Technical Textiles Market: Global Industry Analysis, Size, Trends, Growth, Trends, and Forecast 2019 - 2029

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Technical Textiles Market: Global Industry Analysis, Size, Trends, Growth, Trends, and Forecast 2019 - 2029

Status : December, 2021 | Packaging

Report Digest

Global Technical Textiles Market: Overview

A technical textile is a product manufactured for functional purposes. These are used for automotive applications. Also, it is pertinent to note here that these are critical in the form of geotextiles for purposes such as reinforcement of embankments, medical textiles such as implants, and agrotextiles, which are mainly used for crop protection. Besides, in protective clothing, these play a role in heat and radiation protection. The technical textile materials fibers include Saran, Vinalon, Modal, Twaron, Vinyon, Spandex, Kevlar, Nomex, and others.

As demand for these increases, technical textiles market will see steady growth curve over the forecast period of 2019 to 2029. TMRR states that growing need in end-use industries such as automobile, healthcare, construction, and industrial manufacturing is driving the market to a higher worlth. The increasing usage of technical textiles in these industries can be attributed to their unique functional properties, namely cost effectiveness, durability, strength, low weight, versatility, eco-friendliness, and logistical convenience.

Global Technical Textiles Market: Competitive Landscape

The global technical textiles market is fragmented because of a large number of players marking the vendor landscape. It keeps competition high and prices at an affordable level, world over. Players are striving hard to gain a notable share of the market, using various growth strategies, organic and inorganic.

The global technical textile market is dominated by key players such as:

  • Asahi Kasei (Japan), 
  • Kimberly Clarke (US), 
  • Berry Global Group (US), 
  • DuPont (US), 
  • Mitsui Chemicals (Japan), 
  • Freudenberg & Co. (Germany). 

Global Technical Textiles Market: Key Trends and Drivers

As seen above, technical textiles find wide application in various end-use demand sectors like the automobile industry, healthcare sector,  construction industry and industrial manufacturing, which are due to grow notably with rising population, increase in disposable incomes, and subsequent demand for premium services.  A synopsis of key growth factors is detailed out below:

  • Massive demand will arise from automotive industry and this will be attributed to the growing demand for automobiles in countries such as the UAE, Japan, and Germany. Technical textiles in automobiles are used in seating upholstery, seat belt, tyre cords, and others is expected to propel the demand for technical textiles in this market.
  • Technological advancement and innovations is underscoring growth in the global technical textiles market over the forecast period. As players dabble in massive and extensive research and development (R&D), the graph would only see a steep and upward movement.

Global Technical Textiles Market: Regional Analysis

Going by the current industrial growth landscape, massive technical textiles production is witnessed in the developing regions of the world, particularly the Asia Pacific region. Citing statistical analysis, in 2020 Asia’s GDP will overtake the GDP of the rest of the world combined. By the year of 2030, about 60% of global growth will be accounted for by the region. Asia-Pacific will account for about (90%) of the 2.4 billion new members of the middle class entering the global economy. The bulk of that growth will come from the developing markets of China, India, etc, owing to rapid urbanization and industrialization.  Hence, Asia Pacific is estimated to account for a sizeable share of the technical textile market in the coming years. The market here is projected to grow at the substantial rate in the upcoming years.

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?