Growing potential in construction, home-furnishing, medical and clothing industry, shift in consumer preferences towards advanced products is forcing the companies to innovate and launch advanced technologies in their fabrics. Factors such as improved moisture content, new fiber technologies and comfort are demanded by the consumers and companies are making huge investments in research and development to deliver these qualities to the customers. On account of these factors, the market is anticipated to record a CAGR of around 4.1% over the forecast period i.e. 2019-2027.
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The market is segmented by material into thermosets (natural rubber, styrene butadiene rubber), thermoplastics (acrylic, polyurethane, polyvinyl chloride) out of which, the thermoplastics segment is anticipated to have leading shares on account of various superior properties such as excellent insulating and lightweight nature etc.
The market is further segmented by technology into traditional, advanced (magnetron sputtering, plasma coating) out of which, the advanced technology segment is anticipated to have significant growth on account of innovations and various properties such as anti-microbial coating used in electrodes and various medical applications.
On the basis of application, the market is segmented into construction, home furnishing, transportation, medical, clothing, packaging, sports & leisure, industrial. Construction industry accounted for largest share attributed to high adoption of hoardings for advertisements particularly in developing countries.
Asia Pacific is anticipated to have leading shares on account of increasing demand for construction, clothing and transportation application. Rise in the disposable income along with favorable policies propelling the industrial development may influence the product penetration positively. North America region followed Asia Pacific on the back of improvement in overall industry supporting the business growth, increasing R&D activities by the market players and stable prices of raw materials with stable energy prices. Europe is expected to witness increasing growth owing to recovery in the automotive industry.
Technological Advancements and Increase in Quality Standards to boost the Market Growth
There has been continuous increase in performance and quality standards in the end use industries such as rise in performance requirements and increasing fire safety regulations. Additionally, initiation of innovative technologies is done regularly and is anticipated to open new opportunities for the manufacturers in the textile coatings market and drive the growth of the market during the forecast period.
Environmental Concerns
Some materials such as PVC and isocyanides are harmful for the environment and human health. Environmental concerns in relation to PVC material coatings and threats from bio based alternatives are expected to restrain the textile coatings market.
This report also provides the existing competitive scenario of some of the key players of the global textile coatings market which includes company profiling of Nobletex Industries Limited, Ajy Tech India Pvt. Ltd., Visen Industries Limited, Textiles Coated International, National Coating Corporation, and Sioen Coating.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global textile coatings market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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