CHICAGO, Feb. 8, 2021
CHICAGO, Feb. 8, 2021 /PRNewswire/ -- According to the new market research report "Technical Textile Market by Material (Natural Fiber, Synthetic Polymer, Metal, Mineral, Regenerated Fiber), by Process (Woven, Knitted, Non-woven), by Application (Mobiltech, Indutech, Protech, Buildtech, Packtech), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Technical Textile Market size is projected to grow from USD 164.6 billion in 2020 to USD 222.4 billion by 2025, at a CAGR of 6.2% from 2020 to 2025.
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The market has grown exponentially in the last few years, and this trend is projected to continue. The growing awareness about the superior functionality and application of technical textiles encourages the higher consumption of technical textiles and related products. Furthermore, growth in the automobile, construction, healthcare, packaging, and various other sectors has generated new opportunities for technical textiles.
The nonwoven segment is expected to grow at the highest CAGR during the forecast period
Based on process, the nonwoven segment is expected to be the fastest-growing during the forecast period. Additionally, advancements in weaving technology such as 3D weaving are expected to drive the technical textile segment during the forecast period.
The mobiltech segment is estimated to account for the largest share in the Technical Textile Market in 2019
Based on application, the mobiltech segment lead the Technical Textile Market. Mobiltech covers technical textiles used in automobiles, aircrafts, railways, and shipbuilding such as nylon tire cord fabrics, seat covers, seat belts, cabin filters, tufted carpet, upholstery, and others.
The APAC region is projected to account for the largest share in the Technical Textile Market during the forecast period.
The APAC region is projected to lead the Technical Textile Market, in terms of both value and volume from 2020 to 2025. Higher domestic demand, along with the availability of low-cost labor, makes this region the most attractive market for technical textile manufacturers. Hence, the market players are focusing on this region to gain a larger share and increase their profitability. Factors such as improving global economy, expanding working population, and rising domestic demand for hygiene products are expected to boost the market for technical textile.
Key players operating in the Technical Textile Market include Asahi Kasei (Japan), Kimberly Clarke (US), Berry Global Group (US), DuPont (US), Mitsui Chemicals (Japan), Freudenberg & Co. (Germany), Low & Bonar (UK), Huntsman (US), Toyobo Co. (Japan), Milliken & Company (US), SRF Limited (India), Koninklijke Ten Cate (Netherlands), and International Textile Group (US). These players have adopted various growth strategies to expand their global presence and increase their market share. Mergers & acquisitions, expansions & investments, agreements & partnerships, and new product launches are some of the major strategies adopted by key players operating in the Technical Textile Market.
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