A recently published report by MarketsandMarkets™, The "Textile Coatings Market by Type (Thermoplastic, Thermoset), End-use Industry (Transportation, Building & Construction, Protective Clothing, Industrial, Medical), and Region (North America, Europe, APAC, South America, MEA) - Global Forecast to 2028," reports that the market size was USD 4.4 billion in 2023 and will grow to USD 5.4 billion by 2028, at a CAGR of 4.6% from 2023 to 2028. The rising infrastructure development in developing economies, and aesthetically appealing materials in vehicle interiors, serve as significant drivers for innovation. This scenario presents a unique opportunity for the industry to focus on the development of textile coatings, which not only meets consumer demands but also aligns with sustainability goals. However, complex manufacturing process act as restraint, emphasizing the urgent need for eco-friendly alternatives in the textile coatings market.

 The key players in textile coatings market are Covestro AG (Germany), Solvay SA (Belgium), BASF SE (Germany), Sumitomo Chemical Co., Ltd. (Japan), The Lubrizol Corporation (US), Clariant AG (Switzerland), TANATEX Chemicals B.V. (Netherlands), Huntsman International LLC (US), OMNOVA North America Inc. (US), Formulated Polymer Products Ltd. (UK), Arkema SA (France) and others.

Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the textile coatings market.
 
Recent Developments in Textile Coatings Market Industry  

1. In 2023, Covestro AG launched a new partially bio-based polyurethane (PU) dispersion for textile coating, Impranil CQ DLU, that is a green alternative to fossil raw materials.
2. In 2023, TANATEX Chemicals B.V. acquired New Tanatex S.p.A. Through this acquisition, the company broadens the Italian market by expanding the laboratory facilities and achieving better understanding of market requirement.
3. In 2021, Covestro AG has announced its acquisition of DSM resins & functional materials business. Through this acquisition, the company expanded its portfolio in the attractive growth market for sustainable coating resins.