Market Trends of Elastomer Coated Fabric Industry
This section covers the major market trends shaping the Elastomer Coated Fabric Market according to our research experts:
Transportation Application to Dominate the Market
- The market is expected to be driven by the increased demand for elastomer coated fabrics in transportation applications.
- The growth is also attributed to the increased usage of silicone and thermoplastic polyurethane fabrics to manufacture automotive body side moldings, interiors, instrument panels, seat covers, and drive belts on account of their properties, such as abrasion resistance and flexibility.
- The global automotive industry is currently undergoing a dull phase with a decrease in production in 2018, and 2019. In 2019, various developed and developing countries across the world, including China, Germany, South Korea, Canada, the United Kingdom, and Italy, experienced a decline in automotive production.
- With increasing air travel, the demand for commercial aircraft is rapidly increasing across the world. To cater to the need to accommodate more passengers, the manufacturing of aircraft is rapidly growing. This is expected to further drive the elastomer coated fabric market.
- Hence, owing to the above-mentioned factors, the demand for elastomer coated fabric from the transportation sector is expected to further increase over the forecast period.
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The Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region represents the largest market, and it is also expected to be the fastest-growing market over the forecast period, owing to the increasing consumption from countries, such as China, India, and Japan.
- China is the largest consumer in the global elastomer coated fabrics market, and it is the fastest-growing market in the region, owing to the increasing population and growing demand from the construction industry for elastomer coated fabrics.
- Additionally, the increased use of elastomeric coated fabrics in the transportation sector and the emerging economies of countries in Asia-Pacific is expected to boost the regional market demand.
- The Chinese aircraft industry depicted significant growth over the years. According to Boeing, China is estimated to require around 7,600 new commercial aircraft, valued at USD 1.2 trillion, over the next two decades.
- The National Development and Reform Commission of China authorized plans to build infrastructure projects in China and approved the construction of seven projects with a total investment of CNY 485 billion (~USD 72 billion) in January 2019.
- Furthermore, India and other Southeast Asian countries are propelling market growth in the region. For instance, taking into consideration the issues related to car accidents, the Ministry of Road Transport of the Union of India approved the installation of compulsory airbags in all cars w.e.f. 01 July 2019. Thus, this is creating lucrative opportunities for the players operating in the elastomer coated fabric market in the region.
- Owing to the above-mentioned factors, the demand for elastomer coated fabric in the Asia-Pacific region is expected to grow considerably over the forecast period.
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