Press release
Textile Coatings Market Outlook US$ 5 Billion Valuation Anticipated by 2031
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Market Future Outlook
The global textile coatings market (섬유 코팅 시장) is expected to continue its growth trajectory, driven by the expanding automotive and healthcare industries. The Asia-Pacific region is projected to dominate the market, owing to the presence of major textile manufacturing countries such as China, India, and Bangladesh. Technological advancements, coupled with increasing demand for sustainable coatings, are likely to fuel market growth in the coming years.
Country Wise Analysis
In the United States, textile coatings production is expected to reach US$ 1 billion in the coming years, primarily driven by their extensive use in industrial apparel, especially in the construction sector. Construction apparel is crucial for ensuring worker safety and preventing injuries on construction sites.
Moreover, growth is anticipated in the sports and recreation sector due to increased participation in athletic events by prominent sports personalities. The focus is on incorporating eco-friendly textile coatings to reduce environmental impact. The U.S. market is expected to grow at a CAGR of 3.9%.
India is also poised for significant growth in textile coatings, with a projected CAGR of 4%. This growth is fueled by the widespread adoption of textile coatings in the domestic textile and clothing industry. According to the India Brand Equity Foundation (IBEF), the clothing textile and apparel industry in India is expected to reach a value of US$ 226 billion by 2023, encompassing both domestic and export trade.
Furthermore, the Indian government's initiative to allow 100% foreign direct investment through automatic channels has led to approximately US$ 4 billion in FDI between April and December 2020. This policy has created numerous opportunities for textile coatings producers to expand their operations in India.
Key Players
BASF SE
Clariant AG
Covestro AG
Du Pont
Huntsman International LLC
Omnova Solutions Inc.
Solvay SA
Sumitomo Chemical Co. Ltd.
Tanatex Chemicals B.V.
The Lubrizol Corporation
Competitive Landscape
Leading manufacturers in the textile coatings market (Markt für Textilbeschichtungen) employ various strategies to drive growth, including expanding their product portfolios, forming collaborative partnerships, engaging in mergers and acquisitions, and expanding their production capacities.
For instance, in September 2021, BASF SE showcased its polyurethane, thermoplastic polyurethane, and E-thermoplastic polyurethane, as well as 3D printed molds and functional coatings for the footwear industry at SIMAC 2021. This move is expected to enhance the company's presence in the global sustainable footwear market.
Additionally, Technip FMC, a prominent construction and engineering company, entered into a cooperative development agreement with Clariant Catalysts in July 2020. The aim of this collaboration is to commercialize their Acrylo Max propylene ammoxidation catalyst for the production of acrylonitrile (ACN), a fiber intermediate.
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Key Segments Covered
By Technology
Dot Textile Coating Technology
Full Surface Textile Coating Technology
By Raw Material
Thermoplastic Textile Coatings
Thermoset Textile Coatings
Other Textile Coatings
By End Use
Geotextiles
Upholstery Fabric
Industrial Clothing
Sports & Leisure
Medical Hygiene Products
Other End Uses
By Region
North America
Europe
East Asia
South Asia
Oceania
Latin America
Middle East & Africa
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