Flame Resistant Fabrics Market
Flame Resistant Fabrics Market (Application - Industrial Protective Clothing, Law Enforcement & Firefighting Services, Transport) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Press Release :
Flame Resistant Fabric Market: Snapshot
Flame resistant fabric is extensively used in oil and gas industries as these industries face hazards of fire outbreak. Fire outbreak poses severe risk to health of workers. Hence, to avoid any such accident, wearing flame resistant fabric is one of the basic protocols followed in oil and gas industries. It is one of the key factors boosting flame resistant fabric market.
In recent years, flame resistant fabric market is witnessing rise in demand form defense industry. The industry poses severe risk of fire outbreak. Hence, to safeguard the employees working in the industry, wearing flame resistant fabric is mandatory.
Further, government regulations regarding safety of the workers is providing tremendous growth opportunities to global flame resistant market in near future.
Registering the application of flame resistant fabric in various industries, market analysts estimated healthy growth rate of the said market. As per a report published by Transparency Market Research, flame resistant fabric market is anticipated to chart a CAGR of 6.8% in between 2016 and 2024. The value of flame resistant market stood at a value of US$3.63 bn in 2015. The market value is projected to reach US$6.56 bn by 2024.
Transport Industry Maintains Growth Equilibrium of Flame Resistant Fabrics Market
Apart from oil & gas industry and defense industry, the fabric is also used in home furnishing, law enforcement and firefighting services, transport industry, and industrial protective clothing. Out of all, industrial protective clothing segment is anticipated to show significant growth rate. The segment has witnessed large volume-wise consumption.
Industrial protective clothing acts as an inert barrier between skin and fire. This grants effective protection against exposure to flames as well as high temperature. This feature has resulted in wide adoption rate across various industries. However, growth graph of the segment is declining as a consequence of slowdown in the oil and gas industry.
Meanwhile, demand for flame resistant fabrics in transport industry continues to be consistent over other end users in global flame resistant fabrics market. Flame resistant fabrics are required in transport industry during construction process of automotive, aircraft, railways, and metro. Global transport industry is anticipated to grow at a lucrative rate on account of inflow of capital and growing demand for better metro, rail networks, and railways. Subsequently, flame resistant market is also anticipated to grow.
Safety Employee Regulations Drive Flame Resistant Fabrics Market
In recent years, Europe was leading in the global flame resistant fabric market and held significant share in the entire market share. Owing to rising demand for the fabric, Europe is anticipated to dominate in the duration of the forecast period as well. The region is witnessing expansion of transport industry, where flame resistant fabrics are extensively used for production of wide range of products related to the industry.
Countries such as Germany and Italy are anticipated to be the key demand drivers for flame resistant fabrics market. This is due to application of flame resistant fabrics in car-racing.
At present, Asia Pacific is second leading consumer of flame resistant fabrics. Also, the region is anticipated to hold its position in the market during forecast period as well. The growth rate is attributed to wide expansion of industrial sectors across the region. Moreover, the sectors will require human resource in large number. Hence, to provide protection against fire accidents, demand for protective clothing is likely to rise substantially in coming years.
In 2015, North America emerged as third-largest share-holder in the global flame resistant market. Moving forward, owing to strict employee safety regulation, the region is anticipated to account for large share in the flame resistant fabric market in coming years.
Some of the key players in the global flame resistant fabrics market are DuPont, Milliken & Company, Teijin Aramid, Lenzing AG, and TenCate.