Global Technical Textiles Market is valued at US$ 23 Bn in 2022 according to the Global Technical Textile Market Report, by Application (Agrotech, Buildtech, Hometech, Indutech, Sportech, Packtech, Mobiltech, Meditech, Clothtech, Geotech, Protech, Oekotech), by Process (Non-woven, Composites, and others), and by Regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa (MEA), published by Coherent Market Insights.
The global technical textile market was valued at US$ 202.23 Bn in 2022. Technical Textiles market is expected to register a CAGR of 5.29% over the forecast period (2023–2030), and is expected to reach US$ 320.10 Bn by 2030.
Emergence of COVID-19 has increased demand for textiles that offer antimicrobial properties. Globally, as of 8 October 2021, there have been 236,599,025 confirmed cases of COVID-19, including 4,831,486 deaths, reported to WHO by countries. As of 10 October 2021, a total of 6,364,021,792 vaccine doses have been administered globally. Antimicrobial protection for public transport can play a major role in limiting the spread of infections. Players in the market may focus on offering technical textiles that offer such properties.
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Key Trends and Analysis of the Global Technical Textile Market:
- The global technical textiles market was valued at US$ 203.23 Bn in 2021 and is forecast to reach a value of US$ 320.10 Bn by 2030 at a CAGR of 5.9% between 2022 and 2030.
- The development of micro-encapsulation technology (enabling active substances to be fixed to the surface of the fiber or fabric) means many non-woven fabrics can be perfumed or anti-bacterial. Newer fibers such as Lyocell can be made into non-woven fabrics, giving better absorption and high wet strength for products such as medical swabs.
Asia Pacific Witnessed a Significant Market Growth
- Asia Pacific is expected to have the highest growth rate during the forecast period
- Western Europe and North America have the second-highest market share for the technical textile
Key Takeaways of the Global Technical Textile Market:
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities for the Technical Textile market are key strategies adopted by players in the global technical textile market.
- In February 2020, The government of India ensured that 100 % FDI is allowed in the textile sector without needing any government approval, that is under the automatic route and the various routes have been further develop the industrial ecosystem ,including industrial perks ,skill developments and production linked incentives to attract foreign investors.
- In April 2021, Belarus had fortified the textile market by increasing the production of Non-woven and technical textile by becoming the new hub for European textile production .The first stage of the project is focused on the production and processing of the technical yarns, while the second stage focused on the products which are manufactured for the export. Exports should be more focused on North America & Europe with a special focus on the Germany, which has an increased demand for the technical textile the over past years.
- According to the report by Economic express in October 2021, Asia Pacific region dominated the Global Technical Textiles Market with a market share of 5.90% in 2019, where China has the biggest share of export market with 24%. Bangladesh has a huge international market to claim a substantial share of it.
- Major players in the global technical textile market include Low & Bonar PLC, Ahlstrom Group, E. I. du Pont de Nemours and Company (DuPont), 3M Company, Polymer Group Inc., Milliken & Company Inc., Arville Textiles Ltd., Dickson-Constant, Baltex, and Freudenberg & Co. KG.