The global technical textiles market report is projected to reach USD 195.36 Billion by 2026 attributed to the increasing number of applications including construction and civil engineering, household furnishings, and others. Technical textiles are materials that focus more on performance rather than appearance and are currently in demand from multiple industries. According to a recently published report by Fortune Business Insights™ titled, “Technical Textiles Market Size, Share Industry Analysis, By Product Type (Agrotech, Buildtech, Clothtech, Geotech, Hometech, Indutech, Medtech, Mobiltech, Packtech, Protech, Sporttech and Oekotech), By Fiber Type (Natural Fiber and Synthetic Fiber), By Product Form (Fabric, Fiber, and Yarn) and Regional Forecast, 2019-2026,” the market value was USD 159.29 billion in 2018 and will rise at a CAGR of 2.7% during the forecast period set from 2010 to 2026.
Increasing Demand for Advanced Technical Textiles for Household Furnishing Applications will Drive Market
The increasing demand from applications such as cleaning and conveying industrial equipment, agriculture and horticulture, environmental protection, sport and leisure, household furnishing and coverings, packaging industry, and personal protective equipment among others, serves as the key technical textiles market growth driver. Besides this, the multi-dimensional properties such as high versatility, strength, durability, and lightweight will also boost the market. In addition to this, the high chemical, mechanical, and thermal resistance properties of these textiles will aid in the expansion of the market in the forecast period.
On the contrary, technical textiles are highly expensive as compared to conventional textiles and this may pose a major threat to the market size in the forecast period. This, coupled with the high cost of manufacturing and the need for more skilled manpower may cause major hindrance to the market in the long run. Nevertheless, the constantly evolving technology and product innovations will also create lucrative growth opportunities for the market in the coming years.
Asia Pacific will Dominate Market with Presence of Major Manufacturing Nations
Geographically Asia Pacific held the largest technical textiles market share with countries such as Japan, China and Japan emerging as the key markets. This is further attributed to the abundant availability of raw materials in the region and the favorable growth of textile end-use industries such as packaging, automotive, construction, clothing, and others. In addition to that, India is the fastest-growing market owing to increasing investment by the national government to support the textile business. However, North America witness significant growth and earned a revenue of $44.18 billion in 2018. Growth in this region is attributed to the well-established industrial sector and the presence of the largest import-export textile nation, namely, the U.S.
Intense Competition Witnessed Owing to Presence of Many Vendors
Players operating in the global technical textiles market are investing massive amounts on the development of products with qualities such as high durability, soft and dependable, to reach for the top position in the market. Players are also adopting other strategies such as contracts and agreements, company collaborations, mergers and acquisitions, and others to attract high technical textiles market revenue in the forthcoming years.
List of Key Players of this Market include:
- Freudenberg Group
- DELCOTEX DELIUS TECHTEX GMBH CO. KG
- TenCate Fabrics
- Arrow Technical Textiles Private Limited
- SKAPS Industries
- SRF Limited
- International Fibres Group
- DuPont de Nemours, Inc.
- Strata Geosystems
- Terram (Berry Global)
- Johns Manville
- PPSS Group
- Officine Maccaferri S.p.A.
- Asahi Kasei company
- HUESKER Group
- Milliken Company
- Other Vendors
Significant Industry Developments of the Technical Textiles Market include:
February 2020 – The company manufacturing advanced textile called Quantum Materials invested USD 3.5 million to expand its production in the U.S by manufacturing high quality woven textile solutions.
March 2020 – PPSS Group launched its latest black version of Cut- Tex Pro fabric, the soft, dependable, and durable cut resistance fabric to be used as a workwear uniform in manufacturing industries.