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Award-winning consulting firm Fact.MR has published a new report on the global textile coatings market for the forecast period of 2021-2031. As per its analysis, the market is anticipated to surpass US$ 5 billion in revenue, expanding at a CAGR of approximately 4% across the aforementioned decade. Demand is majorly underpinned by extensive uptake in industrial clothing and medical hygiene.
Historically, the market accrued impressive gains, and was valued at over US$ 3 billion in 2016. Application prospects are also broadening within the geotextiles segment, as the global construction industry increasingly demands materials that possess enhanced mechanical response, advanced filtration capacities, and high chemical resistance.
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Markets in Asia Pacific are slated to exhibit maximum growth, attributed to increasing construction activities across such key countries such as China and India. These countries are augmenting their reliance on geotextiles so as to render their infrastructure development projects highly durable and long-lasting. It is projected that China, India, and the United States will collectively contribute nearly 60% of total construction output by 2030, thereby increasing demand for robust construction material.
Key Takeaways from the Market Study
- By raw material, thermoplastics to reign supreme, generating over 80% of market revenue, with high preference for polyurethane
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- By end use, medical hygiene products to witness increased application of textile coatings
- Demand for full textile coatings anticipated to surge over coming years
- The market in the U.S. likely to surpass the billion dollar mark amid extensive uptake across industrial clothing and sports apparel sectors
- Heavy investments in domestic apparel market to heighten demand across India
- China to emerge as a heavyweight in textile coatings in Asia Pacific
BASF SE, Clariant AG, Covestro AG, Du Pont, Huntsman International LLC, Omnova Solutions Inc., Solvay SA, Sumitomo Chemical Co. Ltd., Tanatex Chemicals B.V., and The Lubrizol Corporation are some key textile coating manufacturers operating in the global landscape.
- Covestro AG, a prominent functional textiles player, offers a broad range of high quality water-based polyurethane (PU) coatings to include superior elasticity, durability and water resistance. Its major brands include Dureflex®, Imprafix®, Impranil®, Impraperm® and Platilon®
- In December 2020, Huntsman International announced an agreement to acquire Gabriel Performance Products for a sum of US$ 250 million. The objective of this move was to enable the company expand its specialty chemicals business portfolio, including textile coatings
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2019/04/12/1803392/0/en/Biometric-Driver-Identification-System-Adoption-Growing-with-Shift-toward-Digital-Services-Underway-Fact-MR.html
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