Selbyville, Delaware, Dec. 03, 2020 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the industrial protective fabrics market size was estimated at $3 billion in 2019 and is estimated to hit $6.5 billion by 2026, registering a CAGR of 10% from 2020 to 2026. The report provides a comprehensive analysis of the top investment avenues, drivers & opportunities, competitive scenarios, top winning strategies, market estimations as well as size, and wavering industry trends.
Favorable initiatives by the government and rising concern for the safety of workers in a high-risk industrial environment is likely to drive the industrial protective fabrics market growth. Development of fire safety techniques and engineering to minimalize fire hazards is likely to boost the demand for fire suits and other fire-resistant as well as retardant fabrics. Furthermore, factors like financial incentives including tax reductions and exemptions for electric vehicles will augment the growth of the automotive industry. These factors will drive protective clothing demand owing to their substance use by automotive industry workers.
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With respect to raw material, in 2019, the polyolefins segment was valued at more than $57.1 million and is likely to grow at a fast pace. This anticipated growth is attributed to the increasing demand for polyolefins for the manufacturing of protective clothing and fireman suits.
The COVID-19 pandemic has had a major impact on the global economy, the overall market for industrial protective fabric has also shown a deteriorating growth rate. The pandemic has caused the temporary closure of operations, resulting in lower product demand, further leaving a severe impact on the industrial protective fabrics market share. However, with economies opening slowly, the resumption of manufacturing activities across the globe would chalk out a stable recovery trend in the forthcoming time, with the industrial protective fabric industry showcasing a decent jump in revenues.
Key reasons for industrial protective fabrics market growth:
- Rising demand from healthcare and laboratory applications.
- Increasing focus on the safety of workers.
- Increasing fabrication and chemical industrial activities in Europe.
2026 forecasts anticipate the ‘space suits’ application segment showing appreciative growth:
In terms of application, the spacesuits application segment accounted for approximately $68.8 million in revenue in 2019. The segment is anticipated to grow at a respectable CAGR of around 5.9% over the forecast time period. Increasing research and space exploration activities are expected to increase the demand for space suits over the analysis time period. Novel space activities, as well as planetary exploration, have encouraged the industrial protective fabrics market manufacturers to actively focus on lightweight and modular designs.
Europe to witness lucrative growth:
On the geographical front, in 2019, Europe accounted for approximately $1,033.7 million and is expected to grow at a respectable CAGR of more than 9.6% over the forecast time period. This anticipated growth is ascribed to the increasing fabrication and chemical industrial activities across the world. Rising production of electric vehicle will boost the need for personal protective clothing in order to safeguard factory workers from hazardous conditions such as cut hazards, and electric arc flashes, thereby growing the demand for industrial protective fabrics.
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Leading market players:
Prominent market players analyzed in the industrial protective fabrics industry report include KLOPMAN INTERNATIONAL, Glen Raven, Inc., KOLON Industries, Beijing BW Protect, CETRIKO SL., Tex Tech Industries, TEIJIN LIMITED., Tencate Fabrics EU, DuPont, Inc., W. Barnet gmbh & co., and Cerex Advanced Fabrics, Inc. among many others.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.