As per latest market analysis on technical textiles by Fact.MR, the global market is projected to be valued at US$ 220 Bn by 2022-end, and expand at a CAGR of around 5.3% over the forecast period of 2022-2032. Additionally, Fact.MR, a market research and competitive intelligence provider, estimates technical textile market valuation to surpass US$ 370 Bn by 2032, attributed to factors such as growing demand in high-growth industries such as automotive, aerospace, and construction.
The technical textile business is highly fragmented, mainly due to the presence of numerous manufacturers involved in the production of these textiles. Technical textiles have gained substantial traction in the automotive industry as a material used in the manufacturing of interior trims. Additionally, technical textile manufacturers are focussing on innovation, development of specialty fibres, and R&D to gain a competitive edge in the market.
Key Takeaways from Market Study
- On the basis of material, polymer composites are projected to capture around 58% of the global market share.
- Based on process, demand for non-woven technical textiles is projected to increase at a steady CAGR of around 4%.
- On the basis of application, technical textile consumption in protech is anticipated to expand around 1.6X by 2032.
- East Asia is projected to capture around 30% of the global technical textile market share by 2032.
- North America is anticipated to provide an absolute dollar opportunity of US$ 10 Bn over the period of 2022-2032.
“The COVID-19 pandemic gave a boost to the sales of technical textiles. Additionally, projections are that rising threat related to emergence of new pathogens will infuse the usage of technical textiles in medical applications over the coming years,” says an analyst of Fact.MR.
Winning Strategy
Market players in the technical textile business have opted for the development of new innovative materials, keeping in mind the current business scenario. Production of specialty fibres over the years has increased multi-fold owing to rise in the demand for high-performance polymers. Market players can be seen spending huge amounts on research & development to come up with polymers showcasing enhanced performance.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the technical textile market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of material (natural fibre, regenerated fibre, polymers, metal, and others [minerals, composites, etc.]), process (woven, knitted, and non-woven), and application (agrotech, buildtech, hometech, indutech, sportech, mobiltech, packtech, meditech, clothtech, geotech, protech, and oekotech), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
