Technical Textiles Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Technical Textiles Market grew at a CAGR of 4.6% between 2017-2021 and is estimated to be US$ 1,67,321.5 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.4% and is expected to reach a valuation of US$ 2,83,111.7 Mn by 2032 end.
Technical Textiles fibers are superior to synthetic fibers in terms of strength. As a result, they are employed extensively in various applications outside of clothing, including automotive, medical, and other industries.
THE GROWING ADOPTION OF TECHNICAL TEXTILES DRIVES THE MARKET
The application of the textile industry has given the textile product an unexpected change. With technological advancement, the use of textile products has increased rapidly and improved its performance to be more durable and convenient for its users. The demand for technical textiles is still growing due to their superior functionality and application in clothing, footwear, carpets, bags, etc.
As a result of globalization and urbanization, people are exposed to new materials such as cotton, polyester, and polypropylene. The expansion of production is increasing the demand for technical textiles, encouraging innovation in innovative technologies. The development of this market also has to do with changes in consumer behavior and technological advances that enhance the value proposition of particular textile products.
HIGH INVESTMENT COSTS & COMPLEX PROCEDURES HAMPER THE MARKET GROWTH
The complex procedure of technical textiles manufacturing is a restraint to the market participants as it requires advanced infrastructure, which is cost sensitive. Along with this, the high cost of raw material procurement inevitably raises the total price of the finished product to an extent where the manufacturers are left with limited opportunities for profit margin.
THE RISE IN THE PROLIFERATION OF THE LATEST TECHNOLOGY PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
The techno-economic growth in the textile industry is expected to contribute to the development of new technologies and products. New technologies are increasingly making their way into the textile industry and changing the intended objectives for textiles. These new technologies and scientific advancements have developed unique processes to manufacture fibers with the functional properties required for technical materials.
The COVID-19 pandemic has resulted in a surge in demand for healthcare supplies and nonwoven materials because healthcare workers cannot attend classes and perform their duties. The world has had more deaths in the last few months than at any other time in history. This makes it imperative for hospitals and health facilities to run on generators and fuel.
However, there are no signs of peace or relief from this nightmare, meaning the demand for fuels will keep increasing as people worldwide suffer from the aftereffects of COVID-19 or coronavirus.
Market Segments Covered in Report
By Application Type :
By Process Type :
By Region and Country:
Why are mobiltech textiles projected to ensure the most revenue during the forecast period?
At 35.0% of the market, mobiltech textiles had the greatest revenue share. Due to the increased production and sales of automobiles worldwide, mobiltech textiles are anticipated to experience great growth in the years to come. Due to their excellent durability and wear resistance, technical textiles are utilized in producing airbags, seat belts, seating upholstery, tire cords, and linear, among other products.
The market for mobiltech textiles will be driven in the next years by government regulations requiring the installation of airbags in automobiles, strict restrictions surrounding the use of seat belts, and rising consumer expenditure on luxurious and long-lasting seating upholstery.
Why is the Non-Woven Based Production segment expected to expand the fastest during the forecast period?
During the anticipated period, the nonwoven segment will continue dominating the technical textile market. Nonwoven processes are chosen over composite and other methods because they are less expensive and increase specific natural or synthetic fiber qualities, ultimately improving textile materials’ performance.
Nonwoven textiles are the best material for automotive applications because of their superior absorption and cushioning. Sportswear manufacturing seeks materials with high strength and softness, which fuels the demand for nonwoven textiles.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Leading market players are concentrating on increasing their R&D expenditures to innovate their product offerings while engaging in strategic merger and acquisition activities to capture the largest market share.
Some of the key developments that have taken place in the Technical Textiles Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Application Type, Process Type, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 4.3%.
The possibilities for the technical textile market growth have been boosted by the growing use of technical textiles in agriculture and agricultural operations to increase crop yields and modernize farming practices.
Major global Technical Textiles Market players are Toyobo Co, Milliken & Company, SRF Limited, Asahi Kasei, Kimberly Clarke, Low & Bonar, Huntsman (US), Koninklijke Ten Cate, and International Textile Group, Berry Global Group, DuPont, Mitsui Chemicals, Freudenberg & Co.
Market expansion limits the substantial capital investment required to deploy Technical Textiles systems.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Technical Textiles market.
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