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’.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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