MarketsandMarkets a premium research report publisher recently released their report on global technical textile consumption titled “Technical Textile Market by Product (Fabric, Unspun Fiber, Yarn-type Products), Technology (Nonwoven, Fabric, Weaving, Knitting, Spinning), Fiber (Synthetic, Natural, Specialty), Application (Mobiltech, Indutech, Sportech, Others), Colorant (Dye, Pigment), Fabric – Global Forecast to 2020”. According to the report global technical textiles market, in terms of volume, is projected to reach 42.20 Million Metric Tons by 2020, at a CAGR of around 4.68% from 2015 to 2020.
The market has been segmented on the basis of major regions such as North America, Europe, Asia-Pacific, and Rest of the World (RoW), wherein their value and volume has been projected.
Technical textile industry has witnessed remarkable growth in the past few years and this growth is estimated to increase in the coming years, this trend is estimated to have a positive impact on the demand for technical textiles.
Factors such as improving economic conditions of countries, technology advancements, and increasing end-use applications are the major drivers of the technical textiles market. The health & safety, cost effectiveness, durability, high strength, lightweight, versatility, customization, user-friendliness, and eco-friendliness of technical textiles components & techniques have helped towards its acceptance and penetration in the global market. Several innovations and R&D in designs, fiber, and technological advancements have been witnessed by the industry in the last decade.
Technical textiles consumption: region-wise analysis & forecast
The Asia-Pacific region accounted for around 33.13% of the total market share in terms of value in 2014, followed by the North American and European regions at 29.13% and 24.02 %, respectively. However, as the technical textiles market in developed countries is getting matured, the market in developing countries such as China, Japan, and India is projected to grow at a higher rate from 2015 to 2020. China, with a CAGR of 5.93%, is projected to grow faster than any other country. This is because of its vast population and high industrial and technological developments in the country.
Top 3 highest-selling technical textiles: hometech, buildtech, and meditech
Technical textiles accounted for nearly 29% share of the global textile revenues in 2015. Demand for technical textiles is expected to remain steady during the forecast period 2015-2020, owing to a widening applications in end-use industries, such as automotive, healthcare, construction, and sports equipment.
Hometech, buildtech, and meditech are the three highest-selling technical textiles globally. Resurgence in housing sector, steady infrastructure development, and demand for highly functional textiles for use in healthcare sector are fuelling demand for these technical textiles segments. Demand for these three technical textile types will remain strong throughout the forecast period. However, Oekotech, Geotech, and Sportech will be the fastest growing segments in terms of revenues.
Oekotech – technical textiles used in environmental protection and waste disposal – are anticipated to grow at the fastest compound annual growth rate (CAGR) in terms of revenues. Increasing emphasis on sustainable development and consumer awareness on reducing carbon footprint are influencing both government and private entities to opt for Oekotech.
Demand for Geotech technical textiles – textiles used in civil engineering and geotechnical applications – is projected to witness 6% CAGR in terms of revenues through 2020.
Sportech – technical textiles used in sports and leisure sector – are also anticipated to witness steady demand owing to growing demand for sports equipment, especially among the millennial segment.
The global technical textiles market is highly competitive with a large number of players all over the world. The major players of the textiles industry are E. I. du Pont de Nemours and Co (U.S.), Asahi Kasei Corporation (Japan), Kimberly Clarke Corporation (U.S.), Mitsui Chemicals, Inc. (Tokyo), and Freudenberg & Co. KG (Germany). These players adopted various strategies to expand their global presence and increase their market shares. Some of the key strategies adopted by the players include expansions and investments, mergers and acquisitions, new product launches, and agreements.