According to Fortune Business Insights, the global technical textiles market size is projected to experience dynamic growth from USD 159.29 billion in 2018 to USD 195.36 billion in 2026 owing to the increasing technological innovations in the manufacturing sectors, observes Fortune Business Insights™ in its report, titled “Technical Textiles Market, 2019-2026”, the technical textiles market stood at USD 169.42 billion in 2020. It is set to exhibit a CAGR of 2.7% during the forecast period.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/technical-textiles-market-102716
Technical textiles are made from different varieties of fibers and filaments based on the goal of the final product. These textiles are used in several applications such as automotive sector, medical industry, construction sector, packaging industry, and others. There has been a high demand for technical textiles due to the increasing product innovations in the manufacturing sectors, which has resulted in the growth of this market. For instance, in the medical sector, the super absorbent textiles are used in wipes and wound dressings which help to destroy the bacteria and other germs and provides protection from infection. Further, due to the various properties of technical textiles such as durability, lightweight, mechanical resistance, and others, the demand for these textiles in numerous industries has increased which has led to this market’s growth.
However, the cost of manufacturing of technical textiles is higher than that of conventional textiles, which is projected to restrict the growth of this market.
Market Segmentation:
On the basis of product type, this market is divided into agrotech, buildtech, clothtech, geotech, hometech, indutech, medtech, mobiltech, packtech, protech, sporttech, and oekotech. Based on fiber type, the market is classified into natural fiber and synthetic fiber. By product form, the market is categorized into fabric, fiber, and yarn. In terms of geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights/Summary:
This research report offers an in-depth study of the driving factors, restraints, and trends related to the growth of the market. In addition, this report offers a detailed evaluation of the market segments and regional developments in the market. Further, this report also incorporates a comprehensive analysis of the strategies adopted by the leading players to boost their market position.
Drivers/Restraints:
Increasing Demand for Technical Textiles from Automotive Industry to Fuel the Market
There has been an increasing demand for technical textiles from the automotive sector on account of the rising production of seat covers, tires, seat belts, and other materials in which the technical textile product is used on a large scale. This is one of the major factors driving the growth of this market. Further, the nanotechnology plays a vital role in the development of new textile materials by enhancing their current textile properties. For example, the nano-fibers used in the real estate sector help in the production of lightweight and strong concrete material to resist over a longer time span. This is another important factor contributing this market’s growth.
Regional Insights:
Greater Availability of Raw Materials to Boost the Asia Pacific Market Growth
Asia Pacific region is anticipated to witness significant growth in the technical textiles market share on account of the greater availability of raw materials in the countries such as India, China, and Japan. Further, the growing number of industries such as automotive, packaging, clothing and others in this region has resulted in this market’s growth.
North America region is expected to grow rapidly in this market due to the prevalence of the industrial sector in the countries such as the US, which is considered as the largest importer of technical textiles in the world.
Europe is considered to progress at a decent pace in this market due to the rising demand for technical textiles from the automotive industry in the countries such as Germany, UK, and others.
Competitive Landscape:
Increasing Government Initiatives to Diversify the Competition
The prominent companies in the technical textiles market are focusing on manufacturing of innovative and new textiles which contain enhanced properties. Further, the rising government initiatives for the production of these textiles have led to an increased competition among the key players in this market which will help the companies to expand their business operations and establish a strong footprint in this market.
Industry Development:
March 2020: PPSS Group, a UK-based company, launched a new black version of Cut-Tex Pro, a cut resistance fabric. This fabric is durable and soft than a regular T-shirt and allows industrial uniform and workwear manufacturers to easily incorporate into their products.
List of Key Players Covered in Technical Textiles Market Report:
- DuPont de Nemours Inc.
- Freudenberg Group
- Asahi Kasei Company
- TenCate Fabrics
- Milliken & Company
- SKAPS Industries
- Terram
- International Fibres Group
- Strata Geosystems
- SRF Limited
- Johns Manville
- Huesker Group
