Market study on textile coatings market
A recently compiled research report claims that textile coatings industry is anticipated to generate a revenue of more than EUR 6,5 thousand millions by 2024.
Covestro’s 2016 launch of “Insquin” technology is an instance of the product differentiation strategies underlining textile coatings market. Being a highly innovation-driven business space, textile coatings industry is rather substantially influenced by the introduction of advanced coating technologies. Covestro, a reputed Bayer spinoff, had introduced the “Insquin”, 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.
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.
Silicone textile coatings
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.
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.
Developing new coating methods
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.
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.
The study is available via the website of Global Market Insights.
Image source: Pixabay
