In 2017 the tech textile market was estimated at €138 billion and by 2022 it is expected to grow at a compound annual growth rate of 5.9% and reach €184 billion. This boost is generated by the increase in demand of end use industries, increase in end use applications including new end uses where non-textiles are used and favorable conditions of the countries.
The global coating market which is protective textile used to safeguard personnel from coming in contact with hostile elements or environments, amounts to €4.7 billion and by 2021 it is expected to grow at a CAGR of 3.5% and reach €5.8 billion.
Mr Marc Van Parys, president of Unitex, a nonprofit organization for the textiles industry, said, “Asia-Pacific dominates the textile coating market with China as the largest consumer of textile coatings worldwide. Other emerging important countries are the UAE, Argentina, India, Australia, South Africa, Malaysia and Chile. Moreover, the ensuing increase in investments and rise in number of manufacturing establishments are expected to lead Asia-Pacific as the prime driver for the growth of coated textile.”
The global coating market is projected to reach €11 billion by 2022 and grow at a CAGR of 6.8% over the next decade. The global fire resistant fabrics market by 2021 is expected to grow at a CAGR of 5.3% and reach €4.5 billion because of its increased demand by end use industries including chemicals, construction, manufacturing, oil and gas.