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.

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