Yahoo Finance Technical Textiles Market Value to Reach US$ 350.6 Bn by 2031: TMR Study
Asia Pacific accounted for dominant share in 2020 and the trend is anticipated to continue in the near future due to rapid industrialization and availability of low-cost raw materials in China and India
Wilmington, Delaware, United States, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a TMR study, the global technical textiles market is anticipated to grow at a CAGR of 6.2% during the forecast period from 2021 to 2031.
Technical textiles are high-performance products manufactured from fiber, yarn, and filaments using different technologies such as 3D knitting, 3D weaving, and thermoforming. Mobiltech, indutech, buildtech, hometech, clothtech, agrotech, and protech are some of the end-users that use technical textiles.
New technical textile launches are helping leading market players in gaining an edge over other players and generating significant revenue. In June 2021, Lenzing Group announced the launch of a new lyocell fiber with dry technology. The product has been found suitable for use in the personal care and hygiene industry.
Leading technical textiles market players are collaborating with other companies to expand presence and increase revenue share. Leading players are likely to increase production capacities to meet customer requirements in different end-use industries. Growth in the number of technical textile manufacturing units is also likely to increase production and sales in future.
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Key Findings of Market Study
Rise in Demand in Different End-use Industries: Various end-use industries such as healthcare, clothing, construction, and packaging across the world are witnessing continuous growth. Technical textiles have emerged as a key raw material in different end-use industries due to product features such as strength, durability, and toughness.
COVID-19 Pandemic Outbreak Propels Global Market: The coronavirus pandemic outbreak offered a bleak market outlook for numerous industries. However, the technical textiles industry witnessed robust growth. Surge in the number of cases globally fueled the demand for disposable products, such as masks and personal protective equipment, among population groups, which propelled technical textiles market size during the pandemic.
Technical Textiles Market - Key Drivers
Increase in government initiatives promoting the manufacturing of technical textiles is likely to drive the global market during the forecast period
Rise in technical textiles production due to surge in demand in different end-use industries is likely to augment market development in next few years
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Technical Textiles Market - Regional Landscape
Asia Pacific accounted for dominant market share in 2020. The trend is expected to continue during the forecast period. Rapid industrialization and availability of low-cost raw materials in countries such as China and India are accelerating market development. Leading players are likely to establish R&D centers and manufacturing units in countries in Asia Pacific due to ease of availability of land and labor.
Technical Textiles Market - Key Players
The global market is competitive, with the presence of large number of international and local players. Entry of new companies is likely to intensify the competition during the forecast period.
Prominent companies are investing in R&D to develop advanced equipment that can manufacture technical textiles with improved durability, strength, and toughness, which meet consumer requirements. Increase in demand for improved technical textiles is likely to bolster business growth in the next few years.
Key players operating in the market are Kimberly Clarke Corporation, Lenzing Group, Glen Raven DuPont, Polymer Group Inc., Johns Manville, and TWE Group.
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The global technical textiles market has been segmented as follows:
Technology
Thermoforming
Three Dimensional Weaving
Three Dimensional Knitting
Nanotechnology
Heat-set Synthetics
Finishing Treatments
Hand-made Elements
Others
End-Users
Mobiltech
Indutech
Sportech
Buildtech
Hometech
Clothtech
Meditech
Agrotech
Protech
Packtech
Others
Regions Covered
North America
Asia Pacific
Europe
Latin America
Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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