The Technical Textiles Market would exceed USD 230 billion by 2028, says Global Market Insights Inc.
The growth of the technical textiles market is driven by growing demand for housing in many suburban cities and the rising use of technical textiles in packaging applications, says this report.
SELBYVILLE, Del., June 22, 2022 /PRNewswire/ -- As per the report published by Global Market Insights Inc., the global Technical Textiles Market was estimated at USD 169,474.2 million in 2021 and is projected to surpass a valuation of USD 230 billion by 2028, progressing at a CAGR of 4.8% from 2022 to 2028. The report covers a comprehensive analysis of the market size and estimations, wavering market trends, drivers & opportunities, major investment pockets, top winning strategies, and the competitive scenario.
Technical textiles offer high resistance to sunlight and acid rain, fire retardant, and it also has lower cost compared to its existing counterparts such as plastic and polymers in the industry, which is like to create new opportunity for the product in construction application.
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Many government authorities are imposing restrictions on disposable products, which are manufactured using standard plastics. For instance, the EU implemented a directive to prohibit the sale of plastic disposables, which was effective by 2021. This will be a stimulus for further growth in the consumption of technical textile products across Europe. As plastic products will be replaced with biodegradable products, paper-based products are expected to lead the market.
The buildtech segment has a high ability to capture the overall market share along with significant growth potential over the coming years. These materials are used as acoustic & thermal insulation and protect buildings against sun, wind, fire & water. Textile fibers are also used with concrete to enrich their properties, thus protecting against UV & electromagnetic radiations, lowering the cost, being eco-friendly, etc.
The Middle East technical textiles market will witness significant growth in near future. The increasing demand for building & packaging materials across the region will drive the demand for technical textiles. Moreover, advancements in raw materials for enhanced product quality and reliability will support the industry share. Technological improvements in the manufacturing process and infrastructure will spur product penetration.
Many governments are encouraging the use of biodegradable materials as they can be disposed of in a safe and ecologically sound manner. Growing concerns to attain sustainability in the environment are encouraging the use of biodegradable materials for manufacturing packaging and healthcare solutions. This is due to the fact that conventional plastic-based material cannot be disposed of by natural processes and thus poses serious threats to human health & the environment.
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The knitted segment will observe around 4% CAGR through 2028. Knitted fabrics are used in various end-use industries such as construction, marine, and healthcare, among others. Various types of knitted fabrics are used in medical treatment such as surgical stockings and orthopedic equipment including wrist, knee, and elbow braces, calf & lumbar supports. Knitted fabrics can also be used to reinforce wall coverings that will induce significant growth potential.
The Europe technical textiles market is set to grow at a CAGR of 4%. The major market demand in this region will arise from mobiltech and indutech applications. Germany is extensively observed as a market leader in technical textiles. The COVID-19 pandemic has provided significant opportunities for European manufacturers to increase their production of PPE kits due to the increasing demand for masks, gloves, and other protective equipment.
Leading market players:
Key market players operating in the global technical textiles industry include Asahi Kasei, Freudenberg Performance Materials, Heathcoat Fabrics Ltd, Dupont, Toyobo Co., Milliken & Company, Nobletex Industries Ltd., Arville, NIKOL Advance Materials Pvt. Ltd, Baltex, Huntsman International LLC, Kimberly-Clark's, Huber & Co. AG Bandfabrik, SRF Limited and KHOSLA PROFIL PVT LTD.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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Global Market Insights, Inc.
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SOURCE Global Market Insights Inc.
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