The Report "Textile Coatings Market by Type (Thermoplastic, Thermoset), End-use Industry (Transportation, Building & Construction, Protective Clothing, Industrial, Medical), and Region (North America, Europe, APAC, South America, MEA) - Global Forecast to 2028", size was USD 4.4 billion in 2023 to USD 5.4 billion by 2028, at a CAGR of 4.6% from 2023 to 2028.
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Textile coatings are employed to augment the value of textile materials, extending their operational lifespan, preserving aesthetic appeal, and providing enhanced performance and protective features. As industry demand grows, textile coating undergoes continuous innovation to meet evolving requirements and stay at the forefront of market expectations. Textile coatings are chemicals that provide additional properties such as fire resistance, waterproofing, anti-scratch, anti-abrasion, soil & stain repellence, heat stability, and breathability. Textile coatings are used in various industries such as transportation, building & construction, protective clothing, industrial, medical, and other end-use industries.
“Transportation segment is estimated to be the largest type in textile coatings market in 2022, in terms of value.”
The textile coatings market is projected to be experiencing significant growth in the forecasted period. The transportation segment is estimated to be the fastest-growing segment in the textile coatings market due to the rise in demand for lightweight solutions from the imperative to address environmental concerns. As sustainability becomes a key component of both consumer preferences and business goals, the transportation segment is anticipated to maintain its growth trajectory. The significance of textile coatings in the transportation market is anticipated to endure and increase as the lightweight solutions in transportation contribute to advancements in electric and hybrid vehicles.
“Thermoset segment is estimated to be the fastest-growing end-use industry for textile coatings market during the forecast period 2023 to 2028.”
The thermoset segment is estimated to be the largest application in textile coatings market in the forecasted year due to several factors. The dominance of the thermoset segment in the textile coatings market is driven by a broad spectrum of properties of these thermoset coatings that can be customized to meet specific requirements across different industries. Furthermore, the adaptability and flexibility of these coatings are vital factors propelling the growth of the textile coatings market.
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“Asia Pacific was the largest region for the textile coatings market in 2022, in terms of value.”
The Asia Pacific region's prominence as the largest market for textile coatings can be attributed to a convergence of economic, industrial, and cultural factors. The market dominance of Asia Pacific in the textile coatings market can be attributed to the economic process, industrialization, and diverse consumer landscape. The robust economic growth in countries such as China and India has led to a substantial expansion of manufacturing activities, propelling the demand for textile coatings across various sectors. This combination of economic growth, industrial competence, and consumer preferences has firmly established Asia Pacific as the largest market for textile coatings.
Key Players
The key market players identified in the report are Covestro AG (Germany), Solvay SA (Belgium), BASF SE (Germany), Sumitomo Chemical Co., Ltd. (Japan), The Lubrizol Corporation (US), Clariant AG (Switzerland), TANATEX Chemicals B.V. (Netherlands), Huntsman International LLC (US), OMNOVA North America Inc.(US), Formulated Polymer Products Ltd. (UK), Arkema SA (France).