The coated fabrics market is estimated to be valued at US$ 22.49 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Coated fabrics are textile materials that are coated or treated during manufacturing to provide specific properties such as protection from water, chemicals, and UV radiation. They are widely used in transportation, protective clothing, industrial, roofing awnings, furniture seating, and other applications. Some common types of coated fabrics include polyethylene coated fabrics and polyvinyl chloride (PVC) coated fabrics.
Market Dynamics:
The growth of the coated fabrics market is driven by growing construction industry across the globe. According to World Bank data, the global construction spending increased from US$ 10.7 trillion in 2017 to US$ 11.3 trillion in 2018. Rapid urbanization and industrialization have increased various construction activities including infrastructure development, industrial facilities, commercial buildings, and residential buildings. This rising construction output is expected to augment the demand for materials such as coated fabrics which are extensively used in applications such as awnings, tents, transportation, industrial fabrics, and protective clothing among others.
Additionally, growing automotive production is also fueling the market growth. Lightweight materials are increasingly being used in automotive to increase fuel economy and reduce emissions. Coated fabrics provide advantages such as durability, chemical and UV resistance, and low weight making them favorable for use in various auto component parts including seat covers, airbags, floor mats, and others. According to OICA, the global vehicle production reached a record high of 95 million units in 2018. Such rising automotive output is creating high demand for coated fabrics.
SWOT Analysis
Strength: Coated fabrics have high durability and strength which make them suitable for various applications. Their hydrophobic and oleophobic properties make them resistant to water and oil. They also have long lifespan and require low maintenance.
Weakness: The manufacturing process of coated fabrics is complex and capital intensive. Raw material prices volatility can increase production costs.
Opportunity: Growing infrastructure development and construction activities are increasing the demand for protective materials. Growing automotive industry in emerging markets offers scope for coated fabric manufacturers.
Threats: Stringent environmental regulations around the globe regarding usage of chemicals in production. Substitutes such as laminated fabrics pose competition.
Key Takeaways
The global coated fabrics market is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing applications in transportation, protective clothing, industrial, roofing, furniture and other general applications. The transportation segment dominated other application segments in 2023.
Regional analysis Regional analysis showed that Asia Pacific dominated the global market in 2023 accounting for over 35% of the global coated fabrics demand. This was attributed to high growth of the transportation, construction and industrial sector in China and India. The region is anticipated to continue leading during the forecast period with increasing manufacturing and construction activities.
Key players operating in the coated fabrics market are Geo Specialty Chemicals, Inc., Perstorp Specialty Chemicals AB, Henan Tianfu Chemical Co. Ltd., Jiangxi Nancheng Hongdu Chemical Technology Development Co., Ltd., and Shenzhen Vtolo Chemicals Co., Ltd.LIN SCAN, T.D. Williamson, Inc., Baker Hughes Incorporated, GE Oil and Gas, NDT Global, Enduro Pipeline Services, Inc., Oil Gas Explorers and Producers, Petrobras, OMV Group, ConocoPhillips, and Royal Dutch Shell PLC
