Coated Fabrics Market to Expand at 5.1% CAGR by 2031
The global coated fabrics market is set to be valued at US$ 19,976.7 Mn in 2021, with a stable long-term projection, according to latest insights from Future Market Insights, an ESOMAR-certified research and consulting firm. The report forecasts the global coated fabrics market to grow at nearly 5.1% CAGR during 2021-2031. The report offers analysis in 20+ high-growth markets, providing detailed insights on Coated Fabrics growth will evolve in the next decade.
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Demand for coated fabrics waned in 2020, and due to the economic impact of the unprecedented COVID-19 crisis. However, the manufacturing industry is currently in recovery mode. Considering the possibility of a stimulus in many countries, the long-term outlook on the market remains positive. Rising application in the transportation segment will continue supporting growth. According to FMI, above 34% of sales in terms of application will concentrate in this sector.
Key Takeaways
- China, Japan, South Korea and ASEAN countries are witnessing high demand for coated fabric
- China being the largest market in the world, is also expected to hold highest share in the coated fabrics due to presence of strong local base and extensive production facilities and availability of raw materials
- The U.S. emerges as a leading market, accounting for over 84% sales in North America.
- Increasing automotive sales will support growth in the U.K., enabling it to exhibit 5.6% y-o-y growth in 2021
- Germany and France too will record high growth, driven by increasing focus on workplace safety
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“Upsurge in demand for protection clothing and safety measures in the transportation in recent years is expected to provide an impetus to coated fabrics sales. Safety and high demand for various purposes of coated fabrics is expected to create substantial growth prospects. Leading players are enhancing their territories. However, contract acquisitions, collaborations and partnerships are some of the key strategies which will drive market players to strengthen their market presence and to gain market share” says FMI analyst.
The COVID-19 pandemic is currently impacting the global economy at various levels and the impact is seen on coated fabrics market as well. The market growth is projected to be affected by the COVID-19 pandemic crisis and it is expected to witness a significant drop in demand in 2021. With a number of end-use industries affected in several countries, the growth has also been impacted due to challenges in manufacturing sector. The shortage in demand are expected to result in a significant drop in Y-O-Y growth yet FMI expects Coated Fabrics to grow at 5.1% CAGR through 2031.
Competitive Landscape
The market is moderately consolidated, with key players accounting for significant market share. Some of the key players in the market are Saint Gobain S.A, Bayer AG, PPG Industries, 3M Company, among others. These players are likely to invest in new technologies, especially customized variants, to maintain their market share.
Coated fabrics market is likely to grow at a moderate pace during 2021-2031. However, as it is a matured market, companies are expected to concentrate further on research and development activities to develop specific purpose that meet personalized requirements of end users. Collaboration with regional manufacturers is framed as a prime strategy expected magnify in the forecast.
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Valuable Insights into Coated Fabrics Market
Future Market Insights, in its new report, offers an unbiased analysis of the global coated fabrics market, analyzing historical demand from 2016-2020 and forecast statistics for 2021-2031. The study reveals growth projections on the market on the basis of material type (rubber coated and polymer coated) and application (commercial tents, furniture, industrial, protective clothing, and transportation) across seven regions.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition.
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