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Albany, New York, March 19, 2019 (GLOBE NEWSWIRE) -- The textile coatings market depicts a competitive and fragmented landscape, thanks to the presence of several regional vendors. Although the competition is dynamic, few players hold an edge over others due to their widespread global footprint, reports Transparency Market Research (TMR). Some of the main players in the global textile coatings market are Huntsman International LLC, The Dow Chemical Company, Sumitomo Chemical Company, Omnova Solutions Inc., and Clariant AG.
Several companies in the textile coatings market are investing major resources in innovations due to fast-changing trends. The emergence of smart clothing connected with devices, rising exploration of biomaterials, and expansion of Artificial Intelligence and nanotechnology, are expected to transform end-use industries in the near future. These research-based developments culminate into a barrier that makes it difficult for small players to enter the market, due to high costs of investments. However, innovative small players are expected to find rewarding opportunities in the textile coatings market in the near future.
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The global textile coatings market is predicted to register a CAGR of 3.9% during 2017-2025. The market is witnessing an increased demand from various industries including automotive, construction, medical, and textile. The market was valued at US$3,406.0 mn in 2016. It is expected to touch US$4,918.5 mn by 2025 end. Thermoplastics are expected to continue holding prominent shares in the textile coatings market, thanks to their cost-effectiveness.
The Asia Pacific region is expected to drive the fastest growth for the global textile coatings market in the near future. The region is expected to clock 4.3% CAGR during 2017-2025. Rising disposable incomes and large volume of demand in the region are expected to present lucrative opportunities for all market players. North America and Europe are likely to generate high-revenue growth for the global textile coatings market due to high profit margins.
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Asia Pacific Region Presents a Major Opportunity
The global textile coatings market products are used in various industries including upholstery fabric, footwear, industrial clothing, medical, and automotive. Among these, the automotive industry is experiencing a growing demand for vehicles, especially in Asia Pacific region. Growing disposable income and large populations necessitate the use of private vehicles. textile coating is important for decorating interiors, mainly for upholstery which is expected to drive significant growth for the textile coatings market in the near future. Additionally growing stringent regulations in Asia Pacific in relation to safety and performance are expected to surge demand for heavy industry fabric in the near future.
Textile coatings made up of polyvinyl chloride are losing ground globally. The toxic elements of the material such as plasticizer chemicals are expected to restrain growth of the global textile coatings market.
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New Fabrics Promise Rewarding Opportunities
Nanotechnology, biotechnology, and Artificial Intelligence (AI) are changing manufacturing in various industries. This is expected to open up new opportunities for the global textile coatings market. Clothing with sustainable methods of charging smartphones, self-cleansing fabrics, water repellant materials, and fabrics with UV protection layers are gaining grounds through the fashion industry. Due to advent of new materials, highly tensile strength, and unique surface structure is likely to become a norm in clothing. This can challenge manufacturers to adapt, and with innovation, promise vibrant design options for the clothing industry.
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The study presented here is based on a report by Transparency Market Research (TMR) titled, “Textile Coatings Market (Raw Material - Thermoplastics (Polyurethane, Polyvinylchloride, and Acrylics) and Thermosets (Natural Rubber, Styrene Butadiene Rubber, and Silicones); Technology - Dot Coating and Full Surface Coating; End-user - Geotextiles, Footwear, Upholstery Fabric, Medical Hygiene, and Industrial Clothing) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
The global textile coatings market is segmented for detailed study in the following way:
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