The size of the global coatings market was US$ 5.51 billion in 2015 and is projected to reach US$ 6.81 billion by 2021, at a CARG of 3.5%, according to the recent report, published by MarketsandMarkets, a leading market research firm.

The report entitled Textile Coatings Market by Type (PVC, PU, Acrylics, SBR, Natural Rubber) End-Use Industry (Transportation, Building & Construction, Protective Clothing, Industrial, Medical, Sports, Agriculture, and Packaging) - Global Forecast to 2021 features 83 market data tables and 31 figures spread through 138 pages.

According to the report, rising industrial, transportation, and building and construction are driving the market for textile coatings. Along with these, increasing quality and performance standards in textile coating based fabrics are also driving the market.

Asia-Pacific is the key market

Asia-Pacific dominated the textile coatings market in 2015. China is the largest consumer of textile coatings in the world. The demand for textile coatings is driven by the diverse industrial markets ranging from building and construction, automotive, industrial, and protective clothing, among others.

The ensuing increase in investments and rise in the number of new manufacturing establishments are anticipated to lead Asia-Pacific to emerge as the prime driver for the growth of textile coatings market, according to the report.

Fastest-growing industrial segment

Industrial segment for textile coatings includes industries such as oil and gas and manufacturing among others. Growth in oil and gas and manufacturing industry will drive the textile coatings market, according to the report. North America is expected to witness growth in oil and gas and manufacturing industry due to the recent discoveries of shale gas and shale oil in the region and strong manufacturing base in the US.

Other countries such as Argentina, India, UAE, South Africa, Australia, Malaysia, and Chile are estimated to exhibit the fastest-growth in the manufacturing industry. China accounts for the largest manufacturing industry globally, and is also amongst the leading oil and gas countries in terms of production and consumption. All these factors will account for its fastest-growth in textile coatings market.

Thermoplastics dominate market

The global textile coatings market was dominated by thermoplastics, as it was largest in terms of both value and volume, in 2015. This is due to the fact that PVC is the most used coating for various applications due to its reduced cost, easy weldability, and range of colours available.

In addition, it can be easily painted or printed. PU being an eco-friendly textile coating, and its acceptance by the manufacturers in North America and Europe, will also support the market for thermoplastics type textile coatings.