Global Coated Fabrics Market on a Modest Growth Trajectory, to Surpass ~US$ 22 Bn by 2020-end – Future Market Insights
Coated fabrics have greater capacity to withstand hostile environments and fluctuating weather patterns. The most prominent coating substances used across industries are rubber, resins and polymers provide longevity to the material, making them impervious to damage from oil, dust, water or other catalysts.
DUBAI, UAE / ACCESSWIRE / June 23, 2020 / The global coated fabrics market is slated to reach a valuation of US$ 21.6 Bn by 2020-end, expanding at a moderate CAGR. Most of the demand for coated fabrics is being generated by the automobile industry as they are highly rot-proof, water resistant, UV repellant and mildew resistant. Therefore, they are highly used across automobiles, railways, aircrafts and marine applications. Additionally, coated fabrics have found increased usage in the production of industrial uniforms, masks and gloves. As industrial workers operate in hostile and hazardous environments, they require adequate protective gear for which coated fabrics are an ideal choice.
The textile industry has also found immense application of coated fabrics in recent years. The industry widely uses fabrics to imbue water impermeability and resistance to other external contaminants. However, the outbreak of the coronavirus pandemic has drastically inhibited market growth, attributed to sluggishness across various end-use industries. The imposition of nationwide lockdowns have ushered in a stalemate in production cycles, causing output to become restricted. However, as restrictions are easing in certain countries, the market is set to leverage as end-use industries are gradually reverting to normal operations.
“The coated fabrics industry has been mushrooming rapidly, owing to significant technological advancements in coating processes. As the years progress, market players are increasingly discovering ways to capitalize on these advancements in order to expand their customer base,” concludes a leading FMI analyst.
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Global Coated Fabrics Market- Key Takeaways
- Asia-Pacific is poised to emerge as the kingpin in the coated fabrics market. A highly flourishing automobile and textile industry is the primary reason behind the region’s robust expansion.
- Polymer-coated fabrics accounted for nearly 9/10th of the coated fabrics market. High tolerance to abrasion and enhanced adhesive properties make it an ideal choice in the textile industry.
- The global coated fabrics market registered a moderate CAGR of 3.7% during the period 2015-2020.
Global Coated Fabrics Market- Prominent Drivers
- Favorable government policies directed towards safeguarding employees against industrial hazards across manufacturing settings is providing a tremendous boost to the coated fibers market.
- Aesthetic value of polymer coatings by virtue of providing a decorative appearance is driving its adoption, boosting the market share of coated fibers.
Global Coated Fabrics Market- Key Constraints
- The coated fabrics industry is extremely capital intensive. This is anticipated to discourage entry of fresh market players leading to a stagnation of the landscape.
- The presence of a large number of substitutes shall generate a low bargaining power on behalf of end-users.
Anticipated Impact of the Coronavirus Outbreak
The coronavirus outbreak has significantly dented the coated fabrics market. This is primarily due to production crunches across prominent end-use industries such as automobiles and textile. According to estimates, plant shutdowns in the automobile sector have generated a loss of nearly 3 million vehicle units in the first half of the year, with further losses predicted over the third and fourth quarters in the United States alone. The rising number of coronavirus cases has compelled manufacturing units to either operate at reduced capacity or totally cease production lines. Also, the closure of textile industries has impacted the entire value chain, ranging from fabric supply to brand to the zipper and label industry. As a consequence, the demand for coated fabrics has recorded a steep dive. Fortunately, several countries have eased lockdown restrictions, with a view to realign economic growth. As a result, the abovementioned end-use industries have experienced an uptick in their production cycles. This resurgence is anticipated to provide leverage to the coated fabrics market in the months to come.
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Competition Landscape
The global coated fabrics market is dominated by the following market players: Valspar Corporation, Saint-Gobain S.A, 3M, AkzoNobel, PPG Industries, Dupont Coatings & Color Technologies Group, BASF Coatings AG, Sherwin-Williams, Nippon Paints and Bayer AG. The key marketing strategy employed by these vendors include mergers and acquisitions in order to expand customer based and geographical presence. Recently, Bayer AG collaborated with the International Apparel Federation (IAF) with the objective of improving innovations in the apparel and footwear industry.
More Valuable Insights on the Coated Fabrics Market
FMI’s research report on the coated fabrics market incorporates an unbiased analysis of the market drivers, bringing to the fore insights that can help stakeholders identify the opportunities as well as challenges associated with the market. The market has been segmented into the following categories: applications and product type. By application, the market is divided into transportation, industrial, protective clothing, furniture, commercial tents and others. By product, the market has been segmented into polymer coated, rubber coated and others. Both the abovementioned segments have been regionally profiled across the following geographies: North America, Latin America, Western Europe, Asia-Pacific and the Middle East.
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