Technical Textiles Market Set to Soar with 6.7% CAGR from 2023 to 2033

Posted on 2024-02-08 by Future Market Insights in Chemicals // 0 Comments

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The technical textile market is poised for substantial growth, with Future Market Insights projecting it to surge to US$ 202.93 billion by 2023 and a staggering US$ 390 billion by 2033, boasting a robust compound annual growth rate (CAGR) of 6.7%. This remarkable expansion is largely fueled by the escalating demand for technical textile fiber across diverse end-use sectors such as apparel, medical, automotive, and more. As industries increasingly recognize the functional benefits and versatility of technical textiles, the market is primed for rapid evolution and innovation, promising dynamic opportunities for stakeholders worldwide.

Technical textiles are booming in fast-growing industries like automotive, construction, healthcare, infrastructure, and oil and petroleum, which drive demand for medical textiles (Medtech), specialty fabrics, industrial fabrics, protective textiles (Protech), and agricultural textiles (Agrotech).

The textile industry is growing fast, especially in the high-tech, high-performance fabric market. Technical textiles are widely manufactured using the textile coating process. Besides clothing, the textile industry continues to be a big player in technical textiles, which are applied in non-clothing applications. Textile science and technology play a distinctive role in technical textiles because of the need for understanding and applying the principle, mostly in relation to technology, but often also in engineering applications.

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As awareness of the environment and interdisciplinary technologies have grown, special attention has been paid to unconventional technical applications. For a healthy environment, social and economic equity, and a profitable economy, textile structures have been used in agriculture and horticulture to enhance the quality and efficiency of agriculture and food products. Materials that gradually degrade are becoming increasingly popular.

Construction entails a wide range of textiles, including concrete reinforcement, façade foundations, construction of interiors, insulation, weatherproof materials, noise reduction, air conditioning, visual protection, anti-sun protection, and building safety. Several technical textile products have been tested and certified by the International Organization for Standardization (ISO) as flame retardants, ultraviolet stabilizers (UV), and water repellants for building material applications.

Key Takeaways

Due to technical textiles’ increasing use in defense and military applications, the Indian technical textiles market is expected to grow steadily.
Asia Pacific is expected to lead the global technical textiles market in the near future, with more than 47% market share in 2023.
With the growing demand for Meditech textiles in the coming years, Japan and South Korea are expected to hold over 10% of the global market in 2023.
The market for mobiletech textiles is forecast to grow at a CAGR of 4.5% over the forecast period.
According to the forecast, nonwoven-based production processes will grow at a CAGR of 4% over the next few years.

“With farmers becoming more aware of the benefits of using technical textiles, reducing pest attacks, and enhancing agriculture productivity, the demand for agrotech will grow at a fast rate in the future. The combination of these factors should help to expand the entire market,” says an FMI analyst.

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Competitive Landscape

Expanding and penetrating new markets is both organic and inorganic for technical textile companies. New product launches, mergers, and partnerships are a few of these strategies. The key industry players are:

Asahi Kasei
Kimberly Clarke
Berry Global Group
DuPont
Mitsui Chemicals
Freudenberg & Co
Low & Bonar
Huntsman
Toyobo Co
Milliken & Company
SRF Limited

Market Developments Include:

In June 2023, Gaurs’ principals will present sustainable dyeing & processing technologies. To provide Indian customers with sustainable machines and solutions that use fewer utilities and are eco-friendly, strategic alliances with these next-generation machine manufacturers have been formed. Compared to traditional dyeing, processing, and finishing machines, these machines give customers a faster return on investment (ROI).
In June 2023, Beaulieu Technical Textiles will launch RECOVER, a long-lasting, strong, and sustainable weed control solution for indoor and outdoor nurseries that will set a new standard in woven horticultural groundcovers. RECOVER’s core competencies are innovation and expertise, and demonstrate how products can be rethought to meet functional needs and promote circularity in markets.

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Technical Textile Market by Category

By Application:

Agrotech
Buildtech
Hometech
Indutech
Sportech
Packtech
Mobiltech
Meditech
Clothtech
Geotech
Protech
Oekotech

By Process:

Nonwoven
Composites
Others

By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East & Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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