Definition of Market/Industry:
Smart and interactive textiles are also known as smart fabrics. These fabrics are low weight and comfortable fabrics. These fabrics improve performance and add aesthetic value to the product. These fabrics are incorporated with the smart technology such as controllers, actuators, and sensor units.
The global smart and interactive textiles market is estimated to be valued at US$ 3,242.4 million in 2021 and is expected to exhibit a CAGR of 12.2% over the forecast period (2021-2028).
Figure 1. Global Smart and Interactive Textiles Market Value Share (%), by Region, 2020
North America held dominant position in the global smart and interactive textiles market in 2020, accounting for 37.3% share in terms of volume, followed by Asia Pacific and Europe, respectively. North America held the largest share of the global smart and interactive textiles market owing to the strong presence of several industries such as healthcare, military, and transportation.
High demand for smart textiles from the healthcare industry is augmenting the market growth of smart and interactive textiles. Smart textiles offer easy diagnosis and accurate risk assessment. Theses textiles have excellent properties such as comfortable, wearability, and flexibility. Due to all these properties of smart fabrics, they are gaining huge demand from the healthcare industry and this expected to propel the market growth.
Strong demand from sports and fitness applications is expected to foster the market growth of smart and interactive textiles. These fabrics offer an improved design and fashion elements in the finished products. Moreover, key manufacturers such as Adidas AG are incorporating such fabrics in the manufacturing of sports bras and t-shirts with a sensor. Moreover, few fabrics also offer communication and electronic devices such innovations are expected to fuel the market growth.
Continuous product innovation by manufacturers in smart fabrics is projected to offer potential market opportunities. For instance, in October 2017, Mitsufuji Corporation has announced the development and launch of disposal smart-wear as a new product of wearable IoT brand hamon. This new product remains not only comfortable to wear but can be used as disposal. It is specially designed for nursing care, it makes users easy to slip on/off, and is also suitable for bedridden residents.
Growing demand for smart fabrics from the aerospace industry that helps in reducing the overall weight and improve the fuel efficiency of the aircraft is expected to offer lucrative opportunities. Rising concern over employee safety across industrial areas coupled with the rapid industrialization across various developing and developed regions is again anticipated to foster the market growth of the smart and interactive textiles over the forecast period.
|Base Year:||2019||Market Size in 2021:||US$ 3,242.4 Mn|
|Historical Data for:||2016 to 2019||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||12.2%||2028 Value Projection:||US$ 6,455.0 Mn|
E.I du Pont de Nemours and Company, Fibretronic Limited, Globe Manufacturing Company, LLC, Heapsylon LLC, Intelligent Clothing Ltd., Interactive Wear AG, Koninklijke Ten Cate nv, Milliken & Company, Outlast Technologies, Inc., Performance Fibers, Inc., and Schoeller Textil AG
|Restraints & Challenges:||
The establishment of a new facility by key manufacturers for meeting the rising demand for smart fabrics around the globe is one of the current trends. For instance, in June 2017, Advanced Functional Fabrics of America opened a state-of-the-art facility for prototyping advanced fabrics. A new center for the development and commercialization of advanced fabrics that will offer services such as health monitoring, communications, and dynamic design.
Increasing demand for smart fabrics as leisurewear is expected to be one of the trends in the market. This is also attributed to the growing disposable income of the consumer which is encouraging them to spend on leisure products. Also changing lifestyles of the consumers coupled with the growth in the urban population around the globe due to the gradual shift from rural to urban areas is further projected to propel the market growth.
Figure 2. Global Smart and Interactive Textiles Market Share, By Application, 2020
Key Takeaways of the Graph:
Limitation on reusability of the smart fabrics restricting the adoption of these products. Moreover, the privacy issue associated with smart fabrics is again anticipated to hinder the market growth of smart and interactive textiles.
Lack of rules and regulations associated with the production of standards and regulations is expected to hinder the market growth. Also, technical complications associated with the integration of electronics devices in the smart fabrics is one the major factor expected to restrict the market growth.
Smart and interactive textiles have the ability to change a dull or drab room to a room that is creative, artistic, and comfortable. There are many fabrics on the market with a variety of interesting usages; however, smart and interactive textiles stand out because of their interesting uses and interesting fabrics that can be used. Textiles that are smart and interactive have the ability to perform and execute multiple tasks in the room such as controlling lighting, heating, humidity, sound, ventilation, temperature, personal spaces, and more.
Increasing demand from healthcare and sports &fitness application is a key factor fostering growth of the smart and interactive textiles market. Technological advancement is another major factor propelling growth of the market. For instance, in May 2021, Textiles has launched into the sports and performance market to provide smart thread technology that captures biometric and biomechanics data.
On the other hand, limitation on reusability is expected to restrict growth of the market.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.