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What's driving the Flame Resistant Fabrics Market Share? TOYOBO CO., LTD., LENZING AG, Huntsman International, Evonik Industries., DuPont, Koninklijke Ten Cate nv, Solvay, Milliken & Company, Teijin Aramid B.V
Flame Resistant Fabrics Market
Increasing demand for flame resistant fabric owing to government stringent regulation controlling and maintaining safety at workplace for labors will propel market growth. Greater participation of industries for maintaining safe working environment and growing social responsibility among employees regarding safety is propelling the demand for flame resistant fabric.
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According to a new research report by Global Market Insights, Inc. Global Flame Resistant Fabric Market size will likely surpass USD 6 billion by 2024.
Rising cost of R&D for developing advance technologies is hindering market growth over the forecast period. Further variation in raw material prices and increase in prices of woven and silk material is likely to restrain the market growth.
Hybrid product segment will grow at a CAGR of around 6% over the coming years. This segment is rapidly growing in end-user industry due to its light weight and cost-efficient properties. It is manufactured by different fibers like carbon fiber and aramid yarns. Moreover, inherent segment is likely to grow in term of volume owing to its durable properties and wide application in end-user industries.
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Transportation sector is growing with a CAGR of around 6.5% and is likely to increase owing to government investment initiative and foreign investment in construction of better railways, metro and road network in emerging countries. Other than this industrial segment is also growing in term of volume due to increasing industrialization and urbanization in Asia Pacific and Africa.
Asia Pacific region holds a potential market share in 2016 and is set to surpass USD 1.5 billion by the end of forecast timeframe. Rising investments by the end-user industry and strict government regulation for protecting employees will drive the market for China, Japan and India. Further, Latin America and Middle East & Africa is likely to witness positive growth owing to increasing demand from end-user industries over forecast timeframe. Europe accounts for highest volume consumption with more than 22% of overall market revenue.
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Prominent players present in flame resistant fabric market are TOYOBO CO., LTD., LENZING AG, Huntsman International, Evonik Industries., DuPont, Koninklijke Ten Cate nv, Solvay, Milliken & Company, Teijin Aramid B.V. and others.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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