The global coated fabrics market is anticipated to reach a valuation of US$ 45.3 billion in 2023, driven by rising eCommerce platforms and online retailing. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 5.0% between 2023 and 2033, and reaching a total valuation of approximately US$ 73.8 billion by 2033.
One of the primary factors driving the growth of the coated fabrics market is the increasing demand from various end-use industries. The market is witnessing a surge in demand from various industries such as automotive, construction, aerospace, healthcare, and industrial. In the automotive sector, coated fabrics are extensively used for interior and exterior applications, including seating, airbags, and automotive upholstery.
The construction industry utilizes coated fabrics for architectural membranes, roofing, and awnings. The healthcare industry relies on coated fabrics for medical gowns, protective clothing, and surgical drapes. The versatility and wide range of applications of coated fabrics across multiple sectors are driving their demand.
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There is a growing preference for lightweight materials in various industries, with the increasing emphasis on fuel efficiency, reduced emissions, and sustainability. Coated fabrics offer an excellent alternative to traditional materials such as leather, metal, and glass due to their lightweight nature and enhanced performance characteristics. The fabrics provide benefits such as improved strength, durability, weather resistance, and flexibility, making them highly desirable in applications where weight reduction is crucial.
Increasing investments in research and development, is another factor that is expected to have a significant impact on the market growth. Major players in the coated fabrics market are investing significantly in research and development activities to introduce innovative products and gain a competitive edge. The investments focus on developing advanced coatings, exploring new materials, and improving the overall performance of coated fabrics. The continuous research and development efforts are driving product advancements and expanding the application scope of coated fabrics.
Another factor contributing to the market growth is the stringent safety and quality regulations, which creates a significant demand for coated fabrics. Various industries, such as automotive, aerospace, and healthcare, are subject to stringent safety and quality regulations. Coated fabrics play a crucial role in meeting these regulatory requirements by providing properties such as flame resistance, chemical resistance, and durability. The demand for high-performance coated fabrics that comply with safety standards is expected to increase, as regulations become more stringent.
Key Takeaways from the Market Study
- Global coated fabrics market was valued at US$ 43.1 billion by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 2.5%.
- China is expected to hold a dominant CAGR of 4.9% during the forecast period.
- By Application, the protective clothing segment is expected to constitute a CAGR of 4.9% in 2033.
- On the basis of Material Type, the polymer segment is expected to dominate the market with a CAGR of 4.8% in 2033.
- From 2023 to 2033, coated fabrics market is expected to flourish at a CAGR of 5.0%.
- By 2033, the market value of coated fabrics is expected to reach US$ 73.8 billion.
Expansion of online retailing, across the globe is a major factor that is expected to propel the growth of the coated fabrics market in the near future, remarks an FMI analyst.
Competitive Landscape
Prominent players in the coated fabrics market are Saint Gobain S.A, Bayer AG, PPG Industries, Akzonobel N.V., Seaman, Sioen, Spradling International, 3M Company, Valspar Corporation, E.I. du Pont de Nemours and Company, BASF SE Paints, Nippon Paints, and Sherwin Williams, among others.
Recent Developments
- In 2022, Saint-Gobain Performance Plastics introduced a new line of high-performance coated fabrics with improved chemical resistance and enhanced durability, catering to demanding applications in the chemical processing and oil and gas industries.
- In the same year, Seaman Corporation expanded its coated fabrics portfolio with the introduction of a new fabric technology that provides exceptional UV resistance and weatherability, suitable for outdoor applications such as roofing and geomembranes.
- In 2021, Sioen Industries acquired Verseidag-Indutex GmbH, a leading manufacturer of coated fabrics for various sectors, including architecture, digital printing, and transportation. The acquisition aimed to strengthen Sioen’s position in the coated fabrics market and expand its product portfolio.
- In the same year, Spradling International Inc., a leading provider of coated fabrics, introduced an innovative antimicrobial coating technology for its fabrics, offering enhanced protection against bacteria and viruses.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global coated fabrics market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the coated fabrics market, the market is segmented on the basis of application (commercial tents, furniture, industrial, protective clothing, transportation, and others), by material type (polymer coated, rubber coated, and others), across seven major regions (North America, Latin America, Eastern Europe, Western Europe, Middle East & Africa (MEA), Japan, and Asia Pacific (Excluding Japan)).
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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