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Textile Coatings Market Size
Global Textile Coatings Market size was worth over USD 5.1 billion in 2016 and will surpass 5,600 kilo tons by 2024.
Potential outlook in construction, home furnishing, clothing, and medical industry will drive the textile coatings market size. Shifting consumer preference towards advanced products due to its benefits including fire retardation, anti-abrasion, anti-bacteria, self-cleaning and thermal insulation will fuel product scope. Rising product demand from construction industry particularly in China, India, Brazil and Southeast Asia will propel the textile coatings market. Global construction spending was over USD 4.5 trillion in 2016 and is estimated to reach USD 8 trillion by 2024.
Expansion in global automotive industry coupled with inclination towards passenger cars will support the product demand. The global automobile sales were over 89 million units in 2015, which grew up to more than 93 million units in 2016. Commercial vehicles and passenger cars are widely used and have witnessed an increase in sales since past few years.
Superior resistance to grease, heat, soil and water, along with scratch resistance are the key properties enhancing the product demand. Increasing investment on research and development to innovate fibre technologies, enhance moisture content, and repel water & heat to provide comfort will drive the demand.
Textile coatings requires polyvinyl chloride, acrylic and polyurethane as raw material, higher demand of the material owing to various applications will affect the price trend. Competitive pricing owing to increasing production capacity particularly in emerging countries may further affect the price of the product.
What was the global textile coatings market share valuation in the year 2016?
The registered value for textile coatings market was 5.1 Billion (USD)in 2016.
What was the size of the global textile coatings industry in 2016?
The overall textile coatings market acquired a revenue share of 5.1 Billion (USD) in 2016.
What will be the worth of global textile coatings market by the end of 2024?
According to the report published by Global Market Insights Inc., the chelating agents business is supposed to attain $7.5 billion (USD) by 2024.
Which are the top companies in the textile coatings industry?
Huntsman International, Omnova Solutions, BASF, Solvay, Covestro AG, Clariant AG, Formulated Polymer Products, Sumitomo Chemical Company, Lubrizol Corporation, Tanatex Chemicals, Sioen Coating, DSM, Textiles Coated International, National Coating Corporation are some of the top contributors in the industry.
What are the key factors driving the market?
Rising demand from geotextiles, innovation in production technologies and increasing quality standards and safety regulations are the major key factors expected to drive the growth of global market.
Which technology segment is expected to drive the market during the forecast period?
The traditional coating segment registered a highest market share in 2016 and is projected to record a remarkable growth rate throughout the forecast period.