NEWARK, Del, June 14, 2023 (GLOBE NEWSWIRE) -- As per the Future Market Insights projects the technical textile market will most likely reach US$ 202.93 billion by 2023 and US$ 390 billion by 2033, growing at a CAGR of 6.7%. With the increasing demand for technical textile fiber, the global technical textile market is expected to grow quickly across a variety of end-use industries, including apparel, medical, automotive, etc.
Technical textiles are booming in fast-growing industries like automotive, construction, healthcare, infrastructure, and oil and petroleum, which drive demand for medical textiles (Medtech), specialty fabrics, industrial fabrics, protective textiles (Protech), and agricultural textiles (Agrotech).
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The textile industry is growing fast, especially in the high-tech, high-performance fabric market. Technical textiles are widely manufactured using the textile coating process. Besides clothing, the textile industry continues to be a big player in technical textiles, which are applied in non-clothing applications. Textile science and technology play a distinctive role in technical textiles because of the need for understanding and applying the principle, mostly in relation to technology, but often also in engineering applications.
As awareness of the environment and interdisciplinary technologies have grown, special attention has been paid to unconventional technical applications. For a healthy environment, social and economic equity, and a profitable economy, textile structures have been used in agriculture and horticulture to enhance the quality and efficiency of agriculture and food products. Materials that gradually degrade are becoming increasingly popular.
Construction entails a wide range of textiles, including concrete reinforcement, façade foundations, construction of interiors, insulation, weatherproof materials, noise reduction, air conditioning, visual protection, anti-sun protection, and building safety. Several technical textile products have been tested and certified by the International Organization for Standardization (ISO) as flame retardants, ultraviolet stabilizers (UV), and water repellants for building material applications.
Key Takeaways:
- Due to technical textiles' increasing use in defense and military applications, the Indian technical textiles market is expected to grow steadily.
- Asia Pacific is expected to lead the global technical textiles market in the near future, with more than 47% market share in 2023.
- With the growing demand for Meditech textiles in the coming years, Japan and South Korea are expected to hold over 10% of the global market in 2023.
- The market for mobile tech textiles is forecast to grow at a CAGR of 4.5% over the forecast period.
- According to the forecast, nonwoven-based production processes will grow at a CAGR of 4% over the next few years.
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Competitive Landscape:
Expanding and penetrating new markets is both organic and inorganic for technical textile companies. New product launches, mergers, and partnerships are a few of these strategies. The key industry players are:
- Asahi Kasei
- Kimberly Clarke
- Berry Global Group
- DuPont
- Mitsui Chemicals
- Freudenberg & Co
- Low & Bonar
- Huntsman
- Toyobo Co
- Milliken & Company
- SRF Limited
Recent Developments:
- In June 2023, Gaurs' principals will present sustainable dyeing & processing technologies. To provide Indian customers with sustainable machines and solutions that use fewer utilities and are eco-friendly, strategic alliances with these next-generation machine manufacturers have been formed. Compared to traditional dyeing, processing, and finishing machines, these machines give customers a faster return on investment (ROI).
- In June 2023, Beaulieu Technical Textiles will launch RECOVER, a long-lasting, strong, and sustainable weed control solution for indoor and outdoor nurseries that will set a new standard in woven horticultural groundcovers. RECOVER's core competencies are innovation and expertise, and demonstrate how products can be re-thought to meet functional needs and promote circularity in markets.
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global technical textile market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the technical textiles market, the market is segmented on the basis of application (aggrotech, build tech, home tech, fintech, sport each, pack tech, mobile tech, Meditech, clothes, Geotech, Protech, biotech) and process (nonwoven, composites, and others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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Key Segments Profiled:
By Application:
- Agrotech
- Buildtech
- Hometech
- Indutech
- Sportech
- Packtech
- Mobiltech
- Meditech
- Clothtech
- Geotech
- Protech
- Oekotech
By Process:
- Nonwoven
- Composites
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Application, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Application, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Process
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Process, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Process, 2023 to 2033
6.4. Y-o-Y Growth Trend Analysis By Process, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Process, 2023 to 2033
Complete TOC: https://www.futuremarketinsights.com/toc/rep-gb-286
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