Technical textiles are specialized textile products that are used across various industries like agriculture, transportation, medical, industrial and construction among others to perform technical functions. They offer superior properties in comparison to regular textiles in terms of their strength, stability and functionality. Technical textiles are used to produce products like automotive textiles, apparel fabrics, filtration fabrics, biomedical textiles, geotextiles and protective clothing among others. The global medical textiles segment accounts for nearly 15% of the technical textile market share owing to rise in healthcare requirements and medical procedures. Medical textiles find applications in hygiene products like diapers, surgical drapes, gowns and dental materials, as well as other medical devices. These textiles are designed to be biocompatible, disposable or durable, and efficient in absorbing liquids and preventing spread of infection.
The global Technical Textile Market is estimated to be valued at US$ 5270.95 Mn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends witnessed in the global technical textile market is the increasing demand for antimicrobial textiles from the medical industry. The growing concerns regarding healthcare acquired infections has led to surge in demand for textiles that can prevent spread of harmful microbes. Antimicrobial textiles are widely used in medical apparels, beddings, drapes and wound care products to tackle infections in hospitals. Various technical textile manufacturers are extensively focusing on development of innovative fabrics with embedded antimicrobial silver or copper nanoparticles that can provide resistance against wide range of pathogens. Additionally, biodegradable technical textiles developed from renewable raw materials like plant fibers are gaining traction in the market owing to rising environmental sustainability consciousness worldwide. Several biodegradable textiles are used in non-woven applications such as agricultural fabrics, hygiene products and geo-textiles.
Porter’s Analysis
Threat of new entrants: The technical textile market has moderate threat of new entrants due to the high manufacturing and R&D costs. However, growth opportunities created by customized products offer chances for new companies to enter.
Bargaining power of buyers: The bargaining power of buyers is moderate given the highly technical nature of products and services in this market. However, large buyers can negotiate on price.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers. However, suppliers of specialized raw materials may exercise pricing power.
Threat of new substitutes: The threat of substitutes is low as technical textiles have applications across diverse industries that are difficult to be substituted.
Competitive rivalry: The technical textile market witnesses high competition due to the presence of numerous global as well as regional players. Companies compete based on product portfolio, quality, and pricing.
Key Takeaways
The global technical textile market is expected to witness high growth over the forecast period owing to rising demand from end-use industries such as construction, healthcare, and automotive. Global Technical Textile Market Demand is estimated to be valued at US$ 5270.95 Mn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.
Regional analysis: North America dominates the technical textile market currently owing to presence of advanced manufacturing facilities and increasing demand from healthcare sector. Asia Pacific is expected to witness the fastest growth over the forecast period led by growing construction and automotive industries in countries like China and India.
Key players: Key players operating in the technical textile market are Koninklijke Philips NV, Dymedix Diagnostics, Medtronic PLC, CooperSurgical Inc., Cognionics Inc., Ambu A/S, 3M Company, Nihon Kohden Corporation, CONMED Corporation, and Natus Medical Incorporated, among others. These companies are focusing on new product development and enhancement of production capabilities to strengthen their market position.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it