Burgeoning Military Expenditure Making the USA a Key Market for Coated Fabrics for Defense
The United is likely to remain one of the key markets for coated fabrics for defense through 2033. The country with a market share of 18.9% is estimated to be one of the leading consumers of coated fabrics across the globe.
The United States leads the global market for defense equipment manufacturing and trade, as per a survey conducted. It is known to have one of the largest military expenditures in the world. The country spent around US$ 800 billion in military and defense in 2021.
Keeping the growing geopolitical tensions in mind, the United States is set to continue its remarkable annual military expenditure over the forecast period. The United States coated fabrics for defense market create an absolute $ opportunity of US$ 436.7 million by 2033. Between 2023 and 2033, coated fabric sales for defense in the country are set to rise at 4.2% CAGR.
The global coated fabrics for defense industry is highly consolidated. This is due to presence of several key coated fabric manufacturers across the globe. Tailored solutions offered by market leaders that comply with strict regulations and requirements is creating hindrance for new entrants in the market. This has shifted bargaining power toward the supplier side, resulting in higher profit margins for leading manufacturers.
Significant increase in military expenditure in emerging economies is creating substantial demand for cost-efficient products with optimum performance. This is creating a favorable environment for new entrants in the market.
New product launches, mergers, and acquisitions are go-to strategies of several manufacturers. Various manufacturers are also significantly investing in the development of new and advanced technologies to enhance the recyclability of materials.
In December 2021, Trelleborg Group through its Trelleborg Industrial Solutions acquired polymer-coated fabrics operations of USA-based, privately owned company Alpha Engineered Composites to enter new markets in coated fabrics.
In February 2023, Carrington Textiles unveiled its latest innovations in military textiles at the International Defense Exhibition (IDEX) in Abu Dhabi.
These insights are based on a report on Coated Fabrics for Defense Market by Future Market Insights