The global coated fabric market is estimated to account for US$ 28,050.7 Mn in terms of value by the end of 2027 and expected to grow at CAGR of 3.80% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
The growth of the technical textile industry in the Asia Pacific region is predominantly fueling the market growth of coated fabrics. The technical textiles industry is projected to grow at 20% year-on-year. Increasing export of the textile products in the region is also expected to augment the market growth of the coated fabric. India’s textile and apparel exports stood at US$ 38.70 billion in 2019 and are expected to increase to US$ 82.00 billion by 2021 from US$ 22.95 billion in 2020.
Growing investment in the oil &gas industry is projected to offer new market opportunities over the forecast timeframe. Coated fabric such as protective clothing is widely is gaining huge demand from the oil &gas industry in order to protect oneself from the harsh working environment. Moreover, emerging newer technologies such as nanomaterial’s, plasma coating, and inkjet deposition are projected to offer lucrative opportunities in thenear future.
Availability of the low-cost substitute such as TMP, TME, and DMBA is acting as a major threat to the market growth of the coated fabric. These alternatives are available at a low price which is expected to hamper the market growth of the coated fabric. DMBA is mostly used in the coated fabric application due to its increasing use in the polyurethane dispersion industry.
On the basis of region Asia Pacific region holds 35.1% share in terms of value in the global coated fabrics market in the year 2019 followed by North America and Western Europe respectively.
On the basis of application, transportation segment dominated the global coated fabrics market in 2019 by holding a share of 34.1% followed by commercial tents and industrial applications respectively.
Manufacturers are spending heavily on research and development activities in order to develop an innovative product. This is one of the current trends in the market. For instance, in February 2020, Quantum Materials has increased its investments in manufacturing new equipment to meet the increased demand forhigh-performance textiles. The company has announced that it will spend $3.5 million to further diversify its business with customized state-of-the-art manufacturing equipment to support research, development, and manufacturing for non-traditional and high-performance woven textile solutions.
Partnership and agreement between key manufacturers is another key trend in the market and this is attributed to the growing focus of manufacturers on expanding business. For instance, in August 2018, Reliance Industries Ltd's, announced the formation of a partnership with textile major Arvind Limited to manufacture co-branded R|Elan high-performance fabrics. As part of this partnership, Arvind will offer a high standard quality fabric and RIL will ensure timely delivery of R|Elan high-quality performance technologies to Arvind.
Global Coated Fabrics Market - Impact of Coronavirus (Covid-19) Pandemic
The coronavirus outbreak is expected to disrupt supply chains causing current or permanent closure of various industries across the globe. According to Coherent Market Insights, textile and automotive industry will be worst hit by these restrictions that will further expected to impact demand of coatedfabrics market.