Global Smart and Interactive Textiles Market was valued at US$ 3242.4 million in 2020, According to Smart and Interactive Textiles Market Report, by Application (Industrial, Military and Defense, Medical and Healthcare, Retail and Consumer, Transportation, and Others) and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
Global Smart and Interactive Textiles Market was valued at US$ 3242.4 Million in 2021. Smart and Interactive Textiles Market is expected to register a CAGR of 12.15 % over the forecast period (2022-2030), to reach US$ 8726.8 Million by 2030.
Smart and interactive textiles are capable of actuating, sensing, storing or generating power, and communicating. These textiles are widely used across various applications such as industrial purpose, sportswear, automotive & entertainment, healthcare, and military. These textiles are also used in the fashion industry due to their ability to change color.
The COVID-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shut down their manufacturing units which had an adverse impact on the smart and interactive textiles market.
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Browse 50 market data tables* and 40 figures* on "Global Smart and Interactive Textiles Market” - Forecast to 2030.
Key Trends and Analysis of the Global Smart and Interactive Textiles Market:
- Increasing investment in the military and defense sector for improving the safety of serving person is a growing trend in the market. Smart fabrics are rapidly gaining demand from the military sector due to their high-performance properties and safety. They are used to produce army uniforms and equipment.
- Increasing production capacity of smart textile by key players for business expansion at global as well regional level is one of the major trends in the market. For instance, in April 2020, Milliken & Company, a manufacturer of textile, increased the domestic production of its BioSmart fabric, which integrates anti-microbial protection into medical products such as scrubs, lab coats, and privacy curtains.
Key Takeaways of the Global Smart and Interactive Textiles Market:
- On the basis of application, the Transportation application segment held a dominant position in the market and accounted for 35.2% share in the global smart and interactive textiles market in 2021.
- New product launches, merger & acquisitions, strategic partnership, expansion, and research & development activities for smart and interactive textiles are key strategies adopted by players in the global smart and interactive textiles market. For instance, In March 2021, Milliken & Company (“Milliken”), a global diversified manufacturer with more than a century and a half of materials science expertise, acquired Zebra-chem GmbH (“Zebra-chem”), a global chemicals company known for its peroxide and blowing agent master batches.
