Technical Textile Market Share to Witness Significant Revenue Growth during the Forecast Period
Allied Market Research published a report, titled, “Technical Textile Market by Material (Natural Fiber, Synthetic Polymers/Fibers, Mineral Fiber, Regenerated Fiber, Metal Fiber, and Others), Process (Woven, Knitted, Non-Woven, and Others), and End-Use Application (MobilTech, InduTech, SporTech, BuildTech, HomeTech, ClothTech, MediTech, AgroTech, ProTech, PackTech, GeoTech, and OekoTech): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the technical textile market was valued at $191.7 billion in 2022 and is estimated to reach $331.8 billion by 2032, exhibiting a CAGR of 5.7% from 2023 to 2032.
Prime determinants of growth
The global technical textile market is driven by rising demand from the end-use sector. Technical textiles find extensive applications across various industries, including automotive, healthcare, construction, sports and outdoor, and protective clothing. The increasing demand for these textiles in these sectors is a significant driver. For instance, the automotive industry utilizes technical textiles for interior components, airbags, and filtration systems, while the healthcare sector relies on medical textiles for wound care, implants, and surgical clothing. However, high costs of technical textiles may restrain the growth of the technical textile market.
The synthetic polymers/fibers segment to maintain its lead position during the forecast period:
By material, the synthetic polymers/fibers segment accounted for the largest share in 2022, contributing to more than half of the global technical textile market revenue. Synthetic fibers are widely used in applications including automotive, clothing, construction, filtration, home furnishing, and others. Thus, increase in population along with urbanization are expected to drive the growth of the synthetic fiber market in the upcoming years. In addition, increase in the trend of light weight accessories for electric vehicles to get the best performance further boosts the market growth for the synthetic fiber technical textile market. Moreover, changes in lifestyle patterns demand well-furnished homes that can be fulfilled with the help of synthetic fibers, which in turn fuels the market growth globally.
The woven segment to maintain its lead position during the forecast period:
By process, the woven segment accounted for the largest share in 2022, contributing to more than five-eighth of the global technical textile market revenue. Woven textiles are classified on the basis of weave, thread density, number of yarns & crimps, and others. Durability, strength, stability, porosity control, and others are the key factors that are expected to increase the demand for woven technical textiles during the forecast period. There has been an increase in the use of woven textiles in heavy applications such as highway engineering, railroad construction, airport runway construction, and others in the last decade, which in turn is expected to fuel the growth of the woven technical textiles market in the upcoming years.
The MobilTech segment to maintain its lead position during the forecast period:
Based on the end-use application, the MobilTech segment accounted for the largest share in 2022, contributing to more than one-sixth of the global technical textile market revenue. Woven textiles are classified on the basis of weave, thread density, number of yarns & crimps, and others. Durability, strength, stability, porosity control, and others are the key factors that are expected to increase the demand for woven technical textiles during the forecast period. There has been an increase in the use of woven textiles in heavy applications such as highway engineering, railroad construction, airport runway construction, and others in the last decade, which in turn is expected to fuel the growth of the woven technical textiles market in the upcoming years.
Asia-Pacific to maintain its dominance by 2032:
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global technical textile market and is projected to register the highest CAGR of 6.2% during the forecast period. The technical textile market is expected to witness considerable growth in the coming years in India, owing to numerous factors such as developing end-user sectors, rise in awareness, government initiatives, investment in technology, and others. Some of the developing end users include healthcare, automotive, construction, and others.
Leading Market Players: -
Bruck Textiles
Gelvenor Textiles
Lanxess
NIKOL Advance Materials Pvt. Ltd
Sanrhea Technical Textiles Limited
Arville Textiles Limited
L. van Heek Textiles bv
HiltexTechnischeWeefsels B.V.
Delcotex
Aurich Textiles GmbH
The report provides a detailed analysis of these key players in the global technical textile market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
𝐎𝐛𝐭𝐚𝐢𝐧 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: https://www.alliedmarketresearch.com/technical-textile-market