Selbyville, Delaware, December 3, 2020 (GLOBE NEWSWIRE) – Based on Global Market Insights Inc. report, the market for industrial protective fabrics its size was estimated at $ 3 billion in 2019 and is estimated to be a hit $ 6.5 billion by 2026 one CAGR of 10% from 2020 to 2026. The report provides a comprehensive analysis of key investment opportunities, drivers and opportunities, competitive scenarios, best-winning strategies, market estimates and size, and faltering industry trends.
Favorable government initiatives and growing concerns about worker safety in a high-risk industrial environment are likely to drive the growth of the industrial protective fabrics market. The development of fire safety techniques and engineering to minimize fire hazards is likely to increase the demand for firefighting suits and other fire-resistant and fire-retardant fabrics. In addition, factors such as financial incentives, including tax cuts and electric vehicle exemptions, will bolster the growth of the auto industry. These factors will drive the demand for protective clothing due to their substance use by workers in the automotive industry.
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In terms of raw materials, the polyolefin segment was valued at over $ 57.1 million in 2019 and is likely to grow rapidly. This expected growth is attributed to the increasing demand for polyolefins for the production of protective clothing and firefighting suits.
The COVID-19 pandemic has had a major impact on the global economy, and the overall industrial protection fabric market is also showing deteriorating growth. The pandemic caused the temporary closure of the business, resulting in a lower demand for products, further seriously affecting the market share of industrial protective fabrics. However, with economies slowly opening up, the resumption of manufacturing activity around the world should show a stable recovery trend in the time to come, with the industrial protective fabric industry with a significant jump in income.
Main reasons for the growth of the industrial protective fabrics market:
- Rising demand from healthcare and laboratory applications.
- More and more attention to the safety of employees.
- Increasing manufacturing and chemical industrial activities in Europe.
Predictions for 2026 anticipating the ‘space suits’ application segment with appreciative growth:
In terms of application, the spacesuit application segment generated approximately $ 68.8 million in revenues in 2019. The segment is expected to grow at a respectable CAGR of approximately 5.9% over the forecast period. Due to increasing research and space exploration activities, the demand for space suits is expected to increase during the analysis period. New space activities and planetary exploration have encouraged industrial protective fabric manufacturers to actively focus on lightweight and modular designs.
Europe to be lucrative growth:
Geographically, Europe accounted for approximately $ 1,033.7 million in 2019 and is expected to grow at a respectable CAGR of more than 9.6% over the forecast period. This expected growth is attributed to increasing manufacturing and chemical-industrial activities around the world. The increasing production of electric vehicles will increase the need for personal protective clothing to protect factory workers from hazardous conditions such as cut hazards and electric arcs, increasing the demand for industrial protective fabrics.
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Leading market players:
Prominent market players analyzed in the Industrial Protective Fabrics Industry Report include KLOPMAN INTERNATIONAL, Glen Raven, Inc., KOLON Industries, Beijing BW Protect, CETRIKO SL., Tex Tech Industries, TEIJIN LIMITED., Tencate Fabrics EU, DuPont, Inc ., W Barnet gmbh & co., And Cerex Advanced Fabrics, Inc. among many others.
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