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Textile Coatings Market Size Report 2024-2033: Opportunities, Trends, and Demand
Textile Coatings Market Size
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According to The Business Research Company's, The textile coatings market size has grown strongly in recent years. It will grow from $6.04 billion in 2023 to $6.4 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to demand from apparel industry, consumer preferences for performance textiles, expansion of sportswear industry, focus on sustainable textile practices, stringent regulations, consumer awareness of health and safety.
The textile coatings market size is expected to see strong growth in the next few years. It will grow to $7.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to rise in demand for smart textiles, customization in textile coatings, expansion of home textiles market, focus on green chemistry, demand for high-performance outdoor textiles, influence of fast fashion trends. Major trends in the forecast period include expansion of technical textiles in construction, advancements in nanotechnology, digital printing and coating technologies, coatings for technical textiles, collaborations in research and development.
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Market Drivers and Trends:
The growing demand in the construction industry is anticipated to drive the growth of the textile coatings market going forward. Construction industry refer to a wide range of tasks and processes involved in building structures, infrastructure, and other physical facilities which consists of planning, design, erectio*n, and maintenance of various types of construction projects. Textile coatings are used in construction industry in fabrics such as membranes, awnings, and roofing materials and provide waterproofing, protecting structures from rain and other environmental elements. For instance, in 2021, according to FMI (Fails Management Institute) Corporation, a US-based consulting and investment banking firm, multi-family residential construction spending activities has 18% growth with $111 billion in investment. Also, globally, it is anticipated that this will rise to $136 billion for the year 2025 as investment for multi-family residential construction activities. Therefore, the growing demand in the construction industry is driving the growth of the textile coatings market.
Major companies operating in the textile coatings market are focusing on innovating products, such as G-Heatex, to provide reliable services to customers. G-Heatex is a line of graphene-coated textiles that provides strong and homogeneous heat with soft, flexible, breathable, and ultra-lightweight features. For instance, in November 2021, Grafren AB, a Swedish company that operates in nanotechnology, launched G-Heatex. G-Heatex is a conductive fabric that is made of fibers coated with the thinnest flakes of graphene. G-Heatex is used in the military, aerospace, healthcare, mobility, and automotive industries.
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Major Key Players of the Market:
Covestro AG, The Lubrizol Corporation, Huntsman International LLC, Solvay SA, Clariant AG, 3M Company, Akzo Nobel N.V., Arkema group, BASF SE, Berger Paints India Limited, Covestro AG, DSM Coating Resins Ltd., DuPont de Nemours Inc., Eastman Chemical Company, Evonik Industries AG, Kansai Nerolac Paints Limited, KCC Corporation, Omnova Solutions Inc., PPG Industries Inc., Solvay S.A., Sumitomo Chemical Company, Tanatex Chemicals B.V., Dow Inc., Sherwin-Williams Company, Valspar Corporation, Wacker Chemie AG, Zschimmer & Schwarz, Archroma Management LLC, LANXESS Aktiengesellschaft, Perstorp Holding AB, RPM International Inc.
Textile Coatings Market 2024 Key Insights:
• The textile coatings market size is expected to see strong growth in the next few years. It will grow to $7.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Textile Coating Market Surges On The Back Of Expanding Clothing Industry
• Grafren Ab Unveils G-Heatex Graphene Coated Textiles Redefining Performance Across Diverse Industries
• Asia-Pacific was the largest region in the textile coating market in 2023
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