Technical Textiles Industry Size, Share, Demand & Growth by 2033
As per the Future Market Insights projects the technical textile market will most likely reach US$ 202.93 billion by 2023 and US$ 390 billion by 2033, growing at a CAGR of 6.7%. With the increasing demand for technical textile fiber, the global technical textile market is expected to grow quickly across a variety of end-use industries, including apparel, medical, automotive, etc.
Technical textiles are booming in fast-growing
industries like automotive, construction, healthcare, infrastructure, and oil
and petroleum, which drive demand for medical textiles (Medtech), specialty
fabrics, industrial fabrics, protective textiles (Protech), and agricultural
textiles (Agrotech).
The textile industry is growing fast, especially in
the high-tech, high-performance fabric market. Technical textiles are widely
manufactured using the textile coating process. Besides clothing, the textile
industry continues to be a big player in technical textiles, which are applied
in non-clothing applications. Textile science and technology play a distinctive
role in technical textiles because of the need for understanding and applying
the principle, mostly in relation to technology, but often also in engineering
applications.
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As awareness of the environment and interdisciplinary
technologies have grown, special attention has been paid to unconventional
technical applications. For a healthy environment, social and economic equity,
and a profitable economy, textile structures have been used in agriculture and
horticulture to enhance the quality and efficiency of agriculture and food
products. Materials that gradually degrade are becoming increasingly popular.
Construction entails a wide range of textiles,
including concrete reinforcement, façade foundations, construction of
interiors, insulation, weatherproof materials, noise reduction, air
conditioning, visual protection, anti-sun protection, and building safety.
Several technical textile products have been tested and certified by the
International Organization for Standardization (ISO) as flame retardants,
ultraviolet stabilizers (UV), and water repellants for building material
applications.
Key Takeaways:
- Due
to technical textiles’ increasing use in defense and military
applications, the Indian technical textiles market is expected to grow
steadily.
- Asia
Pacific is expected to lead the global technical textiles market in the
near future, with more than 47% market share in 2023.
- With
the growing demand for Meditech textiles in the coming years, Japan and South
Korea are expected to hold over 10% of the global market in 2023.
- The
market for mobile tech textiles is forecast to grow at a CAGR of 4.5% over
the forecast period.
- According
to the forecast, nonwoven-based production processes will grow at a CAGR
of 4% over the next few years.
Competitive Landscape:
Expanding and penetrating new markets is both organic
and inorganic for technical textile companies. New product launches, mergers,
and partnerships are a few of these strategies. The key industry players are:
- Asahi
Kasei
- Kimberly
Clarke
- Berry
Global Group
- DuPont
- Mitsui
Chemicals
- Freudenberg
& Co
- Low
& Bonar
- Huntsman
- Toyobo
Co
- Milliken
& Company
- SRF
Limited
About the Chemicals and Materials Division
at Future Market Insights (FMI)
The chemicals and materials division of Future Market
Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and
materials industry. This exhaustive coverage extends from commodity, bulk,
specialty, and petrochemicals to advanced materials, composites, and
nanotechnology in particular, with special emphasis on ‘green alternatives,
recycling and renewable technology developments, and supply-demand-trade
assessment. Our research studies serve as referencing market guidelines for
chemical manufacturers, research institutions, channel partners, and government
bodies for developing — ‘The Way Forward’.
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