Day by day the consumptions of technical textile are increasing and it is going to make Asia-Pacific the world’s largest market for technical textiles by the period, 2017-2027. It is seen that the global technical textile market is likely to be worth of US$260.3 billion by the end of 2027 considering a growth at a CAGR of 4.7%.
The technical textiles available in the global market are indutech, mobiltech, oekotech, protech, geotech, agrotech, packtech, clothtech, hometech, buildtech, meditech, and sporttech. The meditech segment is projected to soar in the coming years because of its application in the areas of patient clothing and surgical equipment. It is expected likely to be worth US$20 billion by the end of 2027 as compared to US$12 billion in 2016. Between the period of 2017 and 2027 this segment is projected to show a rise of 4.9% CAGR.
The demand for geotextiles is also increasing being used in civil engineering, geotechnical & environmental design. Towards the end of the forecast period, the geotextiles segment is estimated to value US$7 billion. On the contrary, rise in the civil engineering activities is also expected to promote the uptake of this material in the near future.
The market got popularity in North America, Western Europe, Eastern Europe, and Middle East, Latin America & Africa albeit the Asia Pacific technical textiles market is estimated to lead the pack during the forecast period of 2017 and 2027. It has been accounted that more than 50% of global technical textiles revenues will be earned by the Asia- Pacific region that expands a value CAGR of 6.8%. The infrastructural development of this region increases the demand for technical textile.
The demand for technical textile is increasing undoubtedly but it has to face some problems too in the global market. The high prices of technical textiles as opposed to alternative fabrics and lack of awareness regarding benefits of technical textiles are the reasons of slowing down the technical textile market.
There are many companies like E.I. DuPont de Nemours and Company, Low and Boar PLC, Ahlstrom Corporation, 3M Company, Avintiv, Arville Textiles Ltd., Milliken and Company, Dickson-Constant, Baltex, and Freudenberg & Co. KG are in the leading role of technical textile market. Furthermore, possible chances of newcomers in the global market are likely to intensify the overall competition. Players are expected to focus on delivering customized solutions in the years to widen their consumer base.
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