Rising Population To Drive Technical Textiles Market Growth

Technical Textiles Market

Technical Textiles Market - By Material (Natural Fibers, Synthetic Polymers, Minerals, Others), By Type (Woven, Knitted, Non-woven, Others), By Application (Mobiltech, Indutech, Protech, Buildtech, Packtech, Meditech, Sportech) and by Region (North America, South America, Europe, Asia Pacific, and Middle East & Africa) – Size, Share, Outlook, and Opportunity Analysis, 2022-2028

The global Technical Textiles Market is estimated to be valued at US$ 197.22 billion in 2023 and is expected to exhibit a CAGR of 4.7 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Technical textiles are referred as textile substance and goods utilized mainly for their technical working and functional features instead of their aesthetic or decorative features. Other terms utilized for stating technical textiles consist industrial textiles, practical textiles, performance textiles, designing textiles, invisible textiles and hi-tech textiles. Technical textiles are utilized independently or as a component or part of other goods. Technical textiles are utilized independently to placate particular works such as fire retardant fabric for outfits of firemen and coated fabric to be utilized as awnings. 

Competitive Landscape:

Key players involved in the growth of the global Technical Textiles Market are MILLIKEN & COMPANY, ASAHI KASEI CORPORATION, KONINKLIJKE TEN CATE BV, AHLSTROM-MUNKSJÖ, DUPONT, BERKSHIRE HATHAWAY INC, DUVALTEX, HUESKER SYNTHETIC GmbH, MITSUI CHEMICALS, INC., KAMA HOLDINGS LIMITED, BALTEX and others.

Marker Key Drivers:

The increasing population is directly based on to the increasing usage of clothes as it is a basic necessity. Thus, this factor is expected to augment the growth of global Technical Textiles Market. For instance as per UN. Org, report the population across the globe is expected to cross 8.5 billion by 2030 and reach 9.1 billion by 2050.

A shift of users towards eco- friendly chemicals, innovation of packaging industries and the need for home furnishing products, with high necessity of textiles is predicted to propel the growth of global technical textile market. For instance as per a survey report around 35% of the global population prefers using eco-friendly products.

Covid-19 Impact Analysis:

The Covid-19 outbreak had a negative impact on the growth of global Technical Textiles Market as there had been a strict lockdown and shutdown policy. The restrictions on transportation of goods from one place to another and disruption in the supply chain and closure of manufacturing units had led to the adverse growth of the market.

Key Takeaways:

The global Technical Textiles Market is anticipated to exhibit a CAGR of XX % during the forecast period due to rising acquisitions by the key players. For instance, in June 2022, Cosmo Specialty Chemicals, introduced a new inexpensive finishing textile auxiliary, Silky SF.

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global technical textile market due to rising use of textile auxiliaries and growth of textile auxiliaries industry in emerging economies. For instance, as per the IBEF report on textiles and apparels in November 2018, Indian domestic textile industry reached US$ 150 billion. 

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