Technical Textiles Market: Global Industry Analysis, Size, Sales and Forecast by 2024
Friday, January 18, 2019
Press release from the issuing company
Technical textiles are class of specialized textiles, application of which is governed primarily by their functionality criteria as against aesthetics. Technical textiles differ from conventional textiles in terms of performance and functionality. For instance, technical textiles tend to exhibit relatively higher tensile strength and modulus, high resistance to heat, flame and to chemical agents. This versatility has been increasing adoption of technical textiles by various end-user industries such as construction, automobile and chemical. The global technical textiles market was pegged at around US$ 155.5 Bn in 2016 and is expected to witness a steady growth, registering a CAGR of 4.6% over the forecast period 2017-2027.
Factors influencing the global technical textiles market
The large number of infrastructure projects being implemented in the Asia Pacific region along with the rising demand from the automotive, healthcare and aerospace industries has been driving the growth of the technical textiles market. Technical textiles manufacturers have recently has been receiving significant support from the various governments across geographical regions to manufacture high end, high value-added products in the technical textiles segment. This has been driving the growth of the technical textile industry.
For instance, the Chinese government has been keen to start programs which are intended to enable the growth of the technical textiles industry. The Indian government has recently been endorsing the growth of its technical textiles industry. For instance, the government has been channelizing efforts towards implementation of tax benefits, special economic packages and permitting 100% foreign direct investment, among other things. However, relatively higher prices and manufacturing costs therein are expected to restrain the growth of global technical textiles market, especially in developing regions. Moreover, it has also been observed that there is a lack of awareness about the use of technical textiles among potential consumers, especially in the agriculture sector, in developing countries such as India and China.
Global technical textiles market segmentation and forecast
The global technical textiles market is segmented on the basis of application, process type and region. On the basis of application, the global technical textiles market is segmented into Agrotech, Buildtech, Hometech, Indutech, Sportech, Packtech, Mobiltech, Meditech, Clothtech, Geotech, Protech and Oekotech. Based on process type, the global technical textiles is segmented into: nonwoven, composites and others. Key regions covered in the report include: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific, and Middle East & Africa.
Global technical textiles market analysis, by application
On the basis of application, Mobiltech segment of the technical textiles market is expected to account for a share of over 20% in the global technical textiles market value by 2026 end, thus expanding at a CAGR of 4.8% during the forecast period. This growth is attributed, primarily to the growth in demand from the automotive sector. The global automotive production is expected to witness a steady growth, registering a CAGR of around 2.6% in terms of volume during the forecast period.
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Increasing adoption in automotive light-weighting applications in order to adhere to stringent regulatory standards is expected to further drive growth of this segment during the forecast period. Oekotech segment is expected to register relatively faster growth owing to increasing efforts towards tackling environmental concerns. It is expected to register CAGR of 5.1% in terms of value during the forecast period. Besides the aforementioned segments, sportech, and Buildtech, among other segments are expected to witness steady growth over the forecast period.
Key players dominating the global technical textiles market
Some of the players reported in this study on global technical textiles market include Low and Bonar PLC, Ahlstrom Corporation, E. I. du Pont de Nemours and Company, 3M Company, Avintiv, Milliken and Company, Arville, Dickson-Constant, Baltex and Freudenberg & Co. KG. Globally, manufacturers have been focusing on offering customized product offerings in order to meet the customer’s specific requirements in order to sustain and grow in ever-increasing competition in technical textiles market space.
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