Technical Textile market to Eyewitness Huge Marginal Growth by 2030

Posted by Mrudula Karmarkar on September 15th, 2022

The global technical textile market size is estimated to reach USD 272.3 billion by 2030, according to a new report by Grand View Research Inc. The market is expected to expand at a CAGR of 4.7% from 2022 to 2030. The technical textile product exhibits exceptional strength, durability, and superior performance, which makes them fit for several industrial applications.

Increasing concern towards agriculture and attaining high crop yield is one of the major factors fueling the growth of agro textile in the market. Several nets manufactured under agro textile including plant nets, bird protection nets, monofil nets, root ball nets, and various others are extensively used for passive protection of agricultural seeds, crops, or fruits against any external damage.

Increasing technological advancements coupled with the rising demand for high-performance and energy-efficient fabric are acting as a propelling growth factor in the market. In addition, stringent government policies regarding the use of effective personal protective equipment have driven the market growth on a positive note.

 Increasing awareness regarding the benefits of technical textiles in various end-user industries is expected to drive the market over the forecast period. The global technical textiles industry has experienced moderate growth as a consequence of the economic recession caused by the Covid-19 crisis. During the initial phase, the industrial activities observed setbacks, as a result, the market has also experienced a catastrophic setback.

The spread of COVID-19 in the U.S positively influenced the demand for textiles. The stay-at-home instructions have also influenced the demand for hometech products. The U.S. is expected to be the largest market for technical textiles in North America, on account of the expansion of industries including medical, agriculture, and construction. Technical textiles majorly use man-made raw-material such as fibers consisting of viscose, nylon, acrylic/modacrylic, high-density, and polymers, which cater to cost-intensive manufacturing techniques. Thus, the technology used for the production of the above-mentioned synthetic raw materials is likely to negatively impact the growth of the market

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Increasing consumer preference towards protective clothing coupled with the prevailing fashion trends is forcing major technical textiles companies to focus on restructuring their business in terms of adopting new engineering technologies such as smart textiles and nanotechnology. This in turn is expected to increase the overall product cost, thereby acting as a restraint for the market. A majority of the market players are focusing on efficient and effective distribution channels by setting up new production plants and establishing partnerships & agreements with several e-commerce portals to ensure a robust supply of products. However, the market has witnessed sluggish growth in the year 2020 due to COVID-19 which is expected to result in slow market growth for the first few years over the forecasted period.

Technical Textile Market Report Highlights

• The 3D knitting manufacturing segment is likely to witness a CAGR of 3.8% over the forecast period owing to its stronger and more durable fabric nature
• In 2021, the hometech technical textile end-user segment led the market and accounted for the largest revenue share of 19.4%. The segment is likely to ascend at a significant rate during the forecast period. Increasing consumer demand for aesthetically appealing clothing and apparel is expected to increase the product demand in the segment
• In 2021, Asia Pacific emerged as the largest market and accounted for over 46.6% of the total revenue owing to the increasing industrial development in the region. Favorable government policies coupled with the abundant availability of raw materials are expected to draw higher growth from the region over the forecast period
• In North America, the technical textiles demand stood at 7,696.3 kilotons in 2021 and is expected to ascend at a significant rate during the forecast time on account of increasing application in sports, construction, and medical and healthcare industries
• Prominent players in the market are involved in various initiatives such as advancing healthcare infrastructure, partnership, and scientific research in collaboration with various healthcare institutions. Moreover, government support and policies within the respective countries are expected to influence the market on a positive note

The market is making rapid advancements in technical textiles owing to the rapidly changing consumer preference and fluctuating fashion trends. In addition, several market players are focusing on the development of consumer and commercial textiles making them suitable for use in an extensive range of industrial applications. The market is competitive due to the presence of major companies involved in product manufacture. Key players have benchmarked their products based on geographical presence, distribution network, product portfolio, operational capabilities, and innovation. Some of the prominent players in the technical textile market include:

• Low & Bonar PLC
• Freudenberg Group
• Berry Global Group, Inc.
• Ahlstrom-Munksjo
• Asahi Kasei Advance Corporation
• Kimberly-Clark Corporation
• Mitsui Chemicals, Inc.
• Huntsman International LLC
• Berry Global Group, Inc.
• Toray Industries, Inc.