A new report by Transparency Market Research says that the global textile coatings market was valued at $3.4 billion in 2016 and is anticipated to reach $4.92 billion by 2025.
The report notes that the rise in demand for textile coatings in protective clothing, building and construction, transportation, medical and industrial applications is driving the market. Innovations in adding antibacterial and self-healing properties to textile coatings are also having an impact.
The upholstery fabric and industrial clothing segment held the major shares of the global textile coatings market in 2016. Urbanization, leading to industrial development across the globe, is thought to be a key reason for growth.
The medical hygiene segment, including applications such as antimicrobial coatings for medical bandages, is anticipated to expand at a consistent growth rate during the forecast period.
The Asia Pacific region dominated this market in 2016. The region’s market share is anticipated to rise at a faster CAGR between 2017 and 2025 due to a growing population, increasing demand for new housing and rising middle class income. North America and Europe held market shares of 28.6 percent and 22.4 percent, respectively, in 2016.
Companies operating in the global textile coatings market include Covestro AG, The Dow Chemical Company, BASF SE, Clariant AG and Huntsman International LLC.
Transparency Market Research is a global market intelligence company providing business information reports and services.