Major companies in the textile and fabric finishing and fabric coatings mills market include Swift Galey; Carlisle Finishing; Magnolia Finishing; Single Source Apparel and Guilford Inc. The global textile and fabric finishing and fabric coating mills market is expected to grow from $68.
New York, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Textile and Fabric Finishing and Fabric Coating Mills Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06025305/?utm_source=GNW
98 billion in 2020 to $74.06 billion in 2021 at a compound annual growth rate (CAGR) of 7.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $94.71 billion in 2025 at a CAGR of 6%.
The textile and fabric finishing and fabric coatings market consists of sales of textile and fabric finishings and fabric coatings by entities (organizations, sole traders and partnerships) that operate mills that produce textile and fabric finishings or fabric coatings. The textile and fabric finishing and fabric coatings market is segmented into textile and fabric finishing mills; and fabric coating mills.
Asia Pacific was the largest region in the global textile and fabric finishing and fabric coating mills market, accounting for 52% of the market in 2020. North America was the second largest region accounting for 14% of the global textile and fabric finishing and fabric coating mills market. Africa was the smallest region in the global textile and fabric finishing and fabric coating mills market.
With concerns over the high consumption of water, air pollution, and waste generation, the textile industry is steering towards more environmentally sustainable methods of fabric coating. Manufacturers are figuring out more water efficient ways to dye the fabrics, which is the most water consuming stage of the fabric manufacturing process. Technologies such as aerated dyeing involves placing fabric in a super fluidic CO2 pressurized chamber with dye which reduces water and chemicals usage. This process saves up to 50% of energy and dye consumption, time, and more than 1000 litres of water per day. The process also saves costs by 40-60% per day for the coating companies. Arvind ltd., an Indian textile company manufacturing cotton garments, is collaborating with DyeCoo, a Dutch tech company, to exercise the concept of CO2 dyeing as an environment-friendly option.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the textile and fabric finishing and fabric coating mills market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in halting of manufacturing activities and a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the textile and fabric finishing and fabric coating mills market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Increasing demand for online shopping is expected to drive the textile and fabric finishing and fabric coated products and thus benefiting the market. Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically driving the growth of the textile and fabric finishing and fabric coating mills market. In countries such as India, for instance, e-commerce portals have boosted the sales of these products by giving larger exposure to producers who were confined to one geography.
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