The technical textile market is estimated at USD 165.51 Billion in 2017 and is projected to reach USD 220.37 Billion by 2022, at a CAGR of 5.89%. The market has grown exponentially in the last few years, and this trend is expected to continue. The growing awareness about the superior functionality and application of technical textile encourages the higher consumption of technical textile and related products. Furthermore, growth in the automobile, construction, healthcare, packaging, and various other sectors has generated new opportunities for this textile.
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The woven segment is expected to grow at the highest CAGR
Based on process, the woven segment is expected to be the fastest-growing during the forecast period. This growth can be attributed towards factors such as easy production and low cost. Woven technical textiles find wide application in various sectors such as construction, clothing, automobiles, and others. Thus, with the growing demand for technical textile in these industries, the demand for the woven segment will also increase. Additionally, advancements in weaving technology such as 3D weaving are also expected to drive the technical textile segment during the forecast period.
The mobiltech segment is estimated to account for the largest share in the technical textile market
Based on application, the mobiltech segment is expected to grow at the highest CAGR between 2017 and 2022. Mobiltech covers technical textile used in automobiles, aircraft, railways, and shipbuilding such as nylon tire cord fabrics, seat covers, seat belts, cabin filters, tufted carpet, upholstery, and others. The automobile sector has been improving its existing market share and creating innovative products through new developments, consequently increasing the demand for technical textile. Therefore, the growth in the automobile sector will drive the market for technical textile during the forecast period.
The Asia Pacific region is estimated to account for the largest share of the technical textile market in 2017; due to rapid urbanization and increase in disposable incomes in the emerging economies of China, India, and Indonesia. The Asia Pacific technical textile market is driven by technological advancements in the medical, automobile, and construction industries with respect to new equipment, machinery, and materials. Among all countries in this region, the market in China is projected to grow at the highest CAGR during the forecast period. The North American market is expected to grow at the second-highest CAGR between 2017 and 2022, with the US registering the highest growth rate in the region.
Key players operating in the technical textile market include Asahi Kasei (Japan), Kimberly Clarke (US), Berry Global Group (US), DuPont (US), Mitsui Chemicals (Japan), Freudenberg & Co. (Germany), Low & Bonar (UK), Huntsman (US), Toyobo Co. (Japan), Milliken & Company (US), SRF Limited (India), Lanxess (Germany), Koninklijke Ten Cate (Netherlands), and International Textile Group (US). These players have adopted various growth strategies to expand their global presence and increase their market share. Mergers & acquisitions, expansions & investments, agreements & partnerships, and new product launches are some of the major strategies adopted by key players operating in the technical textile market.
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