English Extended Distribution Financial Content Press Release Reportedtimes Research Newswire

Technical Textile Market Is Expected To Reach a Valuation of US$ 370 Bn By 2032

As per latest market analysis on technical textiles by Fact.MR, the global market is projected to be valued at US$ 220 Bn by 2022-end, and expand at a CAGR of around 5.3% over the forecast period of 2022-2032. Additionally, Fact.MR, a market research and competitive intelligence provider, estimates technical textile market valuation to surpass US$ 370 Bn by 2032, attributed to factors such as growing demand in high-growth industries such as automotive, aerospace, and construction.

The technical textile business is highly fragmented, mainly due to the presence of numerous manufacturers involved in the production of these textiles. Technical textiles have gained substantial traction in the automotive industry as a material used in the manufacturing of interior trims. Additionally, technical textile manufacturers are focussing on innovation, development of specialty fibres, and R&D to gain a competitive edge in the market.

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Key Takeaways from Market Study

  • On the basis of material, polymer composites are projected to capture around 58% of the global market share.
  • Based on process, demand for non-woven technical textiles is projected to increase at a steady CAGR of around 4%.
  • On the basis of application, technical textile consumption in protech is anticipated to expand around 1.6X by 2032.  
  • East Asia is projected to capture around 30% of the global technical textile market share by 2032.
  • North America is anticipated to provide an absolute dollar opportunity of US$ 10 Bn over the period of 2022-2032.

“The COVID-19 pandemic gave a boost to the sales of technical textiles. Additionally, projections are that rising threat related to emergence of new pathogens will infuse the usage of technical textiles in medical applications over the coming years,” says an analyst of Fact.MR.

High-tech Fabric Mostly Used in Mobiltech Sectors

Technical textiles have found major application in mobiltech owing to a diverse set of industries under this umbrella, such as automotive, aerospace, railways, and marine vehicles. Additionally, technical textiles have served as a key element in adding safety and durability, thereby enhancing travelling experience.

Technical woven textiles are used for a range of applications such as seat covers, airbags, belts, airline disposables, and many more, and have emerged as one of the most lucrative segments to invest in.

Due to these discussed factors, along with increasing penetration of electric vehicles in the automotive market, technical textile application in mobiltech is projected to hold around 20% of the global market share.

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Competition Landscape

3M Company, Ahlstrom Corporation, Arville Textiles Ltd, Asahi Kasei, Avintiv, Baltex, Berry Global, and Dickson-Constant are some of the key manufacturers of technical textile products.

Latest high-tech fabric market developments include:

  • In January 2022, Asahi Kasei Advance announced the opening of Airbag Fabric in Vietnam. Textiles manufactured at the site come equipped with superior strength, durability, and heat resistance. The company has strategically placed its manufacturing unit in Vietnam to fulfil the rising demand for textiles from the automobile sector.
  • In May 2021, 3M announced launching of 3M Thinsulate technology that will comprise 60% post-consumer recycled material. The company aims at bringing innovation and research in technical textiles, and gain a competitive advantage in terms of high-performance materials.

Key Companies Profiled

  • 3M Company
  • Ahlstrom Corporation
  • Arville Textiles Ltd.
  • Asahi Kasei
  • Avintiv
  • Baltex
  • Berry Global
  • Dickson-Constant
  • I. du Pont de Nemours and Company
  • Freudenberg & Co. KG
  • Huntsman Corporation
  • International Textile Group
  • Kimberly-Clark Corporation
  • Koninklijke Ten Cate B.V.
  • Low & Bonar
  • Milliken Chemical Company
  • Mitsui Chemicals
  • SRF Limited
  • Toray Industries Inc.
  • Toyobo Co. Ltd.

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Key Segments Covered in Technical Textile Industry Survey

  • By Technical Textile Market by Material :
    • Natural Fibre
    • Regenerated Fibre
    • Polymer
    • Metal
    • Others (minerals, composites etc.)
  • By Technical Textile Market by Process :
    • Woven Technical Textiles
    • Knitted Technical Textiles
    • Non-woven Technical Textiles
  • By Technical Textile Market by Application :
    • Agrotech
    • Buildtech
    • Hometech
    • Indutech
    • Sportech
    • Mobiltech
    • Packtech
    • Meditech
    • Clothtech
    • Geotech
    • Protech
    • Oekotech
  • By Technical Textile Market by Region :
    • North America Technical Textile Market
    • Latin America Technical Textile Market
    • Europe Technical Textile Market
    • East Asia Technical Textile Market
    • South Asia & Oceania Technical Textile Market
    • Middle East & Africa Technical Textile Market

Check Out More Related Studies Published By Fact.MR Research: https://www.prnewswire.com/news-releases/metalworking-fluids-market-to-surpass-us-12-billion-by-2031-amid-growing-need-for-improving-manufacturing-process-301631064.html

Winning Strategy

Market players in the technical textile business have opted for the development of new innovative materials, keeping in mind the current business scenario. Production of specialty fibres over the years has increased multi-fold owing to rise in the demand for high-performance polymers. Market players can be seen spending huge amounts on research & development to come up with polymers showcasing enhanced performance.

More Valuable Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the technical textile market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of material (natural fibre, regenerated fibre, polymers, metal, and others [minerals, composites, etc.]), process (woven, knitted, and non-woven), and application (agrotech, buildtech, hometech, indutech, sportech, mobiltech, packtech, meditech, clothtech, geotech, protech, and oekotech), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

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