New York, USA, July 03, 2023 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global flame retardant protective wear market is predicted to grow at a tremendous CAGR of 5.8%, thereby garnering a revenue of $6,099.7 million in the 2023-2032 timeframe. This holistic report provides an overarching overview of the nature of the flame retardant protective wear market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2023-2032 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the nature and working of the market.
Dynamics of the Market
Drivers: Increasing pace of industrialization is expected to be the primary growth driver of the flame retardant protective wear market in the forecast period. Moreover, the growing demand for flame retardant protective wear from automotive manufacturing industries is predicted to propel market growth.
Opportunities: Technological advancements in flame retardant fabrics to boost the safety of materials is predicted to offer numerous growth opportunities to the market in the forecast period. Additionally, rising expanse of end-use industries is anticipated to augment the growth rate of the flame retardant protective wear market.
Restraints: High cost of flame retardant protective wears, however, might restrict the growth of the global market.
Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The flame retardant protective wear market, too, faced a similar fate during the pandemic. The disruptions in global supply chains reduced the rate of manufacturing of flame retardant protective wears which brought down the growth rate of the market. At the same time, the demand for these protective wears from various industries reduced due to shutdown of several companies which further reduced the growth of the market.
Segments of the Market
The report has divided the market into certain segments based on product, material, end-use industry, and region.
Product: Apron Sub-segment to Have the Highest Growth Rate
The apron sub-segment of the flame retardant protective wear market is expected to have a high CAGR by 2032. The significant use of aprons in oil & gas, manufacturing, construction, food processing, and other sectors is predicted to augment the growth rate of this sub-segment.
Material: Modacrylic Sub-segment to Flourish Immensely
The modacrylic sub-segment is expected to have a significant growth rate by 2032. Wide use of modacrylic fibers in high-performance protective clothing owing to its flame resistance and other desirable textile properties is predicted to augment the growth rate of this sub-segment.
End-Use Industry: Electrical Sub-segment to be Highly Profitable
The electrical sub-segment is expected to be one of the most dominant sub-segments by 2032. The vital role played by flame retardant protective wear in preventing the injuries due to electric arc, flash, explosion, and fire is predicted to augment the growth rate of this sub-segment.
Region: Market in the North America Region to be the Most Lucrative
The flame retardant protective wear market in the North America region is projected to be the most profitable in the analysis timeframe. The increasing use of flame retardant protective wear in end-use industries such as construction, mining, petrochemical, and manufacturing is expected to be the main factor behind the growth of the market in this region.
Prominent Market Players
Some prominent market players of the flame retardant protective wear market are
- ANSELL LTD
- Lakeland Inc
- SOLVAY
- 3M
- Kimberly Clark Corp
- International Enviroguard
- VF CORPORATION
- DuPont
- W. L. Gore & Associates Inc.
- Honeywell International Inc.
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
For instance, in May 2021, Invista, a chemical industry company, announced a collaboration with Daletec, a FR fabric specialist. This collaboration is aimed at developing advanced flame retardant fabrics for thermal hazard-prone workers. The collaboration will help both the companies to pool their resources and achieve their intended aim successfully in the near future.
Finally, this report published by Research Dive also offers many vital facets of the flame retardant protective wear market including the latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
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