Market Synopsis:
Textile coatings are gaining momentum and witnessing rising applications across major end-use industries. The assessment offered by Market Research Future (MRFR) has revealed that the global textile coatings market is poised to register a steady USD 5.51 billion in 2015 and is estimated to reach USD 6.81 billion by 2021, at a CAGR of 3.5% between 2016 and 2021. These coatings enable depositing polymeric resin on textiles. The benefits of the process have paved its way across different industry verticals.
The growth of the clothing industry is the major factor responsible for the development of the textile coatings market in the forthcoming years. Increasing disposable income is likely to favor market expansion in the foreseeable future. These coatings are also extensively used in the automotive sector for the manufacturing of upholstery. The growing demand for vehicles is poised to encourage the revenue growth of the textile coatings market in the years to come.
The construction sector has also unleashed developmental opportunities to the market. In addition, the rising demand for textile coatings for home furnishings is prognosticated to accelerate revenue generation for the players of the market over the next couple of years. On the flip side, rising environmental concerns, in conjunction with the implementation of stricter regulations, is poised to undermine the expansion of the textile coatings market in the years to come.
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Market Segmentation:
On the basis of type of coating, the global textile coatings market has been segmented into thermosets, thermoplastics, and others (silicon, fluoropolymers). The thermosets segment can be further sub-segmented into natural rubber, styrene-butadiene rubber (SBR), and others (nitrile rubber, butyl rubber, and others). The thermoplastics segment has been sub-segmented into polyvinyl chloride (PVC), acrylics, polyurethane (PU), polyolefins, and others.
Competitive Dashboard:
The important players studied for presenting a detailed segmental analysis of the global textile coatings market are Lubrizol Corporation (U.S.), Covestro AG (Germany), Huntsman International LLC (U.S.), Clariant AG (Switzerland), Solvay SA (Belgium), Formulated Polymer Products Ltd. (U.K), BASF SE (Germany), Sumitomo Chemical Company (Japan), Omnova Solutions Inc. (U.S.), and Tanatex B.V. (Netherlands).
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On the basis of coating method, the textile coatings market has been segmented into direct roll coating, direct coating, pad-dry-cure coating, hot melt extrusion coating, foamed & crushed foam coating, calendar coating, and others.
On the basis of end-user industry, the global textile coatings market has been segmented into transportation, clothing, building & construction, healthcare, home furnishing, and others (packaging, agricultural industry, geotextiles).
Regional Analysis:
For an exhaustive geographical assessment, the global textile coatings market has been segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa (MEA). Asia Pacific is expected to hold the lion’s share of the market in the years to come. Increasing applications across the burgeoning industry verticals such as automotive, healthcare, construction, etc. is expected to increase the revenue generation of the market participants over the next few years in the region. In addition, the rising purchasing power of the population is also projected to favorably influence the growth pace of the textile coatings market in the years to come.
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Europe and North America are significant regional segments and are poised to contribute substantially to the development of the global textile coatings market over the next couple of years. The increasing demand for PU based textile coatings is prognosticated to drive the proliferation of the market in the foreseeable future.
Industry News:
In May 2019, Covestro AG, Bayer’s materials science division, has presented sustainable developments in Insqin technology designed for aqueous textile coatings and water-based polyurethane dispersion at Techtextil 2019. These developments are introduced for enabling biodegradable textile coatings.
In May 2019, Archroma, a leader in specialty chemicals and sustainable solutions, has announced the launch of a break-through water-based textile coating binder named Appretan® NTR which is based on natural renewable ingredients.
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