The Global Technical Textiles Market is Projected to Reach US$211.8 Billion by 2024
Expanding Applications &
Development of New and Improved Products to Drive the Global Technical Textiles
Market, According to New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Technical Textiles market.
The global Technical
Textiles market is projected to reach US$211.8 billion by 2024, driven by expanding range
of applications and development of new and advanced technical textiles.
Textile
industry dynamics around the world have been significantly influenced by the
globalization of business activities and the outsourcing phenomenon. The
growing need to improve effectiveness and enhance efficiency of the textile
industry operations has led to the development of new and more effective
textiles including technical textiles. The superior functional characteristics
and technical performance offered by the product are enabling technical
textiles to gain prominence in the overall textiles industry. Technical
textiles are textiles with functionalities such as filtration, resistance,
conductivity, flexibility, strength, lightness and reinforcement among others. The
superior strength, weatherability, durability, technical performance and versatility
of technical textiles compared to traditional textiles make them suitable for
use in several domestic, commercial and industrial applications. The
unrelenting focus of the textile industry on committing resources and time for
identifying areas requiring improvements in technical textile market are also
driving sector growth.
The
global market for technical textiles is driven by continuous improvements in
economic environment, expanding applications in a range of end-use sectors, and
steady pace of technology advancements. The burgeoning application
possibilities for technical textiles have led to strong growth in the technical
textiles market. Rapid growth of automotive industry in emerging economies and
the growing use of technical textiles in construction industry applications are
expected to stimulate technical textiles market in the coming years. Rising
demand for geotextiles, increasing demand for
nonwoven technical textiles and the growing use of technical textiles in
electronics industry also augur well for the market’s growth. Also driving
growth will be the strong demand emanating from hometech and mobiltech sectors. Future growth for
the market will stem from the advent of new technical textiles, which on the
basis of their varying grades of versatility and strength would allow
customization of production processes and changes in material concentrations
making them more application specific.
As
stated by the new market research report on Technical Textiles, Asia-Pacific represents
the largest market worldwide. The region is also forecast to register the
fastest CAGR of 7.5% over the analysis period. The increasing awareness about
technical textiles, rising disposable incomes of people and growing demand for
wearable technology are driving growth in the region’s technical textiles
market. Rapid developments seen in key end-use markets of agriculture,
automotive, healthcare, defense, protective textiles, and infrastructure
development are fostering demand for technical textiles. Rapid pace of
industrialization, technology advancements, and favorable government schemes
and policies are also growth in emerging economies such as China and India.
Major
players in the market include 3M, Asahi Kasei Corporation, Berry Global Group,
Borgers SE & Co. KGaA, DSM Dyneema BV, Freudenberg SE, GSE Environmental
Inc., Hanes Geo Components, Huesker Synthetic GmbH, Johns Manville,
Kimberly-Clark Worldwide Inc., Lenzing Plastics GmbH & Co KG, Low &
Bonar PLC, Milliken & Company, Royal Ten Cate, SGL Group – The Carbon
Company, SKAPS Industries, Strata Systems Inc., Teijin Limited, and TWE Group
GmbH, among others.
The
research report titled “Technical Textiles: A Global
Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The report provides market estimates and
projections for all major geographic markets such as the US, Canada, Japan,
Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe),
Asia-Pacific (China, India and Rest of Asia-Pacific) and Rest of World. The
global market for Textile Textiles is analyzed by the following applications -
Mobile Textiles, Medical Textiles, Industrial Textiles, Sports Textiles,
Construction Textiles, Residential Textiles, Clothing Textiles, Agro Textiles
and Others.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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