Industrial Protective Clothing Market Projected to Witness Vigorous Expansion by 2024
The global industrial protective clothing fabric market depicts the presence of a substantially consolidated market, says Transparency Market Research on the basis of a newly published report. This is mainly due to a handsome 27.2% of the total market shares that were held by three prominent players: Milliken & Company, Teijin Aramid, and TenCate. Most companies are looking forward to improve their presence in the global industrial protective clothing fabric market by setting up new facilities for the purpose of manufacturing in new regions. Moreover, numerous businesses are also focused on participating in strategic collaborations, mergers & acquisitions, and partnerships, in order to aim for high revenue generation. Apart from the three companies mentioned above, several others constitute a major portion of the vendor landscape such as Gunei Chemical Industry, Huntsman International LLC., Solvay S.A., PBI Performance Products Inc., and Glen Rave Inc.
According to expert analysts, the global industrial protective clothing fabric market is expected to expand at a strong CAGR of 6.8% during the forecast period from 2016 to 2024. With this CAGR, the market’s revenue is anticipated to reach US$3.36 bn by the end of 2024, which is a decent increase from initial revenue of US$2.24 bn that was generated in 2016.
Rapid Progress in Oil and Gas Industry Stokes Growth in the Market
A growing consciousness inside the industrial sector in various emerging economies with regards to workplace safety is majorly driving the international industrial protective clothing fabric market. Favorable initiatives and support provided by several governments in order to uphold safety precautions in sectors that demand intensive work too is providing a large impetus to the market’s growth. This is mainly due to rising concerns regarding injuries caused by high rate of mortality among workers in the industrial domains.
A major factor that augments the growth of the global industrial protective clothing fabric market currently is the surge witnessed by the oil and gas industry. Such growth is mainly responsible because of a dire need for using protective clothing while working at offshore as well as onshore oil rigs. With increasing investments made by several players as well as governments to curb injuries and provide better protection, coupled with a robust rate of innovation and product development, the global industrial protective clothing fabric market is expected to expand splendidly in the near future.
High Costs of Clothing Material Dampen Expansion Rate
However, this market also faces restrictions with the emergence of various issues, a prominent one being the high cost of fabrics that are flame-resistant. Such costs might discourage companies having less capital for investment to not opt for the clothing, and instead use cheaper and less efficient alternatives. Moreover, these materials are likely to witness less availability in remote and underdeveloped regions too. Nevertheless, several manufacturers are soon prophesized to introduce cost-effective clothing varieties. This could certainly offset most restraints acting in this market.