The market for elastomer coated fabric is expected to grow at a CAGR of over 4% globally during the forecast period. The major factors driving the market are growing demand from the automotive and transportation industry and the easy availability of raw materials. On the flip side, environmental concerns related to the use of solvents in elastomer coated fabrics and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
– The transportation application is expected to dominate the global elastomer coated fabric market over the forecast period. – Asia-Pacific region represents the largest market and 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.
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Transportation Application to Dominate the Market
– The market is expected to be driven by 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 globe. To cater to the need to accommodate more passenger, the manufacturing of aircraft are 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 transportation application is expected to further increase over the forecast period.
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