The global market for textile coatings will witness a healthy growth during the forecast period. The factors contributing towards the growth of this market are growth of end-use industry applications in the developing economies of Asia-Pacific and Middle-East & Africa. Countries such as China and India are witnessing a healthy increase in the industrial and building & construction activities because of the relocation of manufacturing facilities from expensive markets of Europe and North America to low-cost markets of Asia-Pacific and Middle East & Africa. Along with these factors, increasing standards in textile coatings based fabrics and innovations in fabrics production techniques are driving the market for textile coatings.
The textile coatings market has a large number of market players; however, the market is dominated by some of the major players, such as Covestro AG (Germany), Huntsman International LLC (U.S.), Solvay SA (Belgium), Clariant AG (Switzerland), BASF SE (Germany), Omnova Solutions Inc. (U.S.), Sumitomo Chemical Company (Japan), Lubrizol Corporation (U.S.), and Tanatex B.V. (Netherlands), among others.
Most of these companies are leaders in production of textile coatings types. These companies are focused on developing new products and mergers & acquisitions to achieve economies of scale, product innovation, and expansion in order to capture and improve the market share.
Market players are concentrating on increasing their production capacities and developing cost-effective technologies. The companies are investing in setting up new facilities mainly in emerging regions so as to increase their global presence. All these developments are a reaction to the increasing demand for advanced textile coating based fabrics from segments such as construction, automotive, protective clothing, and industrial applications.
New product development and mergers & acquisitions are the key strategies adopted by the major textile coatings manufactures in the recent past. The top players in the textile coatings market are following these strategies for better penetration and expansion of their business into new emerging regions. These new ventures would help the companies to satiate the growing demand for textile coatings in several applications. Covestro AG (Germany) and Huntsman International LLC (U.S.) are a few market players who have adopted the strategy of new product launches in order to acquire more market share by supplying products to various end-use applications.
Moreover, the leading market players are also focusing on expanding their existing production facilities in order to meet the growing demand of textile coatings especially from the Asia-Pacific region. The market players are using this strategy as an excellent strategic match to optimize their production footprint in the potential regions for textile coatings. For instance, Huntsman International LLC (U.S.) and BASF SE (Germany) expanded their capacities by opening production facilities in developing economies of Asia-Pacific to acquire more market share.
Textile Coatings Market by Type (PVC, PU, Acrylics, SBR, Natural Rubber) End-Use Industry (Transportation, Building & Construction, Protective Clothing, Industrial, Medical, Sports, Agriculture, and Packaging) - Global Forecast to 2021
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