Sellbyville, DE -- (SBWire) -- 04/29/2019 --According to Global Market Insights, Inc., "Coated fabrics market share worth USD 18 billion in 2015, is predicted to reach USD 27.4 billion by 2024, registering a CAGR of 4% over 2016-2024." Growing demand for coated fabrics from OEMs to manufacture motor vehicle upholstery, convertible tops, spare tire covers, headliners, and heavy-truck covers is predicted to boost the industry growth over the next few years. Extensive use of coated fabrics in manufacturing air bags as well as seat covers in automotive sector along with strict government norms addressing the safety concerns of factory workers is expected to drive global coated fabrics market growth.
Coated fabrics find myriad applications in protective clothing, furniture, and transport sectors. Coated fabrics market size in transport industry worth USD 6 billion in 2015, is expected to witness a high growth over the period of 2016-2024 owing to its increasing use in marines, automobiles, and aviation sectors. Its application in protective clothing sector is expected to grow at a rate of 4% over 2016-2024. The growth can be attributed to standardized factory regulations ensuring worker safety by mandating the use of protective clothing for workers to protect them from accidents occurring during the working hours. Coated fabrics application in furniture industry worth USD 1.9 billion in 2015, is projected to witness a high surge over the period of 2016-2024.
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Major coated fabric products comprise fabric backed wall coverings, polymer coated fabrics, and rubber coated fabrics. Polymer coated fabrics market price worth USD 17 billion in 2015, is expected to witness significant growth over the coming eight years owing to high demand for air bags and protective clothing in manufacturing industries. Rubber coated fabrics industry size is forecast to exceed USD 2 billion by 2024, driven by its favorable properties such as elasticity, durability, and resistance to degradation.
High product demand can also be attributed to its growing application in food conveyor belts, gymnasium mats, storage bags, aprons, lifeboats, truck covers, and protective garments. Fabric wall backed covering market is projected to witness a noticeable growth over the coming years due to heavy spending on public infrastructure and growing consumer inclination towards home interiors.
Asia Pacific Coated fabrics market is predicted to record a CAGR of 4% over 2016-2024, owing to its growing demand in transport industry and protective clothing applications. Furthermore, the growth can also be credited to the presence of many manufacturing firms in the region. Malaysia, China, India, and South Korea are predicted to contribute substantially towards the regional growth over the coming years.
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North America Coated fabrics market is forecast to witness a noticeable growth over the coming eight years, due to growing product demand in the automotive industry along with large-scale use of protective clothing in oil & chemical industries. U.S. is expected to be a major contributor towards the regional share.
Latin America Coated fabrics market is projected to witness highest gains over 2016-2024 owing to high growth of motor vehicle industry. Brazil and Argentina are predicted to make substantial revenue contributions in the near future.
Middle East & Africa (MEA) Coated fabrics market is expected to grow considerably over the period of 2016-2024 due to the presence of large construction projects along with strict rules regarding worker safety in factories. UAE, Saudi Arabia, and Kuwait are expected to drive the regional growth.
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Market players will try to increase their revenue through product & technology innovation and mergers & acquisitions. Key industry participants include Takata Corporation, Omnova Solutions Incorporation, Trelleborg AB, Saint-Gobain, and Canadian General Tower Limited.
Coated Fabrics Market 2019 in-Depth Analysis of Industry Growth Trends & Forecast Up to 2024
Polymer coated fabrics market price worth USD 17 billion in 2015, is expected to witness significant growth over the coming eight years owing to high demand for air bags and protective clothing in manufacturing industries.