PUNE, India, October 28, 2016 /PRNewswire/ --
The report "Textile Coatings Market by Type (PVC, PU, Acrylics, SBR, Natural Rubber) End-Use Industry (Transportation, Building & Construction, Protective Clothing, Industrial, Medical, Sports, Agriculture, and Packaging) - Global Forecast to 2021", published by MarketsandMarkets, the global size of market was USD 5.51 Billion in 2015 and is projected to reach USD 6.81 Billion by 2021, at a CAGR of 3.5%.
Browse 83 market data Tables and 31 Figures spread through 138 Pages and in-depth TOC on "Textile Coatings Market"
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Rising industrial, transportation, and building & construction are driving the market for textile coatings. Along with these, increasing quality and performance standards in textile coating based fabrics are also driving the market.
Asia-Pacific is the key market for textile coatings
Asia-Pacific dominated the textile coatings market in 2015. China is the largest consumer of textile coatings in the world. The demand for textile coatings is driven by the diverse industrial markets ranging from building & construction, automotive, industrial, and protective clothing, among others. The ensuing increase in investments and rise in the number of new manufacturing establishments are anticipated to lead Asia-Pacific to emerge as the prime driver for the growth of textile coatings market.
Industrial segment to be the fastest-growing market for textile coatings
Industrial segment for textile coatings includes industries such as oil & gas and manufacturing among others. Growth in oil & gas and manufacturing industry will drive the textile coatings market. North America is expected to witness growth in oil & gas and manufacturing industry due to the recent discoveries of shale gas and shale oil in the region and strong manufacturing base in the U.S.
Other countries such as Argentina, India, UAE, South Africa, Australia, Malaysia, and Chile are estimated to exhibit the fastest-growth in the manufacturing industry. China accounts for the largest manufacturing industry globally, and is also amongst the leading oil & gas countries in terms of production and consumption. All these factors will account for its fastest-growth in textile coatings market.
Thermoplastics type textile coatings will account for the largest market share
The global Textile Coatings Market was dominated by thermoplastics, as it was largest in terms of both value and volume, in 2015. This is due to the fact that PVC is the most used coating for various applications due to its reduced cost, easy weldability, and range of colors available. In addition, it can be easily painted or printed. PU being an eco-friendly textile coating, and its acceptance by the manufacturers in North America and Europe, will also support the market for thermoplastics type textile coatings.
The global textile coatings market has a large number of market players; however, the market is dominated by some of the major players, such as Covestro AG (Germany), Huntsman International LLC (U.S.), Solvay SA (Belgium), Clariant AG (Switzerland), BASF SE (Germany), Omnova Solutions Inc. (U.S.), Sumitomo Chemical Company (Japan), Lubrizol Corporation (U.S.), and Tanatex B.V. (Netherlands), among others.
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