The global flame resistance fabrics market is expected to experience intense competition among its players, witnesses Transparency Market Research. The market seems fragmented as the players are using various business development strategies to get larger share in the market. Distribution agreements, cost effective product development, and integration through effective supply chain management are commonly used strategies by the key players. Companies are also investing in research and development activities, mergers, and acquisition. For instance, DuPont is using innovative strategy under the brand names Keviar and Nomex. Some of the prominent players operating in the global flame resistant fabrics market are PBI Performance Products, TenCate, Milliken & Company, Gun Ei Chemical Industry Co., and Toyobo Co., Ltd.
According to the statistical information provided in the report, the global flame resistant fabrics market is expected to progress at 6.70% CAGR from 2014 to 2024. Over the forecast period, the market is likely to earn US$4.8 bn by the end of 2024. Application of flame resistant fabrics is largely seen in the industrial protective clothing segment. As there are higher chances of catching fire while working in an industrial set up has led demand in this segment.
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With respect to geography, Europe held 30% share in the market and is likely to lead the market during the forecast period. Strict regulations related to employees safety while working in industries such as oil and gas, military, and other industries increased demand for flame resistant fabrics in this region. Moreover, increasing growth in transportation industry has also boosted demand in the Europe flame resistant fabrics market. Asia Pacific is also projected to contribute in the growth of this market. High industrial development in countries such as China and India has boosted demand in the global flame resistance fabrics market.
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High Demand for Flame-Retardants in Electric Industry to Accelerate Market Performance
Rapid developing industrial sector has increased demand in the global flame resistant fabrics market. Moreover, industries characterized by hazardous working conditions have further augmented demand in this market. High demand for flame-retardants in the electric industry as they help in reducing the flammability of semiconductors triggered demand in this market. In addition to that, the demand for flame-retardants chemicals increased in several end users, including construction and automotive industries are other factors fueling the global flame retardant fabrics market.
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High Cost of Flame Resistant Fabric to Challenge Market Growth
On the other hand, few restraints are likely to obstruct growth in the global flame resistant fabrics market. High cost of flame resistant fabric as compared to other conventional materials is the major challenge that might hinder growth in the global flame resistant fabrics market. Limited knowledge about safety regulations is another challenging factor. Moreover, global slowdown in rig equipment in the oil and gas industry is also projected to deter the market’s growth. However, increasing efforts on safety regulations in both developed and developing economies might help in overcoming the challenges that, in turn, will drive demand in the global flame resistant fabrics market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Flame Resistant Fabrics Market (Application – Industrial Protective Clothing, Law Enforcement & Firefighting Services, Transport, and Home Furnishing) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”.
