Albany, NY -- (SBWIRE) -- 12/14/2018 -- The global flame resistant fabric market is anticipated to grow at a healthy rate in coming years. Prominent players in the market are offering unique flagship products to strengthen their position. Leading players are aiming at competitive advantage by adopting strategies such as cost-effective product development, distribution agreements, competitive pricing, and managing effective supply chain. These players are also investing in research and development activities to launch new and improved products. Some of the leading players in the market are Milliken & Company, Teijin Aramid, DuPont, Lenzing AG, and TenCate.
According to TMR, the global flame resistant fabrics market is projected to expand at 6.8% CAGR during the forecast period between 2016 and 2024. The global flame resistant fabrics market was worth US$3.63 bn in 2015 and is estimated to reach US$6.56 bn by the end of 2024.
Application of flame resistant fabrics is widely seen in protective industrial clothing segment, which is projected to dominate in the coming years. In 2015, the sales of industrial protective clothing outgrew others under the application category. The transportation segment is predicted to gain traction in the forthcoming years, because of growing demand for security in the industry. Based on geography, Europe led the market by holding 30% of the global market share in 2015. Europe is expected to maintain its dominance due to high demand for flame resistant fabrics in the transportation industry in the region.
Increasing Use of Flame Resistant Fabric in Various Industries to Boost Market
Flame resistant fabrics are used in protective clothing; fabricate arrays, and furniture for an extensive number of industry sectors, for example, oil and gas, transportation, medicinal services, security, and defense. The use of flame resistant fabric is also increasing in furnishings, manufacture garments, and apparels used in industries such as military, hospitality, and healthcare. In past few years, the demand for flame resistant fabrics is also high in the defense industry and several other industries that have a constant risk for fire outbreaks. Therefore, the global market for flame resistant fabric is expected to see high growth in coming years. In addition, increasing government regulations to provide safety to the employees working in the high-risk industries is likely to boost the demand in this market.
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Expensive Production Cost to Restrain Demand for Flame Resistant Fabrics
Despite increasing application of flame resistant fabrics across various industries, there are certain restraints that are likely to impede the market. High production cost and substantial investment for research and development activities are restricting the market to grow at its full potential. In addition, fluctuating prices of raw material such as acrylic and polyester due to variation in crude oil prices are also adversely affecting the growth of the market. In addition, raw material is also used for delivery texture, where uncertainty of the costs of raw materials caused by variety in unrefined petroleum costs are obstructing business sector development. Nevertheless, innovations and improved procedure can decrease the cost of raw materials and help in further development of the market in near future.
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