Technical Textile Market Worth Nearly $293.5 Bn by 2027

(Market Prediction via Comtex)

A research study by ARC foresees the Technical Textile market growing at a CAGR around 6.4% throughout the forecast period and reach around $293.5 Billion by 2026.

The market in North America is expected to account for major revenue share in the global market due to easy availability of required infrastructure for R&D activities. In addition, presence of major players operating in the country and high investment for product development is expected to further support the growth of target market in this region.

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Asia Pacific is expected to witness faster growth in the coming years due to increasing government business facilities for manufactures. In addition, player approach towards increasing the production capacity is expected to further support the growth of target market in this region.

  • According to the Federation of Indian Chambers of Commerce and Industry in 2014-2015 India exported technical textile products worth US$1.7 bn.

Moreover, inclination towards emerging economies in order to increase the profit ratio is expected to further support the target market growth to a certain extent.

Rapid technological advancements in textile industry, coupled with high investment by manufacturers coupled with focus on development of advanced textile material that has high strength and versatility as compared to regular material is a major factor expected to drive the growth of global market. Rapid industrialization across the globe and demand for technologically advanced textile material with the primary focus on technical performance and functional properties rather than aesthetic and decorative characteristics.

Automotive sector is witnessing rapid advancements in developed and developing countries. With the growing passenger vehicle sale in emerging economies, coupled with growing consumers demand for products with better safety and improved quality is expected to support the growth of the target market. In addition, developing regulatory scenarios related to use of products vehicles is expected to further support the target market growth. Technical textile is widely used in automotive industry for applications such as interior trims, airbags, belt reinforcement, hood liners, filters etc.

In addition, wide applicability of technical textile from industry verticals such as building and construction, agriculture, packaging, etc. is another factor expected to support the growth of target market. Construction sector is developing at a greater pace, material manufactures are focused on development of technologically advanced material that has improved strength and high modules. Technical textile tends to be a better alternative to the traditional materials such as cement, steel, woods, etc.

However, factor such as high cost of the end product is a expected to hamper the growth of the global technical textile market. The fluctuation in the raw material price increase the end product cost. In addition, low awareness of technical textile among consumers is expected to challenge the growth of the target market. Incidences of low awareness about the product among various end use industries are limiting the growth.

Technological advancements by major players, high investment for R&D activities and introduction of new cost-effective products are expected to create new opportunities for players over the forecast period. In addition, business development activities through strategic merger and acquisitions in order to increase the customer base and enhance the product portfolio are factors expected to further revenue support the target market growth.

  • In 2019, Vitrulan Group acquired fiber optic reinforcement business from Ahlstrom-Munksjo. This acquisition is expected to increase the Vitrulan Group product portfolio.

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The global technical textile market is segmented into material, process, and application. The application segment is bifurcated into mobiltech, indutech, meditech, protech, packtech, agritech, hometech, clothtech, buildtech, and other (sportech, oekotech, and geotech). Among the application segment the mobiltech is expected to account for significant revenue share in the global market.

Players operating in the global technical textile market are, Avintiv, Kusumgar Corporates, 3M, SRF, Ibena Textilewerke GmbH, Johnson & Johnson, Procter & Gamble, SKAPS, E.I du Pont de Numours & Company, Ahlstrom, Avintiv, Kimberley Clark Corporation, Maccaferri, and Strata Geosystems Pvt. Ltd. High presence of players operating on the global level is resulting in high competitive scenario. In addition high investment for product development and new product offerings is expected to further increase the competition.

Market Segmentation

Market By Material Type

  • Natural fiber
  • Synthetic polymer
  • Regenerated fiber
  • Mineral
  • Metal
  • Specialty fiber

Market By Process

  • Woven
  • Knitted
  • Non-woven
  • Others (knotted and braided)

Market By Application

  • Mobiltech
  • Indutech
  • Meditech
  • Protech
  • Packtech
  • Agritech
  • Hometech
  • Clothtech
  • Buildtech
  • Others (Sportech, Oekotech and Geotech)

Market By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Market By Geography

(Regional Output, Demand & Forecast by Countries)

  • North America (USA and Canada)
  • Europe (UK, Germany, France, Spain and Rest of Europe)
  • Asia Pacific (China, Japan, India, Australia, South Korea and Rest of Asia-Pacific)
  • Latin America (Mexico, Brazil and Rest of Latin America)
  • Middle East and Africa (GCC, South Africa and Rest of MEA).

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TABLE OF CONTENT

CHAPTER 1. INDUSTRY OVERVIEW

CHAPTER 2. MARKET DYNAMICS AND COMPETITION ANALYSIS

CHAPTER 3. MANUFACTURING PLANTS ANALYSIS

CHAPTER 4. TECHNICAL TEXTILE MARKET BY MATERIAL TYPE

CHAPTER 5. TECHNICAL TEXTILE MARKET BY PROCESS

CHAPTER 6. TECHNICAL TEXTILE MARKET BY APPLICATION

CHAPTER 7. NORTH AMERICA TECHNICAL TEXTILE MARKET BY COUNTRY

CHAPTER 8. EUROPE TECHNICAL TEXTILE MARKET BY COUNTRY

CHAPTER 9. ASIA-PACIFIC TECHNICAL TEXTILE MARKET BY COUNTRY

CHAPTER 10. LATIN AMERICA TECHNICAL TEXTILE MARKET BY COUNTRY

CHAPTER 11. MIDDLE EAST & AFRICA TECHNICAL TEXTILE MARKET BY COUNTRY

CHAPTER 12. COMPANY PROFILE

CHAPTER 13. RESEARCH APPROACH

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