The global Technical Textile Market is estimated to be valued at US$ 4575.47 Mn or Bn 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 textiles that are designed and manufactured for non-aesthetic, engineering purposes. They have significant industrial utilization in hygiene products, filtration and cleaning, medical and protective, hometech, sports and leisure, and various other industrial applications. Their advantages include lightweight, flexibility, strength, and durability.
Market key trends:
One of the key trends in the technical textile market is increasing application of nanotechnology. Nanotechnology enables the development of technical textiles with enhanced properties such as water, stain, and dirt repellence. For example, nanotechnology helps develop fabrics that are lightweight yet have higher strength and durability. It also helps increase moisture management, ultraviolet protection, and antimicrobial properties of technical textiles. There is extensive research focusing on utilizing carbon nanotubes and nanoparticles to functionalize technical textiles and expand their application scope in industries such as healthcare, automotive, and construction.
Market key trends:
One key trend in the Global Technical Textile Market is the growing demand for lightweight and durable textiles. With increasing focus on fuel-efficiency and sustainability, there is a rising need for technical textiles that are lightweight yet very durable and able to withstand wear and tear. Many industry players are innovating novel production technologies and engineering lightweight high-performance fibers to manufacture technical textiles for end-use industries like automotive, construction, healthcare etc.
SWOT Analysis
Strength: Technical textiles offer enhanced functionality, durability and performance compared to regular textiles. They can withstand extreme conditions like heat, water, chemicals etc.
Weakness: High production costs and lack of awareness about technical textiles among end users.
Opportunity: Growing demand from emerging sectors like healthcare, sport & leisure, geo-textiles etc. due to rapid urbanization.
Threats: Stiff competition among players and availability of alternatives at lower prices. Stringent regulations pertaining to environment protection.
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 demand from end-use industries like automotive, construction and healthcare.
Regional analysis: Asia Pacific dominates the technical textile market currently owing to large manufacturing bases and growing infrastructure development in countries like China and India. The region is expected to continue its dominance with highest CAGR during the forecast period.
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.
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