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As per Future Market Insights (FMI), the global demand of overall technical textiles market grew by 2.50% CAGR in 2016-2020. Overall market valuation is expected to reach US$ 183 Bn with total sales of 37,872.2 KT in 2021. Owing to increasing demand for technical textiles in agriculture and apparel industry, the market is forecast to grow at 4.6% CAGR between 2021 and 2031.
Technical textiles have emerged as ideal solutions to address the issues of soil erosion. They are cost-effective and offer long service life. Moreover, these textiles can be used in landfills and harbors to improve soil stabilization, thus, reducing soil erosion.
Demand for technical textiles will grow due to the increasing cases of soil erosions in mountainous region. According to data from European Union, more than 80% of all agricultural areas and natural grassland in European Union are expected to be affected by severe soil erosions in 2016.
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In European countries, manufacturers are required to follow stringent regulatory policies that specify which type of geotech textiles will be most suitable as per the characteristics of the soil of that specific region. These factors are expected to drive the sales of technical textiles in upcoming years.
Technical textiles are finding use in ocean sailing equipment and aviation components like zeppelins, balloons, and airplanes. High durability and toughness of these technical textiles make them an ideal material for manufacturing of customer protection products in automotive industries.
Innovation in technical textile materials such as development of phase chase materials and employment of chemical finishing and fiber spinning process for manufacturing composite technical textiles will further boost the market growth.
Incorporation of nano-fibers in manufacturing sector to fill up the micro-filtration performance loopholes will boost the industech textile market growth. Introduction of smart textiles in apparel industry and integration of wireless technology with textile fibers will positively influence the market growth in upcoming years.
Key Takeaways from FMI’s Technical Textiles Market Study
“Demand for agrotech will grow at a high pace in the forthcoming years due to the rising awareness among farmers regarding usage of technical textiles, rising urgency to reduce pest attacks and increasing demand to boost agriculture productivity. These factors are expected to aid the overall expansion of the market,” says the FMI analyst.
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Future Market Insights reports that, Freudenberg & Co. KG, Milliken and Company, Arville, DuPont, and 3M are the leading players operating in technical textiles market and collectively account for more than 20% market share in 2021.
To survive in this highly competitive market, leading market players are focusing on strategic acquisition and collaboration along with expanding their production facilities in developing countries.
For instance, in 2020, Freudenberg & Co. KG acquired 100% shares of Low & Bonar PLC and Filc to extend its technical expertise in technical textiles and enter construction and automotive industries through laminated materials and needle punch nonwoven textiles offered by Filc.
In December 2020, Baltex launched sustainable, washable, and anti-viral face masks made from recycled plastics in an attempt to reduce the plastic pollution in the Ocean.
In March 2020, Milliken & Company announced to boost the manufacturing of its BioSmart fabric which is used in creating lab coats, scrubs and other healthcare products in response to COVID-19 pandemic. This fabric has anti-microbial shielding and made from bleach activated technology that eliminated more than 99.9% of germs.
Prominent players operating in the Technical Textiles market are:-
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Key Segments Covered in Technical textiles Market Study:
Key Questions Answered in the Report
What is technical textiles market size? At what rate did the technical textiles market expand in the last five years? What are the key trends shaping the technical textiles market? Who are the key exporters of technical textiles across the globe? What is the North America technical textiles market outlook? Who are the leading companies in technical textiles market? What is the cumulative share of top companies in technical textiles market? At what rate will technical textiles sales increase in Europe? Which are the top countries driving technical textiles market demand? What are the key statistics for technical textiles market in Japan and South Korea?
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The post Technical Textiles Market likely to touch CAGR of 4.60% for the forecast period 2021-2031 appeared first on Future Market Insights.
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