Kenneth Research recently added a report on ‘Protective Textile Market’ which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that, Europe is the second largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years. In the year 2018, out of the top 10 chemical producing countries in the world, two countries belonged to Europe that generated a sales revenue of 19.1% of the total sales revenue globally. Moreover, the sales of chemicals in Europe grew from 2017 by 2.8% in 2018.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Protective Textile Market products.
According to a new research published by Polaris Market Research the worldwide Protective Textiles Market is anticipated to reach around USD 8,802.2 million by 2026. In 2017, the manufacturing and construction segment dominated the global market, in terms of revenue. In 2017, Europe accounted for the majority share in the global Protective Textiles market.
The rapidly increasing need to provide safety at workplace majorly drives the growth of this market. Introduction of stringent Government regulations regarding workplace safety, and increasing demand of protective textiles from different industries support the market growth. Increasing investments in R&D, and initiatives taken by leading players in the market to launch innovative products to cater to the growing consumer demands further augment market growth.
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However, high costs of protective textiles limit the growth of the market. New emerging markets, technological advancements, and use of phase change materials would provide growth opportunities for protective textiles market in the coming years.
With international labor safety standards becoming more stringent, use of protective textiles has increased across various industries. Protective textiles are used in dangerous and unsafe work environments such as battlefields, mining sites, chemically hazardous areas, and healthcare centers among others. Protective textiles enable users to avoid risks and reduce the number of work accidents.
In 2017, Europe accounted for the highest share in the global protective textiles market. Introduction of stringent government regarding safety at workplace majorly drives the market growth in this region. Additionally, the increasing demand from the manufacturing and construction industries has accelerated the adoption of protective textiles in Europe. Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to growing industrialization and growth in manufacturing industries. Rising demand from healthcare, mining, and chemical industries would supplement market growth in the region. Leading global players are expanding their presence in developing nations of China, Japan, India, Indonesia, and Malaysia to tap the growth opportunities offered by these countries.
The various end-users of protective textiles include defense, manufacturing and construction, mining, oil and gas, space exploration, healthcare, emergency services, and others. The manufacturing and construction segment is expected to lead the market during the forecast period owing to high-risk working environments and stringent government regulation regarding workplace safety.
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The well-known companies profiled in the rProtective Textile Market eport include Ansell Limited, 3M Company, Honeywell International Inc., Teijin Limited, E. I. Dupont De Nemours and Company, Milliken & Company, W. L. Gore & Associates, Inc., DyStar Group, ARGAR S.r.l, Marina Textil S.L., Royal Tencate NV, and Kimberly Clark Corp among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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