Rockville , Dec. 12, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Technical Textile Market is expected to hit a value of US $370 Bn by 2032-end while moving up at a CAGR of 5.3%.
Technical textiles are specialized materials designed for their performance rather than appearance, finding applications in industries like automotive, healthcare, and construction. They excel due to their high performance, incorporating advanced materials like carbon fibers and aramids, providing strength, durability, and versatility. These textiles are often lightweight yet strong, making them ideal for aerospace and automotive uses. Additionally, they address environmental concerns through the use of eco-friendly materials and sustainable manufacturing processes.
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The market’s expansion is driven by increasing demand across diverse industries, including automotive, healthcare, and construction. Advancements in material science and technology, particularly the development of innovative and high-performance fibers, contribute significantly to market expansion.
However, keeping pace with constant technological advancements poses a challenge in terms of adopting and integrating new materials and manufacturing processes. The technical textile industry often requires significant capital investment in research, development, and specialized machinery, which can be a barrier for new entrants.
| Report Attribute | Details |
| Value Projection (2032) | US$ 370 Billion |
| Growth Rate (2022-2032) | 5.3% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 64 Tables |
| No. of Figures | 141 Figures |
Key Takeaways:
- India has positioned itself as a prominent consumer and manufacturer of polyester, holding the second position in global polyester production and making a substantial contribution of approximately US $20 Bn to the overall market size.
- In the last ten years, China has become one of the most profitable markets, propelling the utilization of technical textiles. The present market value for technical textiles in China is US $60 billion. Moreover, the anticipated growth rate for demand in China is approximately 5.7% over the coming decade.
- The application of technical textiles in mobile technology is expected to account for approximately 20% of the global market share, driven by the growing prevalence of electric vehicles in the automotive market.
The rising demand for technical textiles in the automotive sector driven by electric vehicles, increasing applications in mobile technology, and expanding opportunities in Asian nations such as China, and India are driving the market growth- Says FACTMR Expert
Top Fortune Companies Profiled in This Report
- 3M Company
- Ahlstrom Corporation
- Arville Textiles Ltd.
- Asahi Kasei
- Avintiv
- Baltex
- Berry Global
- Dickson-Constant
- E.I. du Pont de Nemours and Company
- Freudenberg & Co. KG
- Huntsman Corporation
- International Textile Group
- Kimberly-Clark Corporation
- Koninklijke Ten Cate B.V.
- Low & Bonar
- Milliken Chemical Company
- Mitsui Chemicals
- SRF Limited
- Toray Industries Inc.
- Toyobo Co. Ltd.
Market Competition
To establish a strong market share, key companies in the technical textile market have been focusing on innovation, and investing in research for new products like smart textiles and sustainable materials.
- In January 2022, Asahi Kasei Advance unveiled the inauguration of an Airbag Fabric facility in Vietnam. The textiles produced at this location boast exceptional strength, durability, and heat resistance.
- In May 2021, 3M revealed the introduction of 3M Thinsulate technology, incorporating 60% post-consumer recycled material. The company's goal is to drive innovation and research in technical textiles, aiming to secure a competitive advantage through high-performance materials.
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Winning strategies
One of the most successful strategies in the market is to focus on high-value applications like automotive textiles, geotextiles, medical textiles, and protective textiles. This approach involves specializing in the development of advanced products that meet strict performance requirements.
Investing in smart textiles with built-in sensors and IoT capabilities is a good strategic move in the business. This involves creating fabrics that can sense, collect, and transmit data, opening up new possibilities.
In this industry, a successful approach involves adopting Industry 4.0 technologies to digitize manufacturing processes and boost efficiency. By incorporating tools like IoT and AI, companies can upgrade their production methods for better precision and responsiveness.
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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