Transparency Market Research has published a new research report titled “Flame Resistant Fabrics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024” to their report store.
Albany, NY -- (SBWIRE) -- 06/12/2017 -- The global flame resistant fabrics market features a highly fragmented vendor landscape. In order to overcome the fierce competition that a fragmented arena invariably bears, companies in the market are banking on strategies such as research and development and distribution agreements, finds Transparency Market Research (TMR) in a new study.
Product portfolio diversification and cost effective product development are among the key areas of focus for the leading players. "The market is primarily dominated by multinational organizations with proprietary technologies," says the author of the report. DuPont, Teijin Aramid, Lenzing AG, Milliken & Company, and TenCate are among the leading players in the global flame resistant fabrics market.
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TMR analysts have pegged the opportunity in the global market for flame resistant fabrics at US$3.6 bn in 2015. The market is expected to be worth US$6.5 bn by the end of 2024, rising at a CAGR of 6.8% between 2016 and 2024.
Industrial Protective Clothing to Remain at Forefront of Growth through 2024
On the basis of application, industrial protective clothing will continue to be the most prominent segment in terms of volume until 2024. The increasing stringency of regulations pertaining to the safety of personnel working in hazardous areas is the primary factor contributing to the growth of the segment. Transportation, on the other hand, will be the most promising segment during the forecast period.
Geographically, Europe was the leading segment in 2015, accounting for nearly 30% of the overall market volume. The implementation of several regulations on wall covering, garments, and upholstery applications is triggering the adoption of flame resistant fabrics in the region. Asia Pacific is anticipated to rise at a noteworthy CAGR during the same period.
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Flourishing Growth of End-use Industries to Trigger Demand for Flame Resistant Fabrics
"Flame resistant fabrics are extensively used to manufacture garments, apparels, and furnishings for applications across a number of sectors, including military, hospitality, oil and gas, and healthcare," says a TMR analyst. Thus, the robust growth of end-user industries is providing a fillip to the global flame resistant fabrics market. Over the past few years, there has been a sharp rise in the demand for these fabrics for drapery in public spaces such as stages, theaters, and auditoriums.
Government and regulatory bodies are also playing a vital role in the development of the global flame resistant fabrics market. The increasing stringency in regulations pertaining to employee safety in high-risk operations and industries are compelling organizations to mandate the use of safety clothing and gears within their premises.
Huge Capital Requirement for Research and Development Activities to Hamper Growth Prospects
Flame resistant fabrics have to be highly reliable and efficient and thus, the material used in their manufacturing has to be of utmost quality. The research and development and production of these fabrics, therefore, involves massive capital, which results in high cost of the end product. The high cost of these fabrics is limiting the global flame resistant fabrics market from realizing its utmost potential. This is further exacerbated by the protean prices of raw materials. While these factors continue to weigh down the market, constant efforts by manufacturers for product innovation will provide optimism in terms of value growth for the flame resistant fabrics market.
The report segments the global flame resistant fabrics market as follows:
Global Flame Resistant Fabrics Market, by Application
--Industrial Protective Clothing
--Law Enforcement and Firefighting Services
--Others (Including hot gas filtration applications, corporate and home furnishings)
The information presented in this review is based on a TMR report, titled, "Flame Resistant Fabrics Market (Application - Industrial Protective Clothing, Law Enforcement and Firefighting Services, Transport, and Hot Gas Filtration and Corporate and Home Furnishing) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."