According to a new report published by Allied Market Research, titled,"Technical Textile Market, by Type, Material Type, and End-use Application: Global Opportunity Analysis and Industry Forecast, 2018 - 2025",the global technical textile market was valued at $234,715 million in 2017, and is projected to reach $334,938 million by 2025, growing at a CAGR of 4.5% from 2018 to 2025. The composite segment accounted for a major share of the global technical textile market in 2017, in terms of revenue.
Technical textiles are the materials, which are used for non-aesthetic purposes such as industrial protection, construction, and others. They find their application across various end-use industries such as construction, industrial, automotive, and others. The global demand for various technical textile products has increased continuously as a result of their expanding applications in various end-use industries. Majority of the demand for technical textile comes from end-use industries such as construction, sports, environmental protection, aerospace, automotive, protective clothing, and healthcare.
The growth of the global technical textile market is majorly driven by increase in product demand from automotive, construction, and geological end-use industries. Moreover, increase in awareness of industrial safety, rise in environmental awareness, and advances in medical technology are further expected to fuel the growth of this market. However, high cost of raw materials and increase in toxic waste generation during the product manufacturing restrain the market growth. Conversely, with the use of nonwoven textiles, pollution can be controlled to a great extent.
Based on type, the market is segmented into woven, nonwoven, and others (weaving, knitting, and braiding). Among all the types, the nonwoven technical textiles segment accounted for over a share of over 35% in 2017 and is anticipated to generate the highest revenue during the forecast period.
By material, the market is categorized into uniform material and composite materials. The composite materials segment is predicted to have a dominant share of over 55% in 2025
Depending on end-use application, the market is fragmented into AgroTech, BuildTech, HomeTech, InduTech, SportTech, PackTech, MobilTech, MediTech, ClothTech, GeoTech, ProTech, and OekoTech. MobilTech end-use application segments share is predicted to reach up to 20% by the end of 2025
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for nearly 25% of the revenue in 2017 and is expected to grow at a CAGR of 4.4% in the near future. Europe garnered a dominant position, with a share of nearly 26% in 2017.
Key Findings of the Technical Textile Market:
- The North America technical textile market is projected to grow at a CAGR of nearly 4.7% during the forecast period, in terms of revenue.
- The Europe technical textile market is anticipated to dominate the global market, in terms of revenue in the near future.
- The global technical textile market for MobilTech dominated the market, with a share of over 22.76% in 2017.
- The nonwoven technical textile segment is projected to dominate the global market in the years to come.
In 2017, Asia-Pacific held the dominant market share in the global technical textile market, in terms of revenue. China is the one of the leading manufacturers for automotive, which further drives the need for technical textiles, thereby supplementing the market growth. In addition, favorable investment policies and government initiatives to promote the use of technical textiles in the developing economies such as India and China are anticipated to fuel the market growth in this region. Additional key factors that fuel the market growth include the development of public infrastructure, growth of the healthcare sector, and rapid urbanization.
Some of the major players operating in the global market include DowDuPont, Ahlstrom Corporation, Johns Manville, GSE Environmental Inc., Royal Ten Cate, Freudenberg & Co., Proctor and Gamble, 3M, Huesker Synthetic GmbH, and Hindoostan Mills. The other players are Low & Bonar, Lanxess, and Berry Global Group. Various strategies, such as acquisition, product launch, and others, have been adopted by these key players to strengthen their foothold in the competitive market. For instance, Ahlstrom Corporation acquired Munksjo in November 2016 to expand its business in the technical textile market.