The competition amongst players in the global textile coatings market is mainly spread across a vast plethora of companies, observes Transparency Market Research on the ground of a recently published report. In spite of this fairly even business distribution, few companies hold top spots regarding market shares as compared to others. As per the report, the competitive landscape is expected to remain fragmented amongst the regional players. The larger companies who have a global presence in this market are expected to improve their product portfolio so that specific demands from diverse industries can be fulfilled. The competitive landscape is expected to grow stronger as the textile coatings market spreads more extensively than its current scenario. New opportunities along with better production capacity and product quality are some of the goals that are being planned by the market leaders to achieve. Few key players in the global textile coatings market are: Clariant AG, Huntsman International LLC, Omnova Solutions Inc., The Dow Chemical Company, Solvay SA, Sumitomo Chemical Company, amongst many others.
As per the findings of the report, the global textile coatings market is prophesized to grow at a CAGR of 3.9% during the forecast period of 2017 to 2025. The market’s valuation is estimated to reach US$4918.5 mn by the end of 2025, from its worth of US$3406.0 mn that was recorded in 2016.
Full Surface Coating Technology Segment Exhibits High Demand
As per the report, the global textile coatings market is divided into several segments based on criteria such as: raw material analysis, technology analysis, end user analysis, and regional analysis. Of all the segments, the polyurethane and polyvinylchloride sub-segments of thermoplastics segment from raw material analysis held the leading position in the global textile coatings market in 2016. Another segment involving the manufacturing and use of full surface coasting technology showcases a high demand than other technologies. From the end users perspective, the upholstery fabric and industrial clothing segments held the top position on the leaderboard with respect to utilization and demand. From a regional perspective, China held a good position with regards to maximum market shares achieved in the Asia Pacific region. Rather, the entire Asia Pacific region is expected to continue to showcase maximum growth even from a futuristic perspective.
Construction and Transportation Industry behind Market Upsurge
The rising prosperity of several industries such as building and construction, transportation, chemical, and many more, have been the most prominent factors behind the upsurge experienced by the global textile coatings market. An increasing requirement in various industrial sectors to maintain fire safety regulations, better performance requirement of apparels, and maintaining other standards for protective clothing has been occurring. These requirements have put an increasing onus on the industries to use textile coating materials due to their properties such as fire retardation, anti-abrasion, anti-bacterial, thermal insulation, and several others.
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As these coatings offer superior resistance to greases, oil, water, heat, they are increasingly used in passenger vehicles, which in turn have significantly boosted the market. In recent years, several investments were made by the automotive industry players for research and development regarding fibers that repel water and enhance moisture content, thus resisting heat absorption. These characteristics are all fulfilled with the help of the geotextiles and textile coatings, thus ultimately enhancing the textile coatings market. As per the published report, production technology innovations that include conducting textiles, polymers that retain shape memory, and nanotechnology-integrated textiles are some of the new opportunities standing in the doorways of the global textile coatings market.