Market Trends of Polymer Coated Fabric Industry
This section covers the major market trends shaping the Polymer Coated Fabric Market according to our research experts:
Increasing Safety Measures in Transportation Application
- The growth is majorly attributable to the increasing use of polymer coated fabrics in several transportation applications. In the automobile industry, safety is a major consideration for the manufacturers. Polymer coated fabrics are majorly employed for a wide scope of automotive applications such as interior, exterior, airbags, seatbelt, and covers.
- Frontal airbags are considered a key life-saving technology in automotive industry. Hence, National Highway Traffic Safety Administration is encouraging car manufacturing companies to implement better safety measures using a similar principal. This has a major impact on the increasing adoption of side-curtain airbags, mostly in passenger cars, thereby boosting the demand for polymer coated fabrics.
- According to US National Highway Transportation Safety Authority (NHTSA) and Insurance Institute for Highway Safety (IIHS), approximately 10,000 potential mortalities has been averted in the US alone since 1985 because of airbag-equipped vehicles.
- According to World Health Organization, road traffic accidents accounts to approximately 1.35 million deaths every year. In addition, more than 20 million people face non-fatal injuries resulting in disabilities and other health conditions. Thus, providing avenues for application of airbags, seatbelts and other interior applications to prevent accidents and fatalities is expected to positively influence the market over the forecast period.
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Asia Pacific Region to Dominate the Market
- Asia Pacific is anticipated to be the largest and fastest polymer coated fabrics market, globally, owing to rapid industrial growth and urbanization in major countries such as China and India. The rising demand from the transportation, protective clothing, and industrial applications is boosting the polymer coated fabrics market in the region. Japan, and South Korea are other major countries driving the polymer coated fabrics market.
- Expanding automotive industry, manufacturing and chemical industries is expected to drive the growth of polymer coated fabric market. In addition, the increasing implementation of stringent regulations for importance of protective clothing is expected to drive the market.
- The rapidly evolving automotive industry in developing countries along with increasing product application to manufacture household furniture is further anticipated to augment the demand for coated fabrics in various applications. Innovation and development in the polymer coated fabrics such as shape memory polymers for smart textile applications is expected to increase the demand over the period.
- Small Asia Pacific countries such as Malaysia, Myanmar, Bangladesh, Vietnam, Philippines, etc. are also projected to show significant growth in the industrial segment on account of factors like presence of cheap labor and relaxed regulations. Asia Pacific is likely to show significant growth in terms of export and is expected to increase its production activities.
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