Albany, NY -- (SBWIRE) -- 04/09/2018 -- The major factor that augments the growth of the world industrial protective clothing fabrics market currently is the growing consciousness inside the industrial sector itself in various emerging economies with regards to workplace safety. The international market for industrial protective clothing fabrics is also gaining government support which is concerned about injury and rates of national mortality in the industrial sector. However, the said market also faces restrictions with the emergence of various issues like the very high cost of fabrics that are flame-resistant, and these are becoming more of a necessity in many of the industrial areas.
The world market for industrial protective clothing fabrics was mainly dominated by the top three leading players namely Milliken & Company, Teijin Aramid, and TenCate. These market players hold for around 27.2% of the total market share in the world market for industrial protective clothing fabrics. These topnotch companies are now looking for ways to better their market presence with assistance from setting up of new facilities for the purpose of manufacturing in newer regional areas together with takeovers and forming strategic mergers. A few of the other prominent market players in the international market for industrial protective clothing fabrics comprise names like Gunei Chemical Industry, Huntsman International LLC., Solvay S.A., PBI Performance Products Inc., and Glen Rave Inc. amongst others.
In accordance with this market intelligence study by Transparency Market Research, the world market for industrial protective clothing fabrics is forecasted to rise at a growth rate of around 6.8% CAGR throughout the period of forecast that extends from the year 2016 to the year 2024 when it comes to revenue.
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Asia Pacific Estimated to Expand with a Very High Rate
Asia Pacific is estimated to propel the world market for industrial protective clothing fabrics taking scope of opportunities among all major regions and growth rate into consideration. In between the year 2016 and 2024, the region of Asia Pacific is estimated to exhibit an excellent growth rate of around 7.8% CAGR and thereby enabling quite a few internationally eminent market players to put their faith in these regions for the purpose of market growth. The countries of Asia Pacific, particularly India and China, are experiencing industrial evolution and are forecasted to be a catalyst in the growth of the world market for industrial protective clothing fabrics over the period of forecast.
A prominent region in the international market for industrial protective clothing fabrics in terms of overall size in the year 2015 was Europe. When it comes to value, with a share that is greater than around 35% of the total market for industrial protective clothing fabrics, Europe continues to be a lucrative region for manufacturers of all types in this market, due to the very high safety standards that has been laid down by regional regulatory authorities and governments.
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Growth in the Oil and Gas Industry to Fuel Market Growth
The demand for protective clothing fabric market is mainly influenced by the industry of oil and gas. It held around 20% of the total share of the market. The segment of oil and gas has always been the primary market driver because working in this segment needs very high levels of protective clothing. Due to growing need for improved security equipment and the high risk conditions and to diminish the mortality and injury rates, the need for the industrial protective clothing fabric has thus increased manifolds. In addition to that, the demand for the world industrial protective clothing fabric has been increased by soaring support by many different governments across the world when it comes to the betterment and implementation of safety for workers. The market across the globe is spearheaded by the rising government investments and robust rate of innovation and product development.
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