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.
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.
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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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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