A recent report published by Markets and Markets, a leading market research firm, ‘Textile Coatings Market by Type (PVC, PU, Acrylics, SBR, Natural Rubber) End-Use Industry (Transportation, Building & Construction, Protective Clothing, Industrial, Medical, Sports, Agriculture, and Packaging) - Global Forecast to 2021’ , says the size of the global coatings market that stood at $5.51 billion in 2015 and is projected to reach $6.81 billion by 2021 at a CARG of 3.5 per cent. The report indicates, rising industrial, transportation and building and construction are driving the market for textile coatings. Along with these, increasing quality and performance standards in textile coating based fabrics are also driving the market.
Asia-Pacific dominated the market in 2015, China being the largest consumer of textile coatings in the world. Demand is driven by the diverse industrial markets ranging from building and construction, automotive, industrial, and protective clothing, among others. The ensuing increase in investments and rise in the number of new manufacturing establishments are anticipated to lead Asia-Pacific to emerge as the prime driver for the growth of textile coatings market, says the report.
According to the report, industrial segment for textile coatings includes industries such as oil and gas and manufacturing among others. Growth in oil and gas and manufacturing industry will drive the textile coatings market. North America is expected to witness growth in oil and gas and manufacturing industry due to the recent discoveries of shale gas and shale oil in the region and strong manufacturing base in the US.
Other countries such as Argentina, India, UAE, South Africa, Australia, Malaysia and Chile are expected to see fastest-growth in the manufacturing industry.