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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