Covestro’s 2016 launch of INSQIN® technology is an instance of the product differentiation strategies underlining textile coatings market. Being a highly innovation-driven business space, textile coatings market is rather substantially influenced by the introduction of advanced coating technologies. Covestro, a reputed Bayer spinoff, had introduced the INSQIN®, a water-based polyurethane textile coating technology, in Q3 2016, which has proved to be a rather sustainable innovation and has apparently reduced the carbon emissions by almost 50%. Today, manufacturers have been focusing on introducing eco-friendly coatings technologies that offer the dual benefits of carbon emission reduction and product cost-effectiveness. In yet another landmark event, Zimmer Austria has recently set new parameters for measuring the growth of textile coatings market through the introduction of new technologies such as Magnoroll coatings and digital printing systems.
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An insight into the contemporary developments underlining textile coatings market:
- In May 2017, specialty chemicals giants Huntsman Corporation and Clariant AG signed a deal assessed at over USD 14 billion to expand their product portfolio. Coatings and plastics are expected to be an integral part of the new firm referred as HuntsmanClariant. This is one of those riveting mergers that is expected to prompt other business players to follow suit, subsequently impacting textile coatings market size.
- Dow Corning has been offering advanced heat-curing silicon elastomer coating technologies as a part of its product portfolio, that find applications across industrial textile processing.
- The Elkem Company is reputed for manufacturing silicone textile coatings, which find wide applications in marines, sportswear, technical textiles, transport, leathers, and automotives. Their favorable product features such as UV & fire protection, mechanical stress, and thermal resistance have made them highly popular across various end-use sectors. It is undeniable that their high-end sales would have a modest impact on textile coatings industry share.
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- Another product encompassing a widespread application spectrum is Encor® – these coatings, manufactured by Arkema S.A., can be used in packaging, automobile, civil engineering, construction, geotextiles, cable wrapping, and filtration. They offer strength, aesthetic value, and protection to a wide range of textile surfaces.
- Lubrizol Corporation, a key player across specialty chemicals industry, has declared the upgradation of its textile coatings unit in North Carolina across the U.S. The unit is focusing on extensive R& D of textile coatings technologies to formulate new coating methods for range of textile applications – a move which may have a sizable impact on textile coatings market size.
Pivotal measures undertaken by vital companies are certain to generate profitable avenues for textile coatings industry, across myriad geographies. Speaking of which, APAC contributed to more than 50% of the overall textile coatings market share in 2016, and is anticipated to witness a high product penetration over the coming years. This growth can be attributed to the construction developments being witnessed across countries such as India and China, which have been touted to be the key revenue contributors.
The prevailing sense of aesthetics in conjunction with the fact that textile coatings find extensive utilization across the fabric and home furnishing sectors is certain to segment the product popularity across the U.S., indirectly providing a boost to North America textile coatings industry size. It is forecast that the U.S. textile coatings market, which has majorly influenced North America industry since the past few years, will record a CAGR of more than 4.5% over 2017-2024.
A recently compiled research report claims that textile coatings industry is anticipated to generate a revenue of more than USD 7.5 billion by 2024. This comes as no surprise, given that the competitive landscape of this business comprises major players such as Clariant AG, Huntsman Corporation, Covestro AG, Royal DSM, Sumitomo Chemical Company, Solvay S.A., and Lubrizol Corporation. With their praiseworthy contributions in place, it is no doubt that textile coatings market is predicted to carve out a favorable growth curve over the coming years.
Browse key industry insights spread across 350 pages with 369 market data tables & 11 figures & charts from the report, “Textile Coatings Market Forecast, 2017 – 2024” in detail along with the table of contents: