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The Technical Textile Market is estimated to be valued at US$ 203.23 Bn in 2023and is expected to exhibit a CAGR of 5.29% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Technical textiles are specially designed and engineered fabrics used for various industrial applications. These textiles provide high performance and functionality due to their unique properties such as strength, durability, fire resistance, and chemical resistance. They find extensive usage in industries such as automotive, healthcare, construction, and sports. In the automotive industry, technical textiles are used for interior components, airbags, seat covers, and brake pads, among others. In the healthcare sector, they are used in wound dressing, implants, and surgical gowns. The increasing adoption of technical textiles in the geotextile market for soil protection, erosion control, and drainage applications further drives market growth.
Market Dynamics:
The Technical Textile Market Size is mainly driven by the growing demand from the automotive industry. The automotive sector extensively uses technical textiles for various applications, including interiors, upholstery, airbags, and protective clothing. The increasing sales of automobiles, especially electric vehicles, coupled with the rising focus on lightweight and sustainable materials, fuel the demand for technical textiles in the automotive industry.
Furthermore, the expanding application scope of technical textiles in the geotextile market provides significant growth opportunities. Geotextiles are used for various civil engineering applications, such as erosion control, soil stabilization, and drainage systems. The growing infrastructure development and construction activities globally contribute to the market growth of technical textiles.
In conclusion, the Technical Textile Market is expected to witness high growth due to the increasing demand from the automotive industry and the expanding application scope in the geotextile market. The market is projected
Segment Analysis:
The Technical Textile Market can be segmented based on type, application, and region. In terms of type, the market can be divided into nonwoven, woven, and knitted textiles. Among these, the nonwoven segment is expected to dominate the market. Nonwoven textiles are widely used in various applications such as automotive, construction, healthcare, and agriculture, due to their properties like high strength, durability, and cost-effectiveness. The demand for nonwoven textiles is also driven by increasing awareness about sustainability and eco-friendly products.
PEST Analysis:
Political: The political factors affecting the technical textile market include government regulations, trade policies, and stability of the political environment. Governments are implementing strict regulations regarding the use of textiles in various industries to ensure safety and quality.
Economic: Economic factors such as GDP growth, disposable income, and inflation rates influence the demand for technical textiles. Rising disposable income and increasing urbanization are driving the demand for technical textiles in developing countries.
Social: Social factors like changing lifestyles, growing awareness about personal hygiene, and increasing healthcare expenditure are contributing to the growth of the technical textile market. The demand for technical textiles in the healthcare sector, including surgical gowns, bandages, and wound dressings, is increasing.
Technological: Technological advancements play a crucial role in the growth of the technical textile market. Innovations in textile manufacturing processes, such as nanotechnology, are leading to the development of high-performance technical textiles with enhanced properties.
Key Takeaways:
The global technical textile market is expected to witness high growth, exhibiting a CAGR of 5.29% over the forecast period of 2023-2030. This growth can be attributed to factors such as increasing demand for nonwoven textiles, technological advancements, and the growing application of technical textiles in various industries.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the technical textile market. The region’s growth can be attributed to factors such as rapid industrialization, urbanization, and increasing disposable income. Countries like China, India, and Japan are major contributors to the growth of the technical textile market in the Asia Pacific region.
Key players operating in the 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. These players focus on strategies such as mergers and acquisitions, new product developments, and partnerships to maintain their market position and gain a competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
