Technical Textile Market growing at a CAGR of 6.4%, Globally, by 2022

 

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In 2015, the mobiletech segment accounted for approximately one-fifth of the total share of the end user industry in terms of revenue.

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The robust growth in the production of automobiles and increase in construction activities has led to increased demand for mobiltech textile and hometech textile respectively. Technical textile is applicable in various automotive parts such as airbags, seatbelt, carpets, filters, hood liners, battery separators, and belt reinforcement as it reduces the overall weight of the vehicle. The growing construction and housing activities in emerging economies such as India and China has fueled the growth of hometech textiles in household application.

According to Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market Research, “Government regulations mandating the use of Geotech textile in infrastructure development projects is expected to drive the growth of the technical textile market.”

However, high production cost of finished goods and high toxic waste production are some factors that hamper the growth of market, while recyclability of nonwoven textiles is expected to open new avenues for the technical textile market during the forecast period.

Key findings of the study

• Asia-Pacific is expected to continue to lead the market during the forecast period followed by Europe.
• Mobiltech end user segment generated the highest revenue and is projected to grow with a CAGR of 5.2% during the forecast period.
• Geotech is the fastest growing end user segment in the technical textile market registering a CAGR of 7.3% during the forecast period.
• The technical textile market in LAMEA region is expanding at a CAGR of 6.8% from 2016 to 2022.
• Nonwoven type technical textile accounted for more than half of the share in the global technical textile market, registering a CAGR of 6.7% from 2016 to 2022.

Asia-Pacific and Europe collectively contributed more than half of the share in the global technical textile market by revenue in 2015. The major players that operates in the market are DuPont de Nemours & co., Ahlstrom corporation, Johns Manville, GSE Environmental Inc., Royal Ten Cate, Freudenberg & Co., Proctor and Gamble, 3M, Huesker Synthetic GmbH, and Hindustan Technical Fabrics Limited.

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Technical Textile Market, Size, Share, Analysis, Trends, Growth, Industry, Chemicals

 

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