Technical Textiles Market Size, Share, Trends, and Forecast: 2015-2020
Aesthetics is one of the most common features that consumers look for when choosing textiles and apparels. However, in many end-use industries, functionality takes precedence over aesthetics, and qualities, such as insulation, fire-resistance, flexibility, and durability are highly desired.
Technical textiles, a distinct set of textiles, which offer some of the above-mentioned properties are gaining traction in a wide range of end-use industries – from automotive and construction to sportswear and agriculture. The global technical textiles market was valued at nearly US$ 155 Bn in 2015. On back of strong demand, global revenues are expected to total US$ 162 Bn by 2016-end. By 2020, the global technical textiles market is estimated to pull in US$ 193 Bn in revenues.
Types of Technical Textiles
On the basis of key-end use industries, technical textiles are broadly categorised as,
Among these, Indutech, Packtech, and Mobiltech are the largest segments on the basis of revenues. The Indutech and Packtech segment revenue were valued at US$ 21.8 Bn each in 2015, whereas Mobiltech segment was valued at US$ 20.7 Bn.
Although segments like Indutech, Packtech, and Mobiltech are well-established, demand for novel technical textiles, such as Oekotech, Geotech, and Sportech will increase at the highest CAGR through 2020.
Oekotech – technical textiles used in environmental protection and recycling – are gaining traction globally owing to the growing focus on sustainable development. The Oekotech segment is anticipated to increase at the highest CAGR and total US$ 4 billion in revenues by 2020.
Geotech – technical textiles used in geotechnical applications pertaining to rock, earth, etc. – are used in the construction of roads and pavements, rail-track bed stabilisation, slope stabilisation, etc. The Geotech segment of the technical textiles market is expected to increase at nearly 6% CAGR through 2020.
Sportech, another quickly growing segment of technical textiles, finds applications in creating artificial turfs, fishing rods, golf clubs, parachute fabrics, etc. Demand for Sportech technical textiles is expected to witness a CAGR of 5.5% through 2020.
Non-wovens Account for Highest Demand
On the basis of process type, technical textiles can be broadly categorised into non-woven, composite, and others (knitting, braiding, and weaving). Among these, demand for non-woven technical textiles is the highest, with this segment valued at over US$ 80 Bn in 2015. Non-wovens are expected to increase at the highest CAGR during the forecast period, and continue to hold the majority revenue share of the technical textiles market.
Asia Pacific Largest Market for Technical Textiles
Asia Pacific is the largest market for technical textiles, both in terms of production and consumption. Home to two of the world’s most populous regions, textile production has remained a key employment avenue in the region. High demand for technical textiles has prompted textile manufacturing companies to invest in R&D and increase the production of technical textiles. The Asia Pacific technical textile market is expected to continue its dominance of the global market through 2020. In 2015, Asia Pacific accounted for nearly 40% revenue share of the global technical textiles market.
In addition to Asia Pacific, Western Europe and North America are the two other lucrative markets for technical textiles.
Leading companies operating in the technical textiles market include Polymer Group Inc., Ahlstrom Corporation, DuPont Chemicals Company, Freudenberg & Co. KG, and TWE Group.
The information presented in this review is based on the report, “Technical Textile Market: Global Industry Analysis and Opportunity Assessment 2015 - 2020.” A free sample of this report can be requested at https://www.futuremarketinsights.com/reports/sample/rep-gb-286