Technical Textiles Market to Expand at CAGR of 6.2% during Forecast Period, Notes TMR Study
ALBANY, N.Y., Feb. 10, 2022 /PRNewswire/ — The global technical textiles market is estimated to expand at a CAGR of 6.2% during the forecast period, from 2021 to 2031. The global technical textiles market was valued over US$ 180.9 Bn in 2020 and is predicted to reach valuation of US$ 350.6 bn by the end of 2031. The growing demand for technical textile fiber in different end-use industries such as automotive, clothing, and medical is expected to bolster the growth of the global technical textiles market. Several manufacturers are emphasizing on increasing production capacity to meet increasing demand from various end-use sectors due to greater efficiency and higher functionalities.
Market players are focused on product innovation in order to gain competitive edge. The global technical textiles market is expected to grow in the upcoming years due to the growing number of manufacturing industries globally. In addition, the global market is expected to be driven by technological developments in manufacturing methods in the upcoming years. However, a key element positively impacting market growth is the high cost of final products, as well as complex production techniques.
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Companies in the technical textiles market have benefitted from the coronavirus pandemic, owing to increased demand for masks, personal protective equipment (PPE) kits, and various other medical supplies from customers across the globe. The technical textile industry has seen considerable growth due to increasing sales of disposable medical clothing. During the COVID-19 epidemic, small- and medium-sized businesses profited as well.
Key Findings of Market Report
- Technical textiles are high-performance textiles that outperform standard textiles in terms of characteristics and usefulness. Increasing demand for use in many end-use industries such as environmental protection, healthcare, sportswear & sports equipment, agriculture, construction, packaging, automotive, and apparel is driving the demand for these items.
- The market for technical textiles is likely to be driven by breakthroughs in research and product development and the advancement of the global automotive industry. Moreover, enhanced product features such as toughness, strength, durability, and weather adaptability are also expected to drive sales in the global market.
- In Asia Pacific, the market is being driven by rising demand for high-performing technical fabrics. Industrialization, rising knowledge about improved functionality of technical textiles, and supply of low-cost raw materials are likely to drive usage of technical textile in Asia Pacific.
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Global Technical Textiles Market: Growth Drivers
- Governments are promoting technical textile product manufacturing in response to rising demand. Recent technological and scientific advancements, on the other hand, are likely to present considerable potential opportunities for manufacturers in the global market.
- Increasing use of technical textile goods in different industries such as automotive, construction, healthcare, apparel, packaging, agriculture, sportswear & sports equipment, etc. is expected to drive revenue generation opportunities in the global technical textiles market
Global Technical Textiles Market: Key Players
Some of the key market players are
- Kimberly Clarke Corporation
- Freudenberg & Co. KG
- Companhia Providência
- DuPont de Nemours, Inc.
- Ahlstrom Corporation
- Polymer Group Inc.
Global Technical Textiles Market: Segmentation
- Three Dimensional Weaving
- Three Dimensional Knitting
- Heat-set Synthetics
- Finishing Treatments
- Hand-made Elements
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