Chicago, March 28, 2023 (GLOBE NEWSWIRE) -- The global technical textile market size is projected to grow from USD 164.6 billion in 2020 to USD 222.4 billion by 2025, at a CAGR of 6.2% from 2020 to 2025, as per the recent study by MarketsandMarkets™. The market has grown exponentially in the last few years, and this trend is projected to continue. The growing awareness about the superior functionality and application of technical textiles encourages the higher consumption of technical textiles and related products. Furthermore, growth in the automobile, construction, healthcare, packaging, and various other sectors has generated new opportunities for technical textiles.
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List of Key Players in Technical Textile Market:
- Asahi Kasei (Japan)
- Kimberly Clarke (US)
- Berry Global Group (US)
- DuPont (US)
- Mitsui Chemicals (Japan)
- Freudenberg & Co. (Germany)
- Low & Bonar (UK)
- Huntsman (US)
- Toyobo Co. (Japan)
- Milliken & Company (US)
- SRF Limited (India)
- Koninklijke Ten Cate (Netherlands)
- International Textile Group (US)
Drivers, Restraints, and Opportunities in Technical Textile Market:
- Drivers: Increasing adaptability and awareness of the products
- Restraints: High cost of finished products affect s the pricing structure of the intermediate industry
- Opportunity: Proliferation of new technologies
Key Findings of the Study:
- Synthetic polymer is widely preferred material for technical textile production
- Significant increase in the hygiene products during COVID-19 pandemic
- APAC region to lead the global technical textile market by 2025
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According to Textile Institute Manchester, technical textiles can be defined as "Materials and products intended for end-uses other than non-protective clothing, household furnishing, and floor covering, where the fabric or fibrous component is selected principally but not exclusively for its performance and properties as opposed to its aesthetic or decorative characteristics." The growth of this market is attributed to the increase in the demand for technical textile products globally due to the surge in demand for N95 masks and PPE kit for COVID-19 prevention. The growth in the end-use industries (such as automobile, construction, healthcare, packaging, agriculture, and textile) has generated new opportunities for the technical textile market. However, factors such as volatility in the raw material prices may inhibit the growth of the market.
Based on material, the technical textile market is segmented into natural fiber, synthetic polymer, regenerated fiber, mineral, metal, and specialty fiber. The synthetic polymer segment is projected to grow at the highest CAGR from 2020 to 2025. These polymers have superior qualities than normal man-made fibers, therefore they have wide industrial application.
Based on process, the technical textile market is segmented into woven, non-woven, knitted and others. The woven segment is projected to grow at the highest CAGR from 2020 to 2025. Woven technical textiles find applications in various industries such as medical & healthcare, household care, automobile and others. The growth in these industries can be attributed to the rise in disposable income levels and rapid urbanization, which are subsequently driving the woven technical textile market.
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Based on application, the mobiltech segment is projected to grow at the highest CAGR from 2020 to 2025. Growing demand in the automobile industry has been one of the most important factors for technical textile, and it is expected to rise further over the next seven years, the revenue generated through sales of technical textile is expected to increase as a consequence.
The technical textile market in the Asia Pacific region is projected to grow at the highest CAGR from 2020 to 2025; China projected to be the fastest-growing market, by country. According to the Population Reference Bureau, the fastest-growing consumer markets of China, India, and other Asia Pacific countries had a combined population exceeding four billion people (as of 2019), which is projected to become an increasingly important driver for global consumption of technical textile over the next two decades, led by rapidly rising household incomes and the fast-growing middle-class population. Increased construction spending in emerging counties is expected to trigger the demand for technical textiles in buildings and construction which in turn is expected to drive the growth of the market.
Additionally, durability, environmental friendly, and the sustainable nature of the raw materials determine their applicability and also accelerate their demand & need for various applications across different end-use industries. These technical textile are widely used during the COVID-19 pandemic for the production of face masks, protective garments, and wipes
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