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According to the report TMR, the flame resistant fabrics market was evaluated to be at US$3.63 bn in the year 2015, and by 2024 it is expected to reach US$6.56 bn. The market is thus expected to exhibit a healthy 6.8% CAGR over the forecast period. Regionally, Europe is expected to lead on account of the diversity in the product range.
Based on application, the segment of protective industrial clothing is anticipated to emerge as the dominant one. The volume-wise sales of industrial protective clothing led the market in the year 2015, closely followed by law enforcement, firefighting services and transportation. Transportation segment is anticipated to gain traction in the coming years, on account of rising demand for security in the industry.
Products that have utilized flame resistant fabrics have demonstrated no loss losing resistance to fire properties even after a long duration of time. Consequently, it can be connected to different end-client businesses inferable from its properties, and thus the demand for this segment is probably going to ascend over the coming years. Hybrid fabrics products are fabricated by blend of various filaments like aramid yarns and carbon fiber. This is one of the fasted developing product fragment because of its light weight, cost effectiveness and high protective properties.
Flame resistant fabrics are utilized to fabricate arrays, pieces of clothing, and furniture for an extensive number of industry sectors, for instance, transportation, oil and gas, medicinal services, defense and security. There is a high potential for flame resistant fabrics, particularly for protective clothing, and the industry is relied upon to witness a number of opportunities in the forthcoming years. Substantial investment for R&D and high cost of production is restricting the global flame resistant fabric market. Implementation of new equipment and technologies as well as heavy maintenance cost is challenging the investors and manufactures of the flame resistant fabric market. However, the high R&D cost for developing innovative technologies will negatively affect the market, hindering the growth.
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Raw material such as polyester and acrylic are significantly used for producing fabric, fluctuation in the prices of raw material due to variation in crude oil prices are hindering market growth. Materials such as polyester and acrylic are altogether utilized for delivering texture, vacillation in the costs of raw material because of variety in unrefined petroleum costs are impeding business sector development. Further, from recent years, the costs of silk and fleece is additionally rising which are utilized as a part of texture producing process, will decelerate development. However, new innovations and better procedure can decrease the cost of raw material, as they will effectively develop the market over coming years.
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