Elevated demand for coated fabrics from the prospering automotive sector and its extensive applications across furniture, transport, and protective clothing industries is projected to boost global coated fabrics market growth over the coming eight years. Coated fabrics market share in transport industry worth USD 6 billion in 2015, is predicted to witness a substantial growth over 2016-2024 due to its growing applications in automobiles. In addition to this, implementation of safety standards for vehicles has boosted the product demand in transport industry. For instance, implementation of government legislations such as National Highway Traffic Safety Administration (NHTSA) to encourage safe driving has increased the use of coated fabrics across the globe. Its application in protective clothing industry is expected to grow at a rate of 4% over 2016-2024 owing to implementation of standardized safety measures for the factory workers.
According to Global Market Insights, Inc., “Coated fabrics market size worth USD 18 billion in 2015, is predicted to reach USD 27 billion by 2024, recording a CAGR of 4% over the period of 2016-2024.” Rise in vehicle sales along with strict compliance norms relating to passenger safety is predicted to benefit the industry in near future. Strict norms to provide protective clothing for the workers owing to growing number of accidents is expected to drive the global industry trends. Furthermore, coated fabrics also finds major applications in motor vehicles, marines, and aerospace sectors.
U.S. Coated Fabrics Market size, by application, 2013-2024 (USD Million)
Various product types of coated fabrics include rubber coated fabrics, polymer coated fabrics, and fabric backed wall coverings. Polymer coated fabrics market worth USD 17 billion in 2015, is predicted to witness a substantial surge over 2016-2024 due to its growing applications in automotive and manufacturing industries. Rubber coated fabrics market is expected to exceed a revenue of USD 2 billion by 2024 owing to its flexibility, durability, and affordable features. Other key product applications include rainwear, boats, aprons, protective garments, storage bags, lifeboats, and gymnasium mats.
Europe market size worth USD 3 billion in 2015, is anticipated to witness a substantial surge over the period of 2016-2024, with worker & passenger safety norms promoting the industry growth in the region. Germany, UK, and France are predicted to be the key contributors towards regional growth over the coming years.
Latin America coated fabrics market is expected to witness a significant growth over 2016-2024 due to its rising applications in motor vehicles. Brazil and Argentina are anticipated to be the key revenue pockets of the region over the coming years.
Asia Pacific market is projected to record a CAGR of 4% over the period of 2016-2024 due to lucrative growth of healthcare, chemical, and automotive industries in the region. China, Malaysia, India, and South Korea are predicted to contribute significantly towards the overall revenue of the region.
Middle East & Africa coated fabrics market is predicted to witness a substantial growth over 2016-2024 due to large-scale construction activities carried out in countries such as UAE, Saudi Arabia, and Kuwait along with strict implementation of worker safety legislations.
Key industry participants include Takata Corporation, Saint-Gobain Manufacturing Company, Canadian General-Tower Limited, OMNOVA Solutions, and Trelleborg Engineering Company.
Written By : Dhananjay Punekar