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The integration of advanced technological innovation is anticipated to openup the new avenues for Technical Textile Market

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Gauri Cmi
The integration of advanced technological innovation is anticipated to openup the new avenues for Technical Textile Market


The Technical Textile Market is estimated to be valued at US$ 4575.47 Mn or billion in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Technical textiles are advanced textile materials used in diverse industries such as automotive, construction, packaging, agriculture, medical and others. They are tailored for specific non-aesthetic industrial applications. Some common technical textiles include geo textiles, agro textiles, medical textiles, protective textiles and others. Key areas where technical textiles are used include construction, packaging, medical and others. Growing infrastructure development activities and increasing demand for high performance materials are fueling the demand for technical textiles.

Market Dynamics:

The technical textile market is primarily driven by growing construction industry and increasing use of technical textiles in various end use industries. According to Oxford Economics, the global construction output value is anticipated to reach US$ 15.5 trillion by 2030 from US$ 11.5 trillion in 2022. This rapid infrastructure development is boosting the demand for technical textiles such as geo textiles, scaffolding net, road barrier and others. Further, continuous innovations are expanding application areas of technical textiles in automotive, protective clothing, healthcare and other industries. For example, new generation heat resistant, cut proof and moisture wicking protective fabrics are increasingly being adopted for industrial worker safety gears. Additionally, advancements in medical textiles have increased their use for surgical gowns, face masks, wound care products and other medical applications.

Segment Analysis

The Global Technical Textile Market  can be segmented into agrotech, buildtech, clothtech, geotech, hometech, indutech, medtech, mobiltech, oekotech, packtech, protech, sporttech and others, out of which indutech segment dominates the market. The indutech sub-segment which includes textiles for automotive and mechanical engineering application holds the largest market share due to increasing application of technical textiles in automotive interiors, filters, hoses belts and others.

PEST Analysis

Political: The government regulations regarding emission standards focusing on lightweight vehicles is driving the demand for technical textiles in the automotive industry.

Economic: The growing GDP and disposable incomes in developing countries is fueling the demand for lightweight and durable technical textiles across various industries.

Social: Increasing health awareness among consumers regarding hygiene is propelling the demand for medical textiles.

Technological: The advancement in material science and nanotechnology is allowing producers to develop lightweight, durable and high performance technical textiles.

Key Takeaways

The global technical textile market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing demand from the automotive industry for lightweight and durable interior textiles.

Regionally, the Asia Pacific region dominates the technical textile market and is expected to continue its dominance during the forecast period. This can be attributed to high production and consumption of technical textiles in industries such as automobile, construction and medical in countries such as China, India and Japan.

Key players operating in the technical textile market are Low & Bonar PLC, Ahlstrom Group, E. I. du Pont de Nemours and Company (DuPont), 3M Company, Polymer Group Inc., Milliken & Company Inc., Arville Textiles Ltd., Dickson-Constant, Baltex, and Freudenberg & Co. KG. These players are focusing on expansion in Asia Pacific and developing innovative and sustainable technical textile products to gain competitive advantage.

 

Read More: https://www.ukwebwire.com/technical-textile-market-is-estimated-to-witness-high-growth-owing/


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