Global fire resistant fabrics market predicted to grow 5.2% 2016-2022
According to market research “Global Fire Resistant Fabrics Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Type (Apparel Fire Resistant Fabrics and Non-Apparel Fire Resistant Fabrics) by Application (Industrial Protective Clothing, Defense and Firefighting Services, Transportation, Others)” by P&S Market Research, the global fire resistant fabrics market was valued at $3,950.8 million in 2015, and it is expected to grow at a CAGR of 5.2% during 2016 - 2022.
Factors driving the growth of the global market include increased concern for safety and stringent safety regulations, rapid industrialization, and increasing flame resistant fabrics utilization in home and commercial furnishing. Additionally, the continuously evolving demand for more comfortable and safer industrial protective clothing, along with continuous research and development for new product innovation is expected to propel the demand for fire resistant fabric.
Influence of regs
Increasing safety regulations in developing as well as developed countries are projected to boost the growth of the fire resistant fabrics market. The safety concerns of workers in industries is of top-most priority, by setting up strict safety regulatory guidelines, government and regular authorities are taking care of it.
Industrial regulations and standards such as OSHA and NFPA regulations have set some codes. NFPA 70E and NFPA 2112 have contributed to much of the growth of the fire resistant fabrics market. These regulations and standards have also set a trend that regulatory agencies in South America and Asia-Pacific are following, which will drive the demand for fire resistant fabrics additionally.
In 2015, Europe held the largest share (37.1 percent) in the global fire resistant fabrics market with a market size of $1,466.5 million. The fire resistant fabrics market in the region is anticipated to witness growth at a CAGR of 5.0 percent during the forecast period. The major reasons behind the growth of the fire resistant fabrics market in the region include stringent safety norms and increased use of fire resistant fabrics in commercial spaces.
Among the various applications, the industrial protective clothing segment held the largest share in the global market in 2015, and it also expected to witness the fastest growth during 2016-2022. The transportation application segment is emerging out as the major contributor in the global fire resistant fabrics market.
Some of the major companies operating in the global fire resistant fabric market include E.I DuPont de Nemours & Co., Westex, Royal TenCate N.V., Kaneka Corporation (Japan), Solvay S.A., Teijin Ltd., PBI Performance Products Inc., Glen Raven Technical Fabrics LLC, Gun Ei Chemical Industry Co. Ltd., Huntsman Corporation, Lenzing AG, W.L. Gore & Associates Inc.
About P&S Market Research
P&S Market Research is a market research company which offers market research and consulting services for various geographies around the globe. P&S provides market research reports, industry forecasting reports, business intelligence, and research based consulting services across different industry/business verticals.
P&S analysts and consultants are proficient with business intelligence and market analysis, through their interaction with leading companies of the concerned domain. They help clients with B2B market research and assist them in identifying various windows of opportunity, and framing informed and customized business expansion strategies in different regions.