The global technical textile market was valued at $234.7 billion in 2017, and is projected to reach $335 billion by 2025, growing at a CAGR of 4.5% from 2018 to 2025.
A technical textile is a type of material, which is developed to meet the specified high-performance needs of a particular application. In addition to their aesthetic characteristics, technical textile products and materials possess enhanced mechanical, electrical, durable, thermal, and functional properties which makes them usable in various end-use industries such as automotive, construction, industrial, medical and others.
The global technical textile market is witnessing significant growth, owing to extensive applications of technical textiles across various end-use industries such as agriculture, clothing, packaging & furnishing, automobiles, filtration, construction, and environmental protection.
The technical textile market is expected to grow at a significant rate during the forecast period, due to rise in demand for technical textile products across many countries. In addition, in the emerging economies, majority of the consumption of the technical textiles will be through imports, while some countries have their own production facilities.
The growth of the global technical textile market is driven by increase in production of automobiles, rise in construction activities, and upsurge in demand from the healthcare sector. Moreover, the market is expected to experience considerable growth with government legislations mandating the use of geosynthetic textiles in various infrastructure development projects.
Furthermore, increase in urbanization & industrialization, rise in income levels, expansion of production base, growth in middle class population, and surge in aging population are the macroeconomic factors that boost the market growth. However, protection policies such as high tariffs limit the demand for technical textile products to be exported. In addition, with high cost of raw materials and finished products, the pricing structure is affected, and is likely to remain a key challenge for market participants. Conversely, the emergence of new technologies such as e-textile, increase in importance for geotextiles, and development of the manufacturing sector are expected to provide an ample of opportunities for the product manufacturers during the projected period.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for nearly 25% of the revenue in 2017 and is expected to grow at a CAGR of 4.4% in the near future. The Europe technical textile market is anticipated to dominate the global market, in terms of revenue in the near future. Europe garnered a dominant position, with a share of nearly 26% in 2017.
The North America technical textile market is projected to grow at a CAGR of nearly 4.7% during the forecast period, in terms of revenue.
The global technical textile market for MobilTech dominated the market, with a share of over 22.8% in 2017. The nonwoven technical textile segment is projected to dominate the global market in the years to come. The composite materials segment is predicted to have a dominant share of over 55% in 2025.
In 2017, Asia-Pacific held the dominant market share in the global technical textile market, in terms of revenue. China is the one of the leading manufacturers for automotive, which further drives the need for technical textiles, thereby supplementing the market growth. In addition, favorable investment policies and government initiatives to promote the use of technical textiles in the developing economies such as India and China are anticipated to fuel the market growth in this region. Additional key factors that fuel the market growth include the development of public infrastructure, growth of the healthcare sector, and rapid urbanization.
Key benefits for technical textile market
The report “Technical Textile Market, by Type, Material Type, and End-use Application: Global Opportunity Analysis and Industry Forecast, 2018 – 2025” published by Research and Markets in November 2018 provides extensive qualitative and quantitative analysis of the current trends and future estimations of the global technical textile market from 2017 to 2025 to determine the prevailing opportunities. Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
Estimations and forecast are based on factors impacting the market growth, in terms of both value and volume. Profiles of leading players operating in the global technical textile market are provided to understand the global competitive scenario.
The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth.