The market for textile coatings is expected to grow at a CAGR of less than 4% during the forecast period. Major factors driving the market studied are increasing standards for protective textiles.
- The emergence of new and innovative textile coatings is likely to act as an opportunity.
- Asia-Pacific dominated the market across the globe with the largest consumption in a country such as India, China, etc.
Key Market Trends
Thermoplastic Segment to Dominate the Market
- The thermoplastic polymer is a polymer that, when heated, it becomes liquid, allowing manufacturers to mold them into the desired shapes, then soften them and mold them again.
- Thermoplastics dominated the global textile coatings market. Due to various superior properties of thermoplastics, such as their lightweight nature, excellent insulating nature (both electrical and thermal), etc., they are the widely used coating material.
- PVC is an economical polymer and provides resistivity against oil, solvent, and abrasion.
- Furthermore, they exhibit superior fire-retardant properties are hence, preferred as a suitable polymer material in textile coating applications.
- Owing to such properties, the demand for thermoplastic is widely used in various end-user industries. This, in turn, is likely to increase the demand for textile coatings over the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific accounted for the largest regional market in the global textile coatings market and is also expected to register the fastest growth through the forecast period.
- Growing demand from the construction industry, medical, clothing home furnishing industry, and growing demand for protective textiles is expected to drive the market in the Asia-Pacific region, primarily in countries, such as China, India, and Japan.
- Textile coatings are common in cut-resistant materials, gloves, clothing for clean rooms, high visibility clothing, fire, bad weather or NBC protection clothing, etc. The demand for clothing is witnessing an increase in countries such as China, Japan, India, etc.
- In, China has the world’s largest construction industry. However, the growth rate of the industry has become increasingly modest, as the Chinese government is looking to shift toward a services-led economy.
- However, with several major construction projects under progress, China is likely to be the largest construction industry in the foreseeable future.
- The National New-type Urbanization Plan is involved in the development of smart city construction, humanities city construction, and new-type city construction (which includes green buildings, green traffic, etc.) between 2014-2020.
- The construction industry, in Japan, has been witnessing significant growth in the past few years, owing to major construction projects, like the redevelopment of Tokyo in preparation for the summer Olympics in 2020.
- Furthermore, China has the world’s largest textile and apparel industry, which is also a key player for the country’s economy. However, there has been a drop in the market share occupied by the country in the global apparel export market, owing to the trade war with the United States and the maturation of the market.
- Hence, the growing demand from the above-mentioned end-user industries is likely to drive the demand for the market over the forecast period.
The textile coatings market is partially consolidated. Some of the major include Arkema Group, Clariant, Covestro AG, Huntsman International LLC, and Solvay, among others.
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