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Textile Coatings Market to surpass USD 7.5 billion by 2024 |Industry Key Players OMNOVA Solutions, BASF, Solvay, Sumitomo Chemical: Group Companies of the Americas, The Lubrizol Corporation, TANATEX CHEMICALS B.V.
Textile Coatings Market
Textile coatings market is dominated by thermoplastics, accounting for over 80% in 2016. High application scope in architectural product, large tents, water proof clothing and banners will propel the product penetration. High requirement of product in manufacturing automotive airbags, bulk bags and leathers is expected to drive the overall business demand.
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Thermosets market will witness growth over 4% up to 2024. Natural, styrene butadiene, polyurethane and butyl rubbers are among the key thermosetting materials. Natural rubbers are widely used in rain wear, military suits, protective clothing and carpet backing. Rising demand for protective clothing from several end-use industries will propel industry growth.
Increasing preference for advanced automotive interiors along with rise in demand for passenger vehicle will drive the textile coatings market growth. Global passenger cars production was over 75 million units in 2016 and will grow at over 6.5% up to 2024.
Rapid urbanization along with increasing government spending on infrastructure will drive the market growth. Benefits including anti-abrasion, thermal insulation, self-cleaning and fire retardation will remain key factors fueling product demand.
Construction industry was valued over 450 kilo tons in 2016. Advancement in advertisement platforms including billboards, hoardings and signage are positively influencing industry growth. In addition, increasing product adoption in supporting nets, awnings and canopies used during infrastructure development will fuel demand.
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Advanced technology will witness growth over 4.5% through to 2024. Large scale production, ease in process and robust design are few key properties driving industry growth in segment. Favorable government regulations offering free trade along with availability of raw materials will fuel the business growth. Low raw material cost along with availability of labors will further enhance the product growth.
Thermoplastic accounted for over 80% of the overall textile coatings demand in 2016. Air bags, automotive upholstery, and bulk bags are major contributing application. Benefits including durability, strength, and high resilience will facilitate market growth in this segment.U.S. textile coatings market will witness growth over 4.5% up to 2024. Positive outlook from home furnishing, clothing and industrial applications will support the overall business growth. Stagnant raw material prices along with increase in spending on R&D for further product innovation will propel regional industry growth.
APAC textile coatings market share was over 50% 2016. Increase in spending on industrial, infrastructural and residential segment will positively influencing the product demand. The regional spending on construction was over USD 3.4 trillion in 2016, with China being the major contributor spent over USD 1.6 trillion.
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Global textile coatings market share is highly fragmented in nature as there are number of regional manufacturers. The key industry participants include Omnova Solutions, Huntsman International, Solvay, Clariant AG, Covestro AG, BASF, Formulated Polymer Products, Sumitomo Chemical Company. Other notable players in terms of geographic presence and product range includes Textiles Coated International, Lubrizol Corporation, Nobletex, Sioen Coating, DSM, Tanatex Chemicals, Conversion Technologies International, National Coating Corporation, Vintex, Ajy Tech India, Arville and Reagent.
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