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