Published Date : 14 Apr 2023
In 2022, the technical textile market size was evaluaed USD 175.73 billion and it is expected to contribute USD 288.01 billion in 2032, progressing at a rate of 23.1% of CAGR from 2023 to 2032.
The technical textile market growth is driven by the growing automotive industry, increase in the number of manufacturing industries, growing disposable income of the population and increasing participation in sports activities across the globe.
Technical textiles are useful products with applications in several non-conventional textile industries, such as construction, healthcare, and transportation, among others. Technical textile-made products perform better than those made of traditional textiles. Natural and synthetic fabrics like Nomex, Kevlar, Spandex, and Twaron are used to make technical textiles. Better functional characteristics, such as increased toughness, improved insulation, increased heat protection, etc., are displayed by these textiles. As a consequence, these textiles are utilized in numerous industries and applications.
Technical Textile Market Report Scope:
|Projected Forecast Value in 2032||USD 288.01 Billion|
|CAGR||23.1% from 2023 to 2032|
|Largest Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Asia Pacific is expected to dominate the market during the forecast period. The market growth in the region is owing to the growing demand for technical textiles from various end-use industries including construction, packaging, automotive and others. In the Asia Pacific, these industries are growing at a significant pace, in turn, driving the growth of the market during the forecast period. For instance, by 2025, Inc42 projects that the Indian agriculture industry will grow to a value of US$ 24 billion. The sixth-largest food and grocery industry in the globe is in India, where 70% of purchases are made through retail. According to the First Advance Estimates for FY 2022–23 (Kharif only), the nation's overall output of foodgrains is predicted to be 149.92 million tonnes.
Technical textiles are used in the agriculture sector in various application including crop covers, shade nets, finishing nets and others as it enhances the quality and efficiency of agriculture and food products. Furthermore, the growing construction industry along with the increasing government initiatives in the region is projected to provide a lucrative opportunity for market expansion. As per India Brand Equity Foundation (IBEF), through its "National Infrastructure Pipeline," India intends to invest USD 1.4 trillion in infrastructure over the next five years. Infrastructure-related operations made up 13% of the USD 81.72 billion in overall FDI inflows in FY21. The Pradhan Mantri Awas Yojna plan has sanctioned 122.69 lakh homes, grounded 103.01 lakh homes, and finished 62.21 lakh homes as of 22 August 2022.
Europe is expected to hold a significant market share over the forecast period. The growth in the region is attributable to the growth in the automotive industry. Technical textile has a wide range of uses in the automotive sector such as seat belts, cabin filters, tufted carpets and others.
Moreover, the rapid adoption of electric vehicles positively influences market expansion. Furthermore, the rapid adoption of electric vehicles in the region is another important factor that fuels the demand the technical textiles. For instance, according to the European Environment Agency (EEA), electric trucks and cars saw a significant increase in usage in Europe in 2020. In this region, there were recorded nearly 1,325,000 electronic vehicles in 2019, up from 550,000 the year before. In just one year, new car purchases increased from 3.5% to 11%. Electric vehicle registrations also rose, from 1.4% in 2019 to 2.2% in 2020.
Growing demand from the construction industry
The growing demand for technical textiles from the construction industry is expected to drive the growth of the market over the forecast period. In the construction sector, these products are used for various purposes such as interior construction, insulations, proofing materials, air conditioning, façade foundation system, concrete reinforcements and others. The increasing population and growing urbanization in the countries like China, India, and Vietnam. There is a growing demand for permanent housing, in turn, drives the demand for technical textiles.
The Population Division of the UN Department of Economic and Social Affairs (UN DESA) published the 2018 Revision of World Urbanization Prospects, which states that future rises in the size of the world's urban population are anticipated to be heavily concentrated in a small number of nations. India, China, and Nigeria will together be responsible for 35% of the expected increase in the global metropolitan population between 2018 and 2050. India is expected to have 416 million more metropolitan residents by 2050, followed by China with 255 million and Nigeria with 189 million. Thus, this is expected to drive market expansion over the forecast period.
The complicated process of producing technical textiles limits market participants because it necessitates sophisticated equipment that is price-sensitive. Additionally, the high cost of obtaining raw materials eventually drives up the price of the completed product to the point where producers do have not much room for profit margins. Thus, these factors act as a major restraint for market expansion.
Growing automotive industry
The growing automotive sector is expected to provide a lucrative opportunity for market growth during the forecast period. The technical textile is used in automotive applications such as seat covers, tires, airbags, interior carpets, seat belt webbing, body cover, helmets and others. Thus, with growing automobile production the demand for these products will significantly rise. For instance, according to the Society of Indian Automobile Manufacturers, from April 2021 to March 2022, the automotive sector produced a total of 22,933,230 vehicles, including passenger cars, commercial trucks, three-wheelers, two-wheelers, and quadricycles, compared to 22,655,609 units from April 2020 to March 2021.
Major Key Players:
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