Technical Textile Market Size

Technical Textile Market Estimated To Witness High Growth Owing To Increasing Adoption In Industrial Applications

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The technical textile market is estimated to be valued at US$ 4575.47 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Technical textiles are man-made textile materials specifically engineered to perform a functional or structural role rather than an aesthetic one. They play an important role in residential, industrial and agricultural applications. Some key usage areas include geosynthetics, netting, filters, medical textiles, transportation, construction and agriculture. Geosynthetics find usage in civil engineering works for roadways, drainage lines, erosion control etc. Medical textiles are used in surgical instruments, wound care and various implants owing to their properties such as non-toxicity, sterilizability and biocompatibility.

Market Dynamics:
Increasing demand from industrial applications is one of the key drivers for the Global Technical Textile Market over the forecast period. Technical textiles find wide usage in transportation, automotive, construction, agriculture, medical and other industrial sectors. For instance, they are used in conveyor belts, filters, conveyor belts, conveyor belts, hoses and other applications. Rising industrialization in emerging economies is expected to boost demand further. Another driver is increasing focus on development of bio-based and eco-friendly technical textiles. Technical textiles derived from natural fibers such as jute, hemp and cotton offer advantages such as biodegradability and sustainability. Rising consumer awareness regarding environment protection is driving research and development of such bio-based products.

SWOT Analysis

Strength: Technical textile market has wide application in various end use industries like agriculture, construction, automotive, healthcare, protective wear, etc. The demand for lightweight and durable materials provide greater strength to technical textile. Technical textile offers customized fabric solutions for different industrial applications.

Weakness: High R&D and manufacturing costs associated with technical textiles increase the overall production costs. Fluctuation in raw material prices like polymers, fibers, and yarns impacts the supply of technical textiles.

Opportunity: Growing infrastructure and construction activities in developing nations boost the demand for geotextiles and construction textiles. Increasing demand for protective clothing from defense and law enforcement sectors present an opportunity for market growth.

Threats: Volatility in crude oil prices affect the prices of raw materials used for manufacturing technical textiles. Strong competition from local players intensifies the price wars.

Key Takeaways:

The global technical textile market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing infrastructural developments and industrialization in emerging economies. Rapid urbanization and growing population have augmented the construction of buildings, roads, bridges and other infrastructure which uses technical textiles such as geotextiles.

Regional analysis: Asia Pacific dominates the global technical textile market and is expected to continue its dominance over the forecast period. This is attributed to strong presence of thriving textile industry and growing construction activities in China, India and other Asian countries. Furthermore, rising disposable income coupled with growing population promotes the demand for technical textiles in Asia Pacific region.

Key players operating in the technical textile market are Low & Bonar PLC, Ahlstrom Group, E. I. du Pont de Nemours and Company (DuPont), 3M Company, Polymer Group Inc., Milliken & Company Inc., Arville Textiles Ltd., Dickson-Constant, Baltex, and Freudenberg & Co. KG. Leading market players are engaged in new product launches, expansions and partnerships to gain higher market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it