The global technical textile market was valued at US$ 175.73 billion in 2019 and expected to reach US$ 251.82 billion by 2027, with at a compound annual growth rate (CAGR) of 4.6% during the forecast period 2020 to 2027.
Increasing awareness related to the advantages of technical textile projected to impel its demand across several end-use industries that include construction, agriculture, medical, aerospace, and packaging. Innovations in biotechnology have rapidly changed and evolved the traditional farming methods towards more scientific approach. The employment and implementation of highly-advanced technologies in the field of agricultural sector estimated to enhance the crop yield, thereby influencing the total productivity as well as demand for technical textiles.
Furthermore, the increasing application of technical textiles in automobiles and construction sector that include floor covering, rubber, protective gears, flexible reservoirs, and bags & containers used for transportation of critical goods or products, and many more significantly influences the market growth. Increasing application of technical textile is mainly because of its multi-dimensional properties that include high strength, versatility, lightweight, and durability. Thus, the above-mentioned factors are likely to propel the market growth over the upcoming years.
However, the manufacturing cost associated with the technical textiles is higher compared to conventional textiles because of the implementation of advanced and superior raw materials that is likely to impact negatively towards the market growth. In addition, the technology used during the manufacturing of raw materials trailed by their processing as well as final conversion is a costly process that expected to hamper the market growth for technical textiles.
3D weaving manufacturing technology held a market share of around 24% in 2019 and estimated to register a growth rate of nearly 4.3% between years 2020 and 2027. Significant share of the segment is mainly attributed to the large implementation of 3D weaving manufacturing technology in industries that include medical, agriculture, packaging, industrial, automotive, and aerospace.
On the other hand, 3D knitting manufacturing method helps in monitoring the dimensionality found in knit structures and the 3D shaped weft knitting. In addition, the technology also permits improvements and alterations in the user interface that result in a high-performing and more efficient knit product designs. The above factor anticipated to impel the growth of the 3D knitting technology in technical textile market during the forecast timeframe.
Home tech textiles segment captured the highest value share of around 20% in 2019 and is projected to grow at a rate of 5.2% during the analysis period. It is mainly used for household applications that include cushion materials, furniture, floor &wall coverings, fireproofing, and textile reinforced structures that deliver comfort, decoration, and safety.
Agro textiles are widely used in agriculture sector because of its functional benefits that include protection from micro-organisms, superior weather resistance, water conservation, and protection from ultra-violet radiation as well as solar radiation. These products provide better crop protection, thereby lead to improved crop quality and increased overall yield.
The Asia Pacific led the market, accounting for nearly half of the value share in 2019. The dominance of the region expected to continue during the analysis period as well. This is majorly attributed to the increasing demand for functional clothing and apparel in the region. Large consumer base, surge in demand for ethnic wears, and significant impacts of western clothing culture are the major factors that drive the demand for functional clothing in the region.
Furthermore, expansion of commercial, residential, and industrial sectors because of rapid economic growth expected to enhance the construction activities that in turn drive the demand for technical textiles over the upcoming years. In addition, flourishing growth in the tourism industry has impelled the growth of resorts, restaurants, and food chains that again fuel the demand for technical textile in the coming years.
On the other hand, Europe examined to register an exponential growth during the analysis period owing to the increasing demand for technical textiles in fashion &clothing and household applications. Additionally, significant growth in medical tourism, healthcare activities, along with growing aging population in the region anticipated to propel the market growth for technical textile in the region.
Key Companies & Market Share Insights
The global technical textile market is significantly diverse and competitive owing to the key participants are prominently engaged to enhance their product offering as in introducing advanced products to gain market competitiveness. These players further invest notable in the research & development activity for the development of new and advanced products.
Certain players operating in the technical textile market include:
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of manufacturing, end-use, and region:
By Regional Outlook
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