Technical Textile Size to Surpass Valuation of US$ 370 Billion by 2032- Exclusive Fact.MR Report

Rockville, United States, 2023-Jun-22 — /EPR Network/ —

The global technical textile market size is estimated to expand at a CAGR of 5.3% over the next ten years at the market value of US$ 220 Bn in the assessment period 2022 and is forecast to reach a valuation of US$ 370 Bn by 2032.

Technical textiles are used in a wide range of industries such as medical, automotive, construction, industrial, and sports, which has increased rapidly over the past half-decade and will have a direct impact on demand for engineered textiles over the coming years in industries.

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Consumption of technical textiles over the past half-decade increased the market size at a CAGR of around 4.8%. Technical fabric consumption in mobiltech accounted for the highest market share, which is mainly attributed to the use of industry-specific textiles in a range of automotive applications such as seat belts, seat cover fabrics, airbags, and tyre fabrics

Technical textile found major applications owing to a diverse set of industries under this umbrella, such as automotive, aerospace, railways, and marine vehicles. Additionally, technical textiles have served as a key element in adding safety and durability, thereby enhancing the travelling experience.

Over the past 2 years, there has been a surge in the consumption of protective clothing in the healthcare sector and other sectors owing to the rise in pathogen-related diseases such as COVID-19. Also, workers tend to catch skin-related diseases that affect their health over a period.

In addition, escalating demand for high-performance textiles will provide a thrust to their industrial reach over the decade, especially in the Asia Pacific and European regions.

Key takeaways:

• India contributes a market valuation of around US$ 20 Bn to the global market size and aims at increasing the size of the domestic high-tech fabric market to US$ 40 Bn by 2024-end
• China’s technical textile market value currently stands at US$ 60 Bn and is projected to increase a market size at a CAGR of around 5.7% over the decade.
• By material type, the polymer material is projected to hold around 58% of the global technical fabric market share.
• By application type, technical textile application in mobile tech is projected to hold around 20% of the global market share.
• By process, demand for nonwoven technical textiles is expected to grow at a consistent CAGR of roughly 4%.

Growth Drivers:

• Demand in the growth of technical textile products is attributed to the use in medical, automotive, construction, industrial, and sports industry.
• Sales of technical textiles is expected to be driven by proliferating application in automobiles.

Competitive Landscape:

The various leading players in the technical textile market are focusing on offering various technical textile products and the latest high-tech fabric developments:

• In January 2022, Asahi Kasei Advance announced the opening of Airbag Fabric in Vietnam. Textiles manufactured at the site come equipped with superior strength, durability, and heat resistance. The company has strategically placed its manufacturing unit in Vietnam to fulfil the rising demand for textiles from the automobile sector.
• In May 2021, 3M announced the launching of 3M Thinsulate technology that will comprise 60% post-consumer recycled material. The company aims at bringing innovation and research in technical textiles and gaining a competitive advantage in terms of high-performance materials.

Key Companies Profiled by Fact.MR

• 3M Company
• Ahlstrom Corporation
• Arville Textiles Ltd.
• Asahi Kasei
• Avintiv
• Baltex
• Berry Global
• Dickson-Constant
• E.I. du Pont de Nemours and Company
• Freudenberg & Co. KG
• Huntsman Corporation
• International Textile Group
• Kimberly-Clark Corporation

More valuable Insights on Technical Textile Market

Fact.MR, in its report, offers a market analysis of the global technical textile market analysing forecast period through 2022 and beyond. This survey reveals the growth in the technical textile market with detailed segmentation as follows: –

• By Material:
  • Natural Fibre
  • Regenerated Fibre
  • Polymer
  • Metal
  • Others (minerals, composites etc.)
• By Process:
  • Woven Technical Textiles
  • Knitted Technical Textiles
  • Non-woven Technical Textiles
• By Application:
  • Agrotech
  • Buildtech
  • Hometech
  • Indutech
  • Sportech
  • Mobiltech
  • Packtech
  • Meditech
  • Clothtech
  • Geotech
  • Protech
  • Oekotech
• By Region:
  • North America Technical Textile Market
  • Latin America Technical Textile Market
  • Europe Technical Textile Market
  • East Asia Technical Textile Market
  • South Asia & Oceania Technical Textile Market
  • Middle East & Africa Technical Textile Market

Key Questions covered in the technical textile market Report

• What is the current size of the global technical textile market?
• How is the technical textile aligned?
• At what CAGR is the market expected to grow?
• At what rate did the technical textile market expand over the past five years?
• How have vital players reacted to key developments in the market?

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