Global Elastomer Coated Fabrics Market Is Segmented By Product (Silicone Coated Fabrics, Tpu Coated Fabrics, Tpo Coated Fabrics, Rubber Coated Fabrics), By Application (Transportation, Protective Clothing, Industrial, Roofing, Awnings & Canopies, Furniture & Seating, Others), And By Region (North America, Latin America, Europe, Asia Pacific, Middle East, And Africa) – Share, Size, Outlook, And Opportunity Analysis, 2023-2030
San Francisco, CA — (SBWIRE) — 02/23/2023 — STRONG DEMAND FROM THE AUTOMOTIVE INDUSTRY SETS THE STAGE FOR ELASTOMER-COATED FABRICS MARKET GROWTH
Global vehicle demand has been increasing in recent years, particularly from emerging regions, because of cheaper credit and the introduction of new models at various price points by automotive manufacturers. According to the International Organization of Motor Vehicle Manufacturers (OICA), more than 80 million vehicles will be produced globally in 2021. Elastomer-coated fabrics are widely used for various automotive components, including interior and exterior trimmings, airbags, seat belts, and tarpaulin covers. The increasing global vehicle demand is expected to be a key driver for the growth of the global elastomer-coated fabrics market.
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THE HIGH COST OF RAW MATERIALS PRESENTS CHALLENGES TO MARKET GROWTH
One of the major challenges for the global market has been the high cost of raw materials. Elastomer-coated fabrics are made from a variety of raw materials, including polyvinyl chloride (PVC), polyurethane (PU), and nitrile butadiene rubber (NBR). The raw materials are becoming increasingly expensive, driving up the cost of elastomer-coated fabrics. The high cost of raw materials results from several factors, including the rising cost of oil, a major raw material for polymer production. Oil prices have been volatile and have remained between US$ 80-120 per barrel through most of 2022.
INDIA AND CHINA ARE KEY COUNTRIES IN SHAPING THE GLOBAL MARKET DEMAND
The global elastomer-coated fabrics market will find major opportunities in emerging nations such as China, which has become a major hub for global automotive production. According to OICA data, China produced more than 26 million passenger and commercial vehicles in 2021. Chinese automakers are transitioning towards electric vehicles. India is another major country with a fast-growing market. According to OICA data, India produced nearly 4.4 million vehicles in 2021.
TRANSPORTATION AND INDUSTRIAL APPLICATIONS TO PROPEL MARKET GROWTH
The transportation industry will likely present significant opportunities for the global market in the coming years, given the extensive application of elastomer-coated fabrics in the automotive industry. A study by McKinsey forecasts that more than 115 million units of vehicles will be sold in 2030. The growing industrialization of emerging countries such as India and China is also expected to provide a major impetus to market growth.
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CONTINENTAL AG EXPLORING NEW AVENUES OF GROWTH
The major players in the global market are developing new applications for elastomer-coated fabrics to expand their adoption. In October 2022, Continental AG partnered with outdoor clothing brand Urban Circus to develop visible cycling jackets with elastomer-coated fabrics.
ELASTOMER COATED FABRICS MARKET REPORT SCOPE
1. Silicone Coated Fabrics
2. TPU Coated Fabrics
3. TPO Coated Fabrics
4. Rubber Coated Fabrics
2. Protective Clothing
4. Roofing, Awnings & Canopies
5. Furniture & Seating
1. North America
3. South America
4. Asia Pacific
5. Middle East and Africa
For more information on this press release visit: http://www.sbwire.com/press-releases/elastomer-coated-fabrics-market-opportunities-and-challenges-in-the-automotive-and-industrial-sectors-during-the-forecast-period-2023-2030-datam-intelligence-1371228.htm
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