BANGALORE, India, Sept. 2, 2020 /PRNewswire/ — The growing use of technical textiles in end-use industries such as the automotive, healthcare, construction, and geotextiles is expected to increase the technical textile market size. The use of technical textiles in these industries can be attributed to the specific functional properties such as hygiene and protection, cost-effectiveness, longevity, strength, lightweight, flexibility, user-friendliness, eco-friendliness, and logistics convenience.
The global technical textile market was valued at USD 201.2 Billion in 2019 and is projected to reach USD 274.1 Billion by 2027, growing at a CAGR of 5.1% from 2020 to 2027.
The report provides an in-depth analysis of the market and the current and future technical textile market trends.
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TRENDS INFLUENCING THE TECHNICAL TEXTILE MARKET SIZE
Natural materials used in the manufacture of technical textiles are comparatively expensive to their synthetic counterparts like wool and silk. The high cost of finished products affects the intermediate industry’s pricing structure, thus constraining the technical textile market size.
Advances in biotechnology have led to a rapid change and evolution toward a more scientific approach in traditional farming methods. It is expected that the implementation and use of highly efficient technologies in the agricultural sector will increase crop yields, thus influencing overall productivity and demand for technical textiles.
The 3D knitting technology helps in manipulating the knitting of the 3D shaped weft and the dimensionality found in the knit structures. Moreover, the technology also makes the user interface modifications and enhancements, resulting in more effective and high-performance knit product designs. This is expected to fuel the growth of the technical textile market size during the forecast period.
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TECHNICAL TEXTILE MARKET SHARE ANALYSIS
The Asia Pacific is expected to hold the largest Technical Textile market share in 2017. The growth of the technical textile market in emerging countries such as China and India is attributed to rapid urbanization and increased disposable incomes.
Based on the process, the nonwoven segment is expected to grow at the fastest growth rate during the projection period. In terms of revenue, it is expected to grow at a growth rate of 5.7 percent over the forecast period.
Based on the application, the MobilTech segment held the largest market share in 2019. This is due to a customer base built-in developed regions such as North America and Europe. This industry is expected to show remarkable growth in the future, primarily due to the increase in demand for high-quality vehicles.
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TOP COMPANIES IN THE TECHNICAL TEXTILE MARKET
Manufacturers in the technical textile market depend on reliable and effective distribution channels to ensure a stable supply of the goods. As a result, businesses are likely to develop alliances with e-commerce portals to ensure timely access to customers’ goods.
As technological textiles become an important feature in the manufacturing sector, manufacturers are moving towards advanced industrial textiles – indutech – like nonwoven nano-fiber filtration media that are used to fill loopholes in the performance of micro-filtration.
Key players are implementing various strategies, such as product launch, business expansion, acquisition, alliance, collaboration, joint venture, and agreement, to remain competitive in the market for technical textiles.
Top companies in the technical textile market include Asahi Kasei Corporation, Ahlstrom Munksjö, Baltex, Berry Global, Inc., Berkshire Hathaway Inc., Dupont De Nemours, Inc. (Dupont), Duvaltex, Freudenberg & Co. KG, GSE Environmental, HUESKER Synthetic GmbH, Kama Holdings Limited, KONINKLIJKE TEN CATE BV, Milliken & Company, Mitsui Chemicals, Inc., and SKAPS Industries.
KEY MARKET SEGMENTS
- Natural Fiber
- Synthetic Polymer
- Regenerated Fiber
- North America
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- Technical Textile Chemicals Market Report
The global Technical Textile Chemicals market size is projected to reach USD 711.3 Million by 2026, from USD 597.1 Million in 2020, at a CAGR of 3.0% during 2021-2026.
This report focuses on Technical Textile Chemicals volume and value at the global level, regional level, and company level. From a global perspective, this report represents the overall Technical Textile Chemicals market size by analyzing historical data and future prospects. Regionally, this report focuses on several key regions: North America, Europe, Japan, China, Southeast Asia, India, etc.
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