A recently published market intelligence study establishes that global demand for textile coatings will witness an expansion at around 4% CAGR, reaching US$ 5 Bn by the end of the 2021-2031 assessment period. As of 2021, sales are expected to reach US$ 3.4 Bn. Demand is expected to be majorly spurred by key end use industries, including electronics, medical industry and construction.

From 2016 to 2020, sales of textile coatings registered a 3% CAGR. During the Covid-19 pandemic, disruption in infrastructure projects- commercial as well as residential- led to a significant contraction of demand in the global construction industry. However, prospects remained elevated throughout the medical industry, as stringent coating requirements for various equipment, including ventilators, prompted an increase in high grade textile coatings purchases.

Future market demand is reliant on the ever widening applications in the geotextiles sector. With the global construction industry set to broaden in the future, geotextiles are expected to be used to impart protection to roads, reinforcing concrete structures and draining of fluids.

Key takeaways from the market study

• Thermoplastic polyurethane textile coatings to account for 4 out of 5 sales until 2031
• By end use industry, medical hygiene products applications to surge at a CAGR of 6%
• Thermoset textile coatings to capture a market share of 35% from 2021 to 2031
• U.S to experience a CAGR worth 3.9% across the 2021-2031 assessment period
• India to emerge as an opportunistic landscape, registering a CAGR worth 4%
• China to be the fastest expanding market for textile coatings, clocking a growth rate of 4.2%

“Burgeoning infrastructure development initiatives in emerging markets, notably in public transportation systems, are opening the way for the incorporation of tough building materials, increasing demand for textile coatings”, says a Senior Research Analyst.

The ubiquitous textile coatings market is a highly consolidated market due to the presence of several regional manufacturers. The leading market players include: BASF SE, Clariant AG, Covestro AG, Du Pont, Huntsman International LLC, Omnova Solutions Inc., Solvay SA, Sumitomo Chemical Co. Ltd., Tanatex Chemicals B.V. and The Lubrizol Corporation among others.

These insights are based on a report on Textile Coatings Market by Fact.MR.