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Flame Resistant Fabrics Market will grow at 6.4% CAGR up to 2024

Author : Rahul Varpe | Published Date : 2019-07-04 

The flame resistant fabric product demand is increasing due to stringent government regulations, which are controlling the industry for maintaining safety at workplaces, propelling market growth. Rising awareness among government authorities and industrialists regarding the maintenance of safety at workplaces and growing consciousness about social responsibility among employers and industrialists regarding safety are augmenting market growth.

According to a new research report. Global Flame Resistant Fabric will likely surpass USD 1.9 billion by 2024.

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The market is hindered by high R&D and initial investment cost for the implementation of new equipment for developing advanced technologies, which will challenge market growth over the forecast timeframe. In addition, the heavy maintenance cost of new equipment is restricting the manufacturers and investors from setting up new plants, restraining the flame resistant fabric market. Therefore, a rise in R&D cost for implementing innovative technologies will hinder market growth.

The primary raw materials for flame resistant fabrics, such as acrylic and polyester, are experiencing fluctuations in raw material prices owing to the variations in crude oil prices, which are negatively impacting the market. Moreover, from last few years, the cost of silk & wool is also growing, which is significantly used for fabric manufacturing, decelerating the market growth.

Based on the product segment, the hybrid segment is likely to grow at a CAGR of around 6% over the forecast timeframe owing to its wide range of applications in several industries. It is cost-efficient and lightweight as it is produced by fibers such as carbon and aramid yarns. Further, the segment will grow in volume due to its growing applications in end-user industries and efficient properties.

In the end-user segment, the transportation segment is the fastest moving sector, growing at a CAGR of over 6.5% and increasing in coming years due to the government initiatives toward investment along with foreign investments for constructing better metro, road network, and railways in developing countries. Apart from these segments, the industrial sector is also rising in volume owing to the growing urbanization and industrialization in Africa and Asia Pacific.

Asia Pacific holds the maximum market share for 2016, which is likely to exceed USD 1.5 billion over the forecast period. Growing investments and stringent government regulations in the region for maintaining safe working environment will augment the market growth for Japan, China, and India. In addition, the Middle East and Africa and Latin America will witness growth due to the growing demand from various industries during the forecast period. Europe holds the highest potential in terms of potential volume consumption with around 22% of the market revenue.

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The market is dominated by prominent players such as TOYOBO, Huntsman, LENZING, Evonik, DuPont, Ten Cate, Milliken and company, Solvay, and Teijin Aramid.
 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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