Chicago, March 22, 2024 (GLOBE NEWSWIRE) -- The Global Textile Coatings Market is projected to grow from USD 4.4 billion in 2023 to USD 5.4 billion by 2028, at a CAGR of 4.6% from 2023 to 2028. as per the recent study by MarketsandMarkets™. Textile coatings are employed to augment the value of textile materials, extending their operational lifespan, preserving aesthetic appeal, and providing enhanced performance and protective features. As industry demand grows, textile coating undergoes continuous innovation to meet evolving requirements and stay at the forefront of market expectations. Textile coatings are chemicals that provide additional properties such as fire resistance, waterproofing, anti-scratch, anti-abrasion, soil & stain repellence, heat stability, and breathability. Textile coatings are used in various industries such as transportation, building & construction, protective clothing, industrial, medical, and other end-use industries.
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Browse In-Depth TOC On "Textile Coatings Market”
296 - Market Data Tables
54 - Figures
268 - Pages
List of Key Players in Textile Coatings Market:
- Covestro AG (Germany)
- Solvay SA (Belgium)
- BASF SE (Germany)
- Sumitomo Chemical Co., Ltd. (Japan)
- The Lubrizol Corporation (US)
- Clariant AG (Switzerland)
- TANATEX Chemicals B.V. (Netherlands)
- Huntsman International LLC (US)
- OMNOVA North America Inc. (US)
- Formulated Polymer Products Ltd. (UK)
- Arkema SA (France)
Drivers, Restraints, Opportunities and Challenges in Textile Coatings Market:
- Drivers: Advancement in coating technologies.
- Restraints: Threat from bio-based alternatives.
- Opportunity: Growing demand for functional textiles.
- Challenges: Textile waste and recycling.
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Key Findings of the Study:
- Transportation segment is estimated to be the largest type in textile coatings market in 2022, in terms of value.
- Thermoset segment is estimated to be the fastest-growing end-use industry for textile coatings market during the forecast period 2023 to 2028.
- Asia Pacific was the largest region for the textile coatings market in 2022, in terms of value.
The textile coatings market is projected to be experiencing significant growth in the forecasted period. The transportation segment is estimated to be the fastest-growing segment in the textile coatings market due to the rise in demand for lightweight solutions from the imperative to address environmental concerns. As sustainability becomes a key component of both consumer preferences and business goals, the transportation segment is anticipated to maintain its growth trajectory. The significance of textile coatings in the transportation market is anticipated to endure and increase as the lightweight solutions in transportation contribute to advancements in electric and hybrid vehicles.
The thermoset segment is estimated to be the largest application in textile coatings market in the forecasted year due to several factors. The dominance of the thermoset segment in the textile coatings market is driven by a broad spectrum of properties of these thermoset coatings that can be customized to meet specific requirements across different industries. Furthermore, the adaptability and flexibility of these coatings are vital factors propelling the growth of the textile coatings market.
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Based on end-use industry, the textile coatings market has been categorized into various segments including transportation, building & construction, protective clothing, industrial, medical, and other end-use industries. Notably, the transportation segment emerged as the market leader in 2022 and is anticipated to maintain its dominant position through 2028. The factors such as changing consumer preferences, sustainability imperatives, regulatory dynamics, and technological advancements in coating technologies, and environmental friendliness have contributed to the transportation industry's leadership in the textile coatings market. Furthermore, the building & construction segment is forecasted to exhibit the second highest CAGR in terms of value during the forecast year 2023 and 2028.
Based on region, the textile coatings market has been categorized into five regions including North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific stands out as the largest market for textile coatings. Asia Pacific's dominance in the textile coatings market has been largely driven by technological innovation. The region is home to research and development centers as well as a bustling startup and innovation community that is concentrated on sustainable solutions. The market for textile coatings grew due to the growth in construction activities and the ease of recyclability of used textile coatings materials, leading to a substantial expansion of the textile coatings market in the Asia Pacific.
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