In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Textile coating is the process of putting a resin over a textile substrate on one or both the sides. This produces a new structure which has acquired the properties of the coating product and the substrate. Moreover, it protects the material from environmental factors such as dust, water, heat and oil. Consequently, it increases the durability and functionality of the end product and delivers properties such as anti-bacterial, anti-abrasion, fire retardation along with modifying the overall appearance of the end product.
Resins such as PU, PVC, polyester, and acrylics are used for the coatings on the substrate thereby, making a wide range of products for different applications. PVC coating is harmful for humans as well as environment, therefore manufacturers have started replacing PVC coating with PU coating. Not all the systems used for coatings are appropriate for every product or substrate.
Growing potential in construction, home-furnishing, medical and clothing industry is anticipated to drive the textiles coatings market. Consumer preference is shifting towards advanced products and this is forcing the companies to innovate and launch advance technologies in their fabrics. Increase in the investment in research and development activities in order to improve moisture content, launch fiber technologies and delivering comfort are the factors that are being demanded by the consumers and are being adapted by the companies to increase their revenue and retain their position in the market.
The textile coatings market is anticipated to record a CAGR of around 4.1% over the forecast period i.e. 2019-2027. The market is segmented by material, technology & application. The market is segmented by material into thermosets (natural rubber, styrene butadiene rubber), thermoplastics (acrylic, polyurethane, polyvinyl chloride) out of which, the thermoplastics segment is anticipated to have leading shares on account of various superior properties such as excellent insulating and lightweight nature etc. They can be easily welded with heat and are normally used as heat-melt adhesives.
The market is further segmented by technology into traditional, advanced (magnetron sputtering, plasma coating) out of which, the advanced technology segment is anticipated to have significant growth on account of innovations and various properties such as anti-microbial coating used in electrodes and various medical applications. On the basis of application, the market is segmented into construction, home furnishing, transportation, medical, clothing, packaging, sports & leisure, industrial. Construction industry accounted for largest share attributed to high adoption of hoardings for advertisements particularly in developing countries. Advertisement trends are shifting towards innovations which is a factor boosting the market growth. Additionally, increase in the usage of the product for architectural activities is further contributing towards growth of the market. Home furnishing is expected to have significant growth on account of robust demand for furniture such as carpets and sofa covers. Transportation segment accounted for increase in the regulations regarding driver’s safety with advancement in technology and comfort delivery. Medical segment is projected to have healthy growth on the back of protection from bacteria such as antimicrobial devices and implantable & non-implantable devices required for patients.
Many companies in the textile coatings market are making investments through resources for innovations occurring as a result of changing trends. The occurrence of smart clothing with devices, development of nanotechnology and AI and increasing consideration of biomaterials are expected to alter end use industries in the future. Clothing with methods of charging smartphones, water repellant materials, UV protection layers, and self-cleansing fabrics are attaining huge demand through the fashion industry. This is expected to challenge the manufacturers to adjust with the new technologies and undertaking new design options for the clothing industry to meet the customers demand. Owing to huge cost of investments, small players may face difficulty in entering into the market. Conversely, small players having innovations may be rewarded with various opportunities in the market in the coming future.
There has been continuous increase in performance and quality standards in the end use industries such as rise in performance requirements and increasing fire safety regulations. Additionally, initiation of innovative technologies are done regularly and is anticipated to open new opportunities for the manufacturers in the textile coatings market and drive the growth of the market during the forecasted period.
Some materials such as PVC and isocyanides are harmful for the environment and human health. Environmental concerns in relation to PVC material coatings and threats from bio based alternatives are expected to restrain the textile coatings market growth.
Our-in depth analysis of the textile coatings market includes the following segments:
On the basis of regional analysis, the textile coatings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific is anticipated to have leading shares on account of increasing demand for construction, clothing and transportation application. Rise in the disposable income along with favorable policies propelling the industrial development may influence the product penetration positively. North America region followed Asia Pacific on the back of improvement in overall industry supporting the business growth, increasing R&D activities by the market players and stable prices of raw materials with stable energy prices. Europe is expected to witness increasing growth owing to recovery in the automotive industry.
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The textile coatings market is further classified on the basis of region as follows: