Flame-resistant Fabrics Market Trends

Growth Drivers

• Rising Instances of Fire Incidents – With the recent developments in various end-use industries, the probability of infrastructure having fire-related accidents has increased considerably. As flame-resistant fabrics have inherent fire-resistant properties, they make them a suitable shield against fire in an accident. Thus, the rising number of structural cases across the world, and it is forecasted to augment the market growth. Recent statistics reported that in 2020, there were almost 500,000 structure fires in the United States, an increment of 2 percent from 2019. Also, the structure fires caused approximately USD 12 billion in property damage in the same period.

• Rising Investment in Electric Automotive Sector – The car seat covers are made from flame-resistant material and it is anticipated to boost the global flame-resistant fabrics market. Moreover, EV are the fastest-growing vertical in the automotive industry. Out of the total investment in the transport sector in 2021, approximately 65% of the share is attributed to electric vehicles.  Moreover, by 2030, car-makers are expected to invest around USD 1 trillion with the aim of manufacturing nearly 54 million electric vehicles in the next few years across the globe.
• Fire Incidents in the Oil & Gas Industry– In the Cuban city of Matanzas, a fire started by a lightning strike at an oil storage facility raged out of control on August 2022, causing 121 injuries from four explosions and flames, while 17 firefighters are still missing.
• Growing Expenditure on Advanced Materials and Chemicals– In 2019, the global research and development expenditure spending on advanced materials and chemicals accounted for USD 40 billion. Moreover, in 2022, the sector spent nearly USD 42 billion on R&D globally.
• High Employment Rate in Material Science Field – In May 2019, there were 6,700 active materials scientists working in the country, according to the U.S. Bureau of Labor Statistics. Moreover, it is expected that, between 2020 and 2030, the employment rate of chemists and materials scientists in the area will increase by 6%. Over the following ten years, there are expected to be over 9,100 opportunities for chemists and materials scientists combined globally.

Challenges

• High manufacturing and installation costs of new equipment- The flame-resistant fabrics market is constrained by high manufacturing costs and significant expenditures on new technology innovation and installation. For investors and manufacturers in the flame-resistant fabrics business, the high costs of maintenance along with the increased expenditure on research and development activities are providing a barrier.
• The process of the raw materials used for manufacturing the flame-resistant fabric is escalating
• The technology used for production is complicated