Silicone Fabrics Market worth $5.5 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 4, 2021 /PRNewswire/ -- According to the new market research report "Silicone Fabrics Market by Base Fabric (Fiberglass, Polyester, Polyamide), Application (Protective Clothing, Industrial Fabric, Clothing Fabric), End-Use (Industrial, Consumer, Automotive), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Silicone Fabrics Market size is projected to grow from USD 4.0 billion in 2021 to USD 5.5 billion by 2026, at a CAGR of 6.8% between 2020 and 2026.
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Factors such as stringent government regulations regarding passenger safety in automotive, growth of manufacturing industries, increasing demand for the protective clothing, and growing adoption in upholstery and furniture industry are driving the Silicone fabrics market. Moreover, the increasing demand for superior quality, high performance, and durable fabrics in consumer good manufacturing are expected to offer opportunities for Silicone fabrics manufacturers.
Fiberglass segment estimated to lead the Silicone fabrics market in 2020
By base fabric, the fiberglass segment accounted for the largest share in the overall Silicone fabrics market. This growth can be attributed to the low cost, high performance, suitability to several industrial applications, and strong resistance to heat, water and UV supports for the growth of the silicone coated fiberglass fabrics market. Similarly, the polyamide segment is mainly driven by increasing demand for the airbags across the globe. Also, it is supported by the stringent government regulation in developed as well as developing countries.
Industrial fabric segment is estimated to be leading consumer of Silicone fabrics
The industrial fabric segment led the overall Silicone fabrics market in 2020, both in terms of value and volume. It is used across several industrial applications such as conveyor belts, insulation, gaskets, hoses, and heat shield, among other. With the growth of the manufacturing industry across the globe, the demand for silicone fabrics is increasing steadily.
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APAC projected to account for the largest share of the Silicone fabrics market during the forecast period
APAC is projected to have the largest share in the global Silicone fabrics market, in terms of both value and volume, from 2021 to 2026. The APAC Silicone fabrics market is driven by the thriving demand from the manufacturing industry, automotive, and fabrication industry. APAC Silicone fabrics market has been witnessing consistent growth due to the increasing automotive as well as airbag production in region, growth of the manufacturing sector, and double-digit growth of healthcare and medical sector. Due to the COVID-19 pandemic, the economic growth of several countries such as India, ASEAN, and other countries, has been declining owing to disruption of the supply chain, declining demand for industrial product, the suspension of the manufacturing facilities, and declining oil & gas prices. The demand for Silicone fabrics is therefore expected to decrease in several end-use industries in 2020.
The silicon coated market is dominated by large players, such as Elkem (US), 3M Company (US), Auburn Manufacturing Inc. (US), Nott Company( US), Mid-Mountain Materials, Inc (US), Newtex Industries, Inc (US), Precision Coating & Coated Fabrics (US) Trelleborg AB (Sweden), COMPAGNIE DE SAINT-GOBAIN S.A. (France), and Serge Ferrari Group (France). Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the silicon coated fabric market.
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