New York, USA, July 28, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global flame-retardant protective wear market is projected to register a revenue of $4,891.0 million at a CAGR of 6.8% during the forecast period (2019-2027), increasing from $2,890.1 million in 2018. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Regulations regarding workers’ safety at the manufacturing and automotive industries are enhancing the growth of the global market. In chemical and pharmaceutical industries, the flame-retardant protective wear is an essential kit as these are the most dangerous places to work. Furthermore, flame-retardant protective wear is used in oil & gas and petrochemical industries for many tasks including plugging inactive wells, extraction of petroleum, drilling process of oil & gas and storage of petrochemical products. These are the factors expected to boost the global flame-retardant protective wear market.
Restraint: The flame-retardant fabrics are very expensive which is expected to hinder the market growth during the analysis period.
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Opportunity: Technical advancements in product manufacturing and upgradation of the product by adding eco-friendly materials is expected to create many opportunities for the market.
Key Segments of the Market
The report has highlighted the different segments of the market. The main segments of the market include product type, material type, clothing type, end-use, and regional analysis.
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Product Type: Treated Product Sub-Segment Expected to be the Most Lucrative
Treated product type is predicted to generate a revenue of $3,264.0 million by the end of 2026. The main factor behind this growth is the high demand for treated flame-retardant protective wear in the end use industries including oil & gas, automotive, petroleum, and manufacturing industry.
Material Type: Non-Woven Sub-Segment Expected to be the Most Profitable
The non-woven material sub-segment raised a revenue of $1,180.7 million in 2018, and is further predicted to garner $1,817.2 million during the analysis period. The main attributor of this growth is the extensive usage of non-woven materials which are preventive to applications in industries such as construction, transport, automotive, and manufacturing industries.
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Clothing Type: Durable Clothing Sub-Category Expected to be the Most Beneficial
The durable clothing sub-category is predicted to garner a revenue of $3,404.9 million by the end of 2026. This is mainly because durable clothing is high in demand mainly in the industries such as aircrafts and automobile.
End-Use: Oil & Gas Sub-Segment Expected to be the Most Profitable
The market for oil & gas industry is expected to generate the highest revenue during the forecast period. The main factor behind this growth is the various applications of the protective wears in various parts of oil and gas industry such as thermal protection from distillation units, refinery & chemical processing, and protection from harmful chemicals.
Region: Europe Expected to Lead the Market
Rapid expansion of end-use industries is one of the main reasons enhancing the growth of the market. In addition, increasing manufacturing facilities and the rapid growth in new construction projects in the region are predicted to boost the growth of the Europe flame-retardant protective wear market.
Key Players of the Market
• Seyntex N.V.
• Honeywell International Inc.
• Koninklijke Ten Cate N.V.
• Portwest Ltd.
• Marina Textil S.L.
• Bulwark FR
• Fristads
• National Safety Apparel
• Lakeland Industries Inc.
• DEVA F-M.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
Recent Development:
In March 2018, Koninklijke Ten Cate B.V., a provider of protective fabrics for fire-fighting, military, sports, and service industries, announced about its agreement with integrated chemicals and materials group Toray Industries Inc. on the acquisition of TenCate Advanced Composites. The collaboration of TCAC and Toray is supposed to bring together complementary product offerings in high performance composites serving the aerospace, space and communications, and high-performance industrial markets.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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