The technical textiles market will register positive growth with the overall valuation forecast to surpass US$ 183 Bn in 2021. The market’s worth will increase at a compound annual growth rate (CAGR) of 4.60% between 2021 and 2031. Global sales are expected to rise at 4.7% with shipments reaching nearly 37,872 KT in 2021, following a period tepid growth in 2020.
3M, DuPont, Arville, Milliken and Company, and Freudenberg & Co. KG have been identified as the leading market players. Future Market Insights (FMI) has estimated these companies to account for nearly 20% to 30% of the global market share in 2021.
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Technical Textiles Market Snapshot
The technical textiles market will register positive growth with the overall valuation forecast to surpass US$ 183 Bn in 2021. The market’s worth will increase at a compound annual growth rate (CAGR) of 4.60% between 2021 and 2031. Global sales are expected to rise at 4.7% with shipments reaching nearly 37,872 KT in 2021, following a period tepid growth in 2020.
3M, DuPont, Arville, Milliken and Company, and Freudenberg & Co. KG have been identified as the leading market players. Future Market Insights (FMI) has estimated these companies to account for nearly 20% to 30% of the global market share in 2021.
Key Points Covered in Technical textiles Market Study
- Market estimates and forecast 2021 – 2031
- Key drivers and restrains impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competitive Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact On Technical Textiles Market
- Recommendation on Key Winning Strategies
2016 – 2020 Global Technical textiles Market Compared to Sales Forecast for 2021 – 2031
Technical textile market registered growth at a robust pace between 2021 and 2031. Increasing adoption of technical textiles in agriculture and farming activities to boost the crop yield and modernization in farming methods have bolstered the prospects of the technical textile market growth.
The demand for technical textiles rose significantly during COVID-19 pandemic. Sales uptick registered can be attributed to increasing demand of medical grade masks in hospital and other healthcare centers.
Considering their application in the manufacturing of surgical hosiery, caps, beddings, sheets, pillow cover, and uniforms, the demand for technical textiles is expected to surge at an accelerated pace in the coming years.
Rising awareness about various benefits of technical textiles and introduction of modern technologies to boost production rate will positively influence growth. Demand for geo-tech textiles will increase owing to the rising incidence of soil erosion and demand for sustainable solutions for water treatment and soil erosion protection.
Technical textiles are designed for maximum functionality rather than comfort and aesthetics. Governments are looking forward to mandate the use of technical textiles in certain industries like mining and manufacturing operations. They are also implementing strategies to encourage local manufacturing of technical textile products.
According to FMI’s research, projected rate of expansion of the global market is likely to touch CAGR of 4.60% for the forecast period 2021-2031, due to rising demand for technical textiles in construction and sports sector.
Competitive Landscape
Leading market players are focusing on scaling up their investments R&D to innovate their product offering while simultaneously participate in strategic merger and acquisitions to gain maximum market share, says FMI.
In November 2020, Duvaltex in collaboration with Steelcase developed new ocean waste clean impact textiles™ technology, which turns marine plastic waste into surface fabric with full traceability. “Intersection” is the first ocean waste clean impact textiles™ and is available in 17 different colors and applicable on more than 50 Steelcase screen and panel product lines.
In March 2019, 3M launched its new sustainable insulation material “Thinsulate insulation” for fashion and clothing industry, made from 100% recycled fabric and plastics. This product is expected to reduce the carbon footprint of fashion industry.
Key Vendors:
Asahi Kasei, Kimberly Clarke, Berry Global Group, DuPont, Mitsui Chemicals, Freudenberg & Co., Low & Bonar , Huntsman (US), Toyobo Co, Milliken & Company, SRF Limited, Koninklijke Ten Cate, and International Textile Group
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Key Segments Covered in Technical textiles Market Study:
Application:
- Agrotech
- Buildtech
- Hometech
- Indutech
- Sportech
- Packtech
- Mobiltech
- Meditech
- Clothtech
- Geotech
- Protech
- Oekotech
Process:
- Nonwoven
- Composites
- Others
Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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