Global technical textile demand continues to touch historic lows, but technical textiles are showing resilience, raising hopes of a quick recovery in 2021. An updated edition of the study by Future Market Insights (FMI) which also tracks the COVID-19 impact on the market offer insights on how demand will evolve during 2020-2030. Technical textiles have been among rapid growth areas of textile industry that is commonplace, from gym gear and sportswear to car seats and in airbags. The global market for technical textiles, in particular, is receiving huge impetus from unprecedented rise in demand for functional fabric for monitoring safety and operations in industrial sector.
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Textiles industry is highly diversified, satiating broad range of domains ranging from conventional handloom products to wool, cotton and silk products and contain products that stretch through natural and artificial fiber, apparel, and yarn.
Technical textiles are poised to play a vital role in transforming textile industry, owing to their diverse applications across several end-use sectors including, infrastructure, construction, automobile, aviation, healthcare, and defence.
Technical Textiles Market Size Study
- Market to grow at healthy CAGR through 2030
- Mobiltech accounts for leading revenue share
- Governments in various regions to provide taxation incentives on import of technology, and training assistance over marketing and operations
- Rising sustainable concerns to fuel demand for technical textiles in water treatment, and erosion protection in coming years
- North America and Europe to offer lucrative growth prospects, given strong adoption of advanced technologies
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COVID-19 Impact on Technical Textiles Market
While the technical textiles market has been facing the rippling effects of the COVID-19 pandemic, the market growth is stimulated by the need to help deliver personal protective equipment (PPE) as various hard-hit countries are confronting acute shortage of disposable PPE for front-line medical workers.
As the battle against OCIVD-19 crisis persists, demand for necessary face coverings continues to soar. The opportunity to create an impact in the battle against the public-health crisis and to help in improving safety of communities has offered new meaning to businesses, and operations in technical textiles market.
Case in point, Berry Global Group Inc. is delivering prominent healthcare and consumer brand firms across the world to manufacture products in large-scale to tackle the contagion of COVID-19.
In the US, the company has scaled up its capacity to provide maximum output on the ground of rising demand for healthcare products such as materials for face masks and hard surface disinfectant wipes.
Moreover, in Europe, the company is operating its meltblown lines round the clock to develop materials for face masks and other healthcare purposes including, materials leveraged in blood filtration.
“Farm workers are turning their sight towards agro-tech products realizing limited availability of water, uncertainty in climate, and threat to crops from getting hampered by pests and insects. Such agro-tech products are likely to enhance agricultural productivity, thus, favoring market growth over the decade ahead,” says analyst at FMI.
Technical Textiles Market – Competition Intelligence
In a bid to maintain their competitiveness in global landscape, leading manufacturers are entering into acquisitions of their peers.
- Vitrulan Group has acquired Ahlstrom-Munksjö’s fiber optic reinforcement business. This acquisition is likely to boost the company’s product portfolio
- Freudenberg & Co. KG has taken over 100% shares of Low & Bonar PLC. With the latter’s innovative technology, the company is slated to further extend its technological expertise
- In addition, Freudenberg & Co. KG has acquired 100% shares of Filc, which develops laminated materials and needle punch nonwoven textiles with a focus on construction and automotive industries
Key Questions Answered in the Report
- What is technical textiles market size?Driven by increasing demand for advance and safe material, the technical textiles market size is forecast to reach US$ 183 Nn in 2021 with a CAGR of 4.6%.
- At what rate did the technical textiles market expand in the last five years?Between 2016 and 2020, the technical textiles sales grew at 2.50% CAGR.
- What are the key trends shaping the technical textiles market?Strategic merger and acquisitions between market players to enter new markets and expansion of production facilities to cater the rising demand are few of the key trends shaping the technical textiles market.
- Who are the key exporters of technical textiles across the globe?USA, China, and India are the leading exporters of technical textiles in the world.
- What is the North America technical textiles market outlook?Demand registered in North America will continue rising, backed by increasing production and export of technical textiles from U.S. and Canada, the North America market is anticipated to expand at 2.60% CAGR during the forecast period.
- Who are the leading companies in technical textiles market?Freudenberg & Co. KG, Milliken and Company, Arville, DuPont, and 3M are the top companies operating in the market.
- What is the cumulative share of top companies in technical textiles market?The cumulative market shares of top players operating in technical textiles market are around 20% to 30% in 2021.
To Know More About Technical Textiles Market:
A new market research report published by Future Market Insights (FMI) on the global technical textiles market report offers comprehensive insights into the market demand trends and analysis of opportunities over the forecast period, 2020-2030. The report examines the technical textiles market through three different segments – application, process type and region. The technical textiles market report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the manufacturing of technical textiles and product adoption across several end-use industries.
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