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Smart and Interactive Textiles Market to garner heavy returns from retail & consumer applications over 2016-2024, APAC to emerge as one of the lucrative business grounds
Excellent growth prospects have been forecast for Smart And Interactive Textiles Market over the forthcoming years, essentially pertaining to the increasing demand for low weight, smart, and comfortable fabrics for better athletic performance and comfort while driving automobiles. The rapidly changing consumer trends toward comfort and luxury, their rising disposable incomes, and the subsequently high purchase parity are key factors that are slated to augment the expansion of smart and interactive textiles industry over the coming years. As per reliable estimates, global smart and interactive textiles market is anticipated to cross a valuation of USD 6.5 billion by 2024, with a CAGR projection of 14% over 2016-2024.
Europe Smart And Interactive Textiles Market size, by application, 2013 – 2024 (USD Million)
Attesting to the fact that Europe encompasses the advanced automobile pioneers such as Germany, the demand for smart fabrics for high-tech vehicles is particularly high in the region. Rising concerns regarding passenger safety and shifting consumer demand with regards to comfortable seating and vehicle customization will propel Europe smart and interactive textiles industry over the coming years. Europe held more than 35% of the overall industry share in 2015, however, it is forecast that the region will lose its share to North America and APAC and will account for merely 20% of smart and interactive textiles market by 2024, owing to the fact that these continents project a wider application scope for smart fabrics.
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Speaking of which, smart textiles find massive applications in the retail & consumer, household, healthcare, industrial, transportation, space research, and military sectors. These fabrics provide aesthetics and safety at the same time, owing to which they are used in automobiles, railway coaches, ships, and aircrafts. Back in 2015, smart and interactive textiles market registered a revenue of more than USD 750 million from the transportations sector. The rising need to enhance the mechanical features of transportation vehicles and the huge demand for light weight functional components to increase the fuel efficiency will double the revenue of smart and interactive textiles industry from the transportation sector, slated to cross a valuation of USD 1.5 billion by 2024.
This segment is anticipated to garner widespread popularity across the APAC belt, due to the rising development of the industrial and automotive sectors. APAC smart and interactive textiles market, augmented by the immense contribution from China, India, and South Korea, is forecast to register a CAGR of 20% over 2016-2024. Another segment that is likely to record massive gains across this region is the sports sector. The rising number of sporting events has led to a commendable surge in the number of sport personalities. This has, in turn, has ushered a plethora of opportunities for smart and interactive textiles industry players, as sportspersons require smart fabrics and wearable electronics that helps them record their vital signs, heart rate, blood pressure, concussion, and other activities.
Of late, sport apparel is being embedded with sensors to monitor the metabolism rate. Global sports apparel market held a valuation of more than USD 100 billion in 2015 and will continue to grow with prominently over the years ahead, especially with rising demand for wearable electronics. Speaking along similar lines, smart and interactive textiles industry from wearable electronics will gain heavy returns by 2024, owing to their rising popularity among the tech-savvy crowd. Their easy connectivity with smart phones and tracking devices will increase their demand in the sports and military sectors, thereby augmenting the overall growth of smart and interactive textiles market.
Major players across smart and interactive textiles industry include Globe Holding Company, DuPont, Outlast Technologies, Interactive Wear, Toray Industries, EXO2, and Milliken & Company.
Author Name : Saipriya Iyer
A succinct outline of pigments market in terms of competitive landscape, Asia Pacific belt to emerge as a profitable growth avenue
Endorsed by a massive end-use spectrum, the potential of global pigments market is being increasingly recognized by international chemical industry players. The extensive requirement of corrosion inhibition and color imparting across a plethora of expanding domains such as construction, paints & coatings, printing inks have led to a spike in demand for high performance specialty pigments. In consequence, this has also prompted companies partaking in pigments market to continually bring about innovations that could potentially disrupt the business dynamics.
China Pigments Market Size, By Product, 2014 – 2025 (USD Million)
German chemical giant BASF has recently come up with its latest breakthrough product in pigments market. The globally acclaimed player has unveiled a revolutionary stir-in-pigment that claims to offer enhanced color depth, sparkle, and flop for automotive coatings applications. Christened as eXpand!™ Red (EH 3427), this groundbreaking pigment technology is reportedly the first pigment resulting from the strategic partnership between BASF and Landa Labs, which got through last year. Launched at the American Coatings Show this year, the full-fledged commercialization of the technology is certain to bring forth a disruption of sorts in the automotive coatings landscape. Not only this, the latest innovation is also claimed to have added a dynamism to the competitive terrain of the pigments market.
Speaking along similar lines, in a bid to sustain in the fiercely competitive scenario, some of the contenders of pigments industry share are also focusing on strengthening their distribution network for a better market hold. Terra Firma’s recent expansive partnership with Ferro’s Pigment Division is an exemplar precedent depicting the same. Reportedly, the U.S. based pigment supplier has chosen Terra Firma to represent its full product lines across Southeast, in effect from July this year. The private equity firm would be also distributing Ferro’s recently acquired Cappelle line of technologies across the Southeastern and Northeastern belt of U.S, effective from August this year. Allegedly, the deal encompasses Ferro’s full dry pigment range that include Nubiola, Ferro, and Cappelle. The deal, as per experts’ opinion, would substantially enhance Ferro Pigment Division’s stance in the global pigments market.
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Since half a decade or so, emerging countries of Asian belt like China, India have been observing a heavy onslaught of investments in construction and automobile domains, a factor that has had a rather appreciable influence on APAC pigments industry. Experts predict that the trend is likely to remain synonymous over the ensuing years, primarily on account of the rise in disposable incomes of the consumers and the increased investments in real-estate sector. The surge in demand for advanced pigments across Asia Pacific turf may be also credited to the robust growth in paints & coatings sector across nations like Japan, Malaysia, and Indonesia. All in all, it would be apt to state that Asia Pacific, backed by a lucrative end-use portfolio, has emerged to be an opportunistic investment spot for pigments industry giants.
Despite having a strong demand graph ahead, there are certain challenges restraining the pigments market growth – the major one being the product’s fluctuating price trends. Since most of the raw materials used in pigment production are mainly petroleum derivatives or carbon based, inconsistency in oil & natural gas prices leaves a major impact on pigments industry dynamics. Another prominent growth restraining factor is the hazardous impact of some of the colorants like cadmium, lead sulfochromate, and molybdate sulphate on human health and environment. Amidst this backdrop, the impact of regulatory framework on pigments market landscape is a major trend to watch for, given the product’s correlation with the health and environment. These dynamics are deemed to disrupt the product, competitive, and application landscape of pigments industry, which is anticipated to be along one of the most fragmented business spaces of recent times. In terms of renumeration, the global pigments market share is forecast to surpass USD 18 billion by 2025.
Author Name : Satarupa De
Global Market Insights Inc. 