Albany, NY -- (SBWIRE) -- 10/22/2018 -- The demand in the global textile coatings market is projected for a CAGR of 3.9% during the forecast period of 2017 to 2025, gaining traction from the prosperity of a number of end-use industries such as building and construction, automotive, footwear and apparels, medical devices, and protective clothing. On the other hand, environmental concerns regarding these coatings and growing popularity of bio-based alternatives are hindering the desired prosperity of the textile coatings market. In the near future, vendors operating in this market are expected to gain new opportunities from the advent of nanotechnology and microencapsulation in textiles. The global textile coatings market is estimated to be worth US$4,918.5 mn by 2025, considerably up from its evaluated worth of US$3,406.0 mn in 2016.
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Thermoplastic Based Raw Materials Widely Used
On the basis of raw materials, the global textile coatings market has been segmented into thermoplastic type based, which includes sub-segments of polyurethane, polyvinylchloride, and acrylics, and thermoset type based, with is further bifurcated into natural rubber, styrene butadiene rubber, and silicones. Thermosets segment held a lower share in the market in comparison to thermoplastics segment across the globe. Thermoplastic products are cheaper and efficient, therefore they have high demand in the market. Technology-wise, the global textile coatings market has been segmented into dot coating and full surface coating. As full surface coating completely laminates the textile product the segment has higher demand in the market and is expected to rise at a higher CAGR in the forecast period. The technology is employed to coat products partially (in form of dots). Dot coating technology is employed in various industries such as medical hygiene, upholstery fabric, footwear, and sports products.
As far as end-users are concerned, the report categorizes the global textile coatings market into industrial clothing, upholstery fabric, geotextiles, footwear, and medical hygiene. The first two end-use categories served the most prominent share of the demand in the global market for textile coatings in 2016. Growing demand for protective fabric in various industries is likely to boost the market for textile coatings. Increase in performance requirements, rise in fire safety regulations, and growth in quality are driving the industrial clothing segment. Rise in demand for premium upholstery fabric in automotive interiors, furniture, curtains, etc. is augmenting the demand for textile coatings.
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Asia Pacific Most Lucrative Region with Above-average Growth Rate
Geographically, the market for textile coatings has been classified into North America including the U.S., Asia Pacific including China and India, Europe, the Middle East and Africa, and Latin America. While North America and Europe are most lucrative regions in terms of revenue, Asia Pacific continues serve maximum demand for textile coatings in terms of volume, and is projected for an above-average growth rate of 4.3% during the forecast period of 2017 to 2025. The expansion of the textile coatings market in Asia Pacific is due to the rise in standard of living and growth in population in the region. North America and Europe follow Asia Pacific. The textile coatings market in Middle East & Africa and Latin America held lower share in 2016. The textile coatings market in these regions is estimated to anticipate expand at a sluggish pace during the forecast period.
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Some of the key companies currently operating in the global textile coatings market are Clariant AG, The Dow Chemical Company, Covestro AG, BASF SE, and Huntsman International LLC., Lubrizol Corporation, Omnova Solutions Inc., Solvay SA, Sumitomo Chemical Company, and Tanatex B.V.