July 13, 2024
Technical Textile Market Size

Technical Textile Market is Estimated To Witness High Growth Owing To Rising Demand From End Use Industries

The Technical Textile Market is estimated to be valued at US$ 4575.47 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Technical textiles refer to textile materials and products manufactured primarily for their technical performance and functional properties rather than their aesthetic or decorative characteristics. They include textiles for automotive and transportation, medical and healthcare, geotextiles, agrotextiles, protective clothing and construction. Their inherent properties such as strength, durability, thermal resistance and other functional attributes have made them ideal for industrial applications.

Market key trends:
One of the key trends driving the technical textile market growth is the rising demand for technical textiles from the automotive industry. Automotive sector is increasingly using technical textiles as replacement for plastics and metals in various applications such as interior components, filter media, safety belts, airbags, acoustic and thermal insulation. Lightweight technical textiles can significantly reduce the weight of vehicles and improve fuel efficiency. The growing automobile production across the globe coupled with stringent emission norms is boosting the adoption of technical textiles in automotive interiors and exteriors over the forecast period.

Porter’s Analysis

Threat of new entrants: The Global Technical Textile Market  requires large investments in R&D along with manufacturing facilities. This poses high entry barriers for new players.

Bargaining power of buyers: The presence of numerous manufacturers allows buyers to negotiate lower prices. Buyers can also easily switch to substitutes if prices are high.

Bargaining power of suppliers: Raw material suppliers possess moderate bargaining power due to availability of alternative raw material sources and suppliers.

Threat of new substitutes: Emergence of new synthetic and bio-based alternatives poses a threat, though switching costs are high for certain end-uses.

Competitive rivalry: Intense competition exists among existing players to gain market share through product innovation, brand building, and strategic partnerships.

SWOT Analysis

Strengths: Technical textiles offer improved functionality, durability and safety. Growing construction and automotive sectors boost demand.

Weaknesses: High R&D costs and changing consumer preferences are challenges. Dependence on crude oil prices impacts raw material costs.

Opportunities: Rising health awareness increases usage of medical textiles. Growing population and income levels in developing nations present opportunities.

Threats: Stringent environmental regulations and increasing adoption of digital technologies act as threats. Protectionist trade policies also impact business models.

Key Takeaways

The global technical textile market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing demand from end-use industries such as construction, automotive, medical, and others. The market size for 2023 is US$ 4575.47 Mn.

Asia Pacific dominates the global technical textile market and is expected to continue its dominance over the forecast period. This can be attributed to rapid industrialization and growth of end-use industries in countries such as China, India, and Japan.

Key players operating in the technical textile market are Low & Bonar PLC, Ahlstrom Group, E. I. du Pont de Nemours and Company (DuPont), 3M Company, Polymer Group Inc., Milliken & Company Inc., Arville Textiles Ltd., Dickson-Constant, Baltex, and Freudenberg & Co. KG. Players focus on new product launches, facility expansion and strategic collaborations to gain market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it