Industrial Protective Clothing Fabrics Industry Outlook, Growth Prospects and Key Opportunities 2024
Browse Market Research Report: http://www.transparencymarketresearch.com/industrial-protective-clothing.html
According to a research report released by Transparency Market Research, the global industrial protective clothing fabrics market holds a highly intense competitive landscape due to the large number of manufacturers involved regionally, while a smaller proportion of the market value is taken up by globally prominent entities. At the same time, the scope of entry for new players is low, owing the expensive entry barriers they have to cross, coupled with the goodwill and long-term contracts already held by the existing players. The global industrial protective clothing fabrics market is expected to expand at a CAGR of 6.8% within a forecast period from 2016 to 2024 in terms of revenue. It is calculated to generate US$2.24 bn by the end of 2016 and US$3.36 bn by the end of 2024.
Industrial Protective Clothing Fabrics Manufacturers’ Dependence on Oil and Gas Sector on Shaky Grounds
Till 2015, the oil and gas industry had been the leading application segment for the global industrial protective clothing fabrics market, with over 20% of the value taken up by it at the time. The oil and gas sector has always been showing a very high demand for industrial protective clothing fabrics due to the precarious nature in which people have to work. Owing to the high risk environment and the growing need for better safety equipment to reduce mortality and injury rates, the oil and gas sector raised the acquisition of premium industrial protective clothing fabrics a high priority. However, with the current slowdown of this sector is creating an uncertain future for the global industrial protective clothing fabrics market as the number of rigs in operation as well as the foundation of new rigs has been cut down considerably.
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APAC Raises Queries over Worker Safety; Industrial Protective Clothing gets High Priority
“The globally prominent players in the global industrial protective clothing fabrics market are currently looking at Asia Pacific as a land of great opportunities. Countries from this region – such as India and China – are generating a very high demand for several industrial components, including safety gear and industrial protective clothing. This means that players in the global industrial protective clothing fabrics market can certainly approach industrial names in this region to strike long term deals for the production of high quality protective fabrics,” states a TMR analyst.
The global industrial protective clothing fabrics market is additionally boosted by the massive support shown by several governments from key countries across world, towards greater worker safety implementation. The market is currently being spearheaded by the increased government investments and a positive rate of innovation and product development.
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Flame Resistant Fabrics Likely to be Expensive for Some
Apart from the declining oil and gas demand for industrial protective clothing fabrics, this global market is also being hampered by the high costs associated with the manufacture of flame-resistant fabrics. This is especially a problem for emerging economies, as these high costs cannot be met by a considerable number of small and even medium-sized industrial entities. The cost of flame-resistant fabric firstly involves complex methods that also consume premium fabrics and chemicals that are expensive. Additionally, the use of manufacturing technology requires a manufacturer to obtain proprietary and often expensive software and hardware.
“Although it has so far been a direct established chain between manufacturers and end users, the global industrial protective clothing fabrics market is expected receive a unique and positive boost in sales from the booming ecommerce industry. Formerly, the safety association and personnel were solely responsible for the purchasing of safety gear and distributing it between the employees. However, with the scope of availability made possible through the Internet, people are approaching vendors directly to purchase their own safety,” adds the analyst.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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