Technical Textile Market to Exceed Valuation of USD 268.97 Billion by 2028
According to a new report by Reports and Data, the global market for technical textiles is expected to reach USD 268.97 billion by 2028. Technical textiles are fabrics that are used in various industries, including construction, home textiles, automobiles, medical, and others, and have improved properties compared to conventional textiles.
The demand for technical textiles in the construction and automotive industries for insulating products, rubber, floor coverings, protective gear, and other applications is driving the market. The demand for geotextiles is also on the rise, which is boosting the economy of technical fibers. Technical textiles generate a significant amount of toxic waste but are recyclable.
Europe's demography is shifting towards the textile market, particularly in the mobil tech and oeko tech sectors, and the medical industry is also using technical textiles. Germany is Europe's largest market leader, producing 50% of the region's technical textiles.
The report found that natural fibers held a market share of 26.2% in 2018, and woven textiles held the largest market share of 35.6%. Mobiltech is expected to grow with the highest CAGR of 8.9%, driven by the high demand for cars due to urbanization. The Asia Pacific region is expected to grow with the highest CAGR of 5.9% during the forecast period due to the sudden increase in the automobile sector.
Key participants in the technical textile market include Asahi Kasei, Berry Global Group, Mitsui Chemicals, Kimberly Clarke, Koninklijke Ten Cate, International Textile Group, Toyobo Co., SRF Limited, Lanxess, and DuPont, among others.
The market has been segmented by Reports and Data based on material type, process type, application, and region. The material types include natural fibers, synthetic polymers, regenerated fibers, minerals, metals, and specialty fibers. The process types include woven, non-woven, knitted, and others. The applications include mobitech, indutech, sporttech, buildtech, hometech, geotech, clothtech, and others. The regions include North America, Europe, Asia Pacific, MEA, and Latin America.
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Technical Textile Market: Drive factors
The technical textile market is being driven by various factors. One of the main drivers is the increasing demand for technical textiles in industries such as construction, automotive, medical, and home textiles. Technical textiles have enhanced properties that make them more functional than conventional textiles, and this has led to their increased use in these industries.
Another driving factor is the rising demand for geotextiles, which are used to stabilize and strengthen soil in construction projects. The demand for insulating products, rubber, floor coverings, and protective gear in construction and automotive industries has also contributed to the growth of the technical textile market.
Innovative efforts in the technical textile market have led to the development of more efficient technical textiles, which has also contributed to market growth. However, the high cost of finished goods and raw materials, as well as the unfavorable effects of technical textiles, pose limitations in the market.
The demography of Europe has been shifting towards the textile market because of the use of technical textiles in various applications, such as mobil tech and oeko tech. The European market is also emerging due to the use of technical textiles in medical industries. Germany is the largest market leader in Europe, with 50% of the region's technical textiles production coming from this country.
The Asia Pacific region is also experiencing significant growth in the technical textile market, with countries like India, China, and Japan catching up due to the sudden increase in the automobile sector. Technical textiles are used in the automobile industry for the production of tire cords, seat belts, and other applications.
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