The global fire-resistant fabrics market is expected to record a CAGR of over 6% during the forecast period. The major factors driving the market studied are the increasing demand for fire-resistant fabrics in home and commercial furnishing, stringent industrial standards for fabrics, and growing demand from the mining industry in South America.
- The high price of raw materials used to make fire-resistant fabric and lack of safety compliances are expected to hinder the growth of the market studied.
- Rapid industrialization in BRICS countries is likely to act as an opportunity in the forecast period.
Key Market Trends
Transport Segment to Dominate the Market
- Fire-resistant fabrics are used in the transport industry during the construction of railways, automotive, aircraft, and marine. The global transport sector is expected to grow at a healthy rate in response to foreign investments for the construction of better railways, metro, and rail networks.
- Growing railway construction across the world is expected to drive the demand for fire-resistant fabrics.
- In India, the government has plans to develop metro rail projects in over 30 Indian cities.
- In the automotive sector, growing demand for electric vehicles in Asia-Pacific countries, like India, has also fuelled the studied market’s growth.
China to Dominate the Asia-Pacific Market
- The demand for fire-resistant fabrics in China is mainly driven by the growing manufacturing activities of the aerospace industry in the country.
- This growth in the industry is primarily dependent on the rising passenger traffic, due to the higher consumer spending power and better air connectivity. This increasing passenger traffic is further creating a robust demand for an increase in the number of aircraft.
- According to the Civil Aviation Administration of China, the number of passengers reached a new high of more than 600 million, in 2018. Furthermore, the country is planning to launch 260 new international air routes.
- Currently, the country is running 2,185 general aviation aircraft and is planning to have more than 5,000 aircraft and 500 airports by 2020.
- Moreover, the government’s focus on the production of electric vehicles is likely to drive the demand for fire-resistant fabrics market during the forecast period.
The global fire-resistant fabrics market is fragmented in nature. The major companies include DuPont de Nemours, Inc., Indorama Corporation., Solvay, KANEKA CORPORATION, and TenCate Fabrics among others.
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