In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
March 2017: ContiTech AG, part of Continental AG, announced that it opened a new facility in Changshu, China for developing coated fabrics used for a variety of applications.
March 2018: Trelleborg AB announced that it has acquired Laminating Coating Technologies, Inc. (Lamcotec), a company known for developing and manufacturing polyurethane-coated and laminated fabrics.
Polymer coated fabrics are referred to the engineered composite materials that consists of textile as the substrate and a polymer coating in it so as to provide the fabric desired structural properties and characteristics for use in various applications, as well as to make the fabric corrosion resistance, oil and dirt resistance and market fabric abrasion amongst others. Moreover, presence of such properties makes the polymer coated fabrics to be used across a wide spectrum of industries including geotextile, electronics, automotive, aerospace, chemical processing, defence and others.
The global polymer coated fabrics market is thriving on the back of the growing demand for technical textiles across different end user industries around the world, backed by the increasing advancements in science and technology, followed by the increasing demand for tarpaulins, roof protectors, marine covers and awning pool covers, as polymer coated fabrics are the best suitable fabric for the manufacturing of such products.
The global polymer coated fabrics market is anticipated to achieve a CAGR of around 5% during the forecast period, i.e. 2021-2028. The market is segmented by product type into polyvinyl, polyurethane, polyethylene, acrylic, nylon 6-6, nylon 6, PA, PBT, PET and PEEK. The polyurethane segment is anticipated to hold the largest market share on the back of numerus benefits of polyurethane over other polymer types. Polyurethane possesses properties such as resistance to grease, oil and abrasion, transparency, and elasticity. As a result, they are used for a range of applications including upholstery, waterproof protective clothing, rainwear, luggage, glove, inflatable boats and others. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the National Safety Council of America, a worker is injured in every seven seconds on the job. Moreover, the increasing workplace injuries resulted in a loss of 104,000,000 production days in the year 2017.
The increasing concern for the safety of workers in the workplace has led several government organizations across nations around the globe to develop stringent norms for the safety of workers. Out of all the norms, one of the most important norms includes to wear workwear uniforms in the workplace. The workplace uniforms are usually made of these technical textiles, and possesses several properties owing to the presence of the textile coatings that help the worker to stay safe in case of accidents. On the other hand, the National Fire Protection Association (NFPA) has made a mandate to wear uniforms regarding the concern for labour safety, especially in the shale exploration and renewable chemicals sector. Such factors are anticipated to drive the growth of the global polymer coated fabrics market throughout the forecast period.
With the increasing concern for road safety, several governmental organizations, such as National Highway Traffic Safety Administration (NHTSA), has proposed the use of advanced materials in the manufacturing of vehicles. Polymer coated fabrics are used to make seats, air bags and other vehicle furnishing and beautification products. These types of technical fabrics are generally fire, oil, and dirt resistant. Hence, they prove to be a great material for use in the furnishing of the interior of the vehicles. Such a factor is anticipated to drive the growth of the global polymer coater fabric market.
During the manufacturing of polymer coated fabric, the process releases hazardous air pollutants, which is a major concern for several environmental agencies, as it is against the environmental standards. Growing awareness for environmental protection and stringent norms for the manufacturing organizations regarding the environment around the globe is therefore anticipated to act as a major restraint to the growth of the global polymer coated fabrics market.