As per the Future Market Insights projects the technical textile market will most likely reach US$ 202.93 billion by 2023 and US$ 390 billion by 2033, growing at a CAGR of 6.7%. With the increasing demand for technical textile fiber, the global technical textile market is expected to grow quickly across a variety of end-use industries, including apparel, medical, automotive, etc.
Technical textiles are booming in fast-growing industries like automotive, construction, healthcare, infrastructure, and oil and petroleum, which drive demand for medical textiles (Medtech), specialty fabrics, industrial fabrics, protective textiles (Protech), and agricultural textiles (Agrotech).
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The textile industry is growing fast, especially in the high-tech, high-performance fabric market. Technical textiles are widely manufactured using the textile coating process. Besides clothing, the textile industry continues to be a big player in technical textiles, which are applied in non-clothing applications. Textile science and technology play a distinctive role in technical textiles because of the need for understanding and applying the principle, mostly in relation to technology, but often also in engineering applications.
As awareness of the environment and interdisciplinary technologies have grown, special attention has been paid to unconventional technical applications. For a healthy environment, social and economic equity, and a profitable economy, textile structures have been used in agriculture and horticulture to enhance the quality and efficiency of agriculture and food products. Materials that gradually degrade are becoming increasingly popular.
Construction entails a wide range of textiles, including concrete reinforcement, façade foundations, construction of interiors, insulation, weatherproof materials, noise reduction, air conditioning, visual protection, anti-sun protection, and building safety. Several technical textile products have been tested and certified by the International Organization for Standardization (ISO) as flame retardants, ultraviolet stabilizers (UV), and water repellants for building material applications.
Key Takeaways:
Due to technical textiles' increasing use in defense and military applications, the Indian technical textiles market is expected to grow steadily.
Asia Pacific is expected to lead the global technical textiles market in the near future, with more than 47% market share in 2023.
With the growing demand for Meditech textiles in the coming years, Japan and South Korea are expected to hold over 10% of the global market in 2023.
The market for mobile tech textiles is forecast to grow at a CAGR of 4.5% over the forecast period.
According to the forecast, nonwoven-based production processes will grow at a CAGR of 4% over the next few years.
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Competitive Landscape:
Expanding and penetrating new markets is both organic and inorganic for technical textile companies. New product launches, mergers, and partnerships are a few of these strategies. The key industry players are:
Asahi Kasei
Kimberly Clarke
Berry Global Group
DuPont
Mitsui Chemicals
Freudenberg Co
Low Bonar
Huntsman
Toyobo Co
Milliken Company
SRF Limited
Recent Developments:
In June 2023, Gaurs' principals will present sustainable dyeing processing technologies. To provide Indian customers with sustainable machines and solutions that use fewer utilities and are eco-friendly, strategic alliances with these next-generation machine manufacturers have been formed. Compared to traditional dyeing, processing, and finishing machines, these machines give customers a faster return on investment (ROI).
In June 2023, Beaulieu Technical Textiles will launch RECOVER, a long-lasting, strong, and sustainable weed control solution for indoor and outdoor nurseries that will set a new standard in woven horticultural groundcovers. RECOVER's core competencies are innovation and expertise, and demonstrate how products can be re-thought to meet functional needs and promote circularity in markets.
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global technical textile market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the technical textiles market, the market is segmented on the basis of application (aggrotech, build tech, home tech, fintech, sport each, pack tech, mobile tech, Meditech, clothes, Geotech, Protech, biotech) and process (nonwoven, composites, and others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East Africa).
Key Segments Profiled:
By Application:
Agrotech
Buildtech
Hometech
Indutech
Sportech
Packtech
Mobiltech
Meditech
Clothtech
Geotech
Protech
Oekotech
By Process:
Nonwoven
Composites
Others
By Region:
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East Africa
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Explore FMI’s Extensive Coverage in the Chemicals Materials Domain:
Dimethylolpropionic Acid Market Size: Global dimethylolpropionic acid market will reach a valuation of US$ 524.0 million by the end of the year 2023 and will register a significant growth rate of 6.4% CAGR during the projection period of 2023 to 2033.
India Shape Memory Alloy Market Share: India shape memory alloy market is projected to be valued at US$ 81.1 million by 2022. Sales of shape memory alloys are anticipated to expand at a resilient CAGR of 13.2%. It is estimated to have a valuation of US$ 286.7 million by 2032.
Europe Fine Chemical Market Forecast: The Europe fine chemical market is projected to reach a valuation of US$ 33,612.1 million in 2022. By reaching a valuation of US$ 53,714.2 million in 2032, the market is anticipated to exhibit moderate growth at a CAGR of 4.9% from 2022 to 2032.
Hydrazine Hydrate Market Review: The global hydrazine hydrate market is expected to advance at 4.8% between 2023 to 2033. By 2033, the market value is expected to cross US$ 784 million. In 2023, the valuation is expected to be US$ 488.9 million.
Precast Concrete Market Key trends: The global precast concrete demand is anticipated to register a CAGR of 5.7%. The market revenue is likely to be valued at US$ 134 billion in 2023 and is forecasted to exhibit a revenue growth of US$ 234 billion by 2033.
USA and Canada Copper Market Sales: The USA and Canada copper market is estimated to reach a valuation of US$ 19,881.8 million in 2022. A valuation of about US$ 32,773.0 million is anticipated to be recorded by the market in 2032.
Soda Ash Market Demand: The soda ash market is estimated to be valued at US$ 19.9 billion in 2023 and is predicted to reach US$ 29.6 billion by 2033. The sales of soda ash recorded a CAGR of 4.0%.
Glycolic Acid Market Outlook: The global glycolic acid market size totaled a milestone of US$ 436.4 million in 2021 and it is expected to reach US$ 456.4 million at the end of 2022. Total glycol acid sales are likely to accelerate at 5.3% CAGR from 2022 to 2032.
Silica Sand for Glass Making Market Overview: The global silica sand for glass-making market is expected to be valued at US$ 5.7 billion in 2023. As per the research, the market is expected to register a CAGR of 4.1% between 2023 and 2033.
Molybdenum Market Analysis: The molybdenum market size is projected to be valued at US$ 316.0 Billion in 2023 and is expected to rise to US$ 500 Billion by 2033.
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