Technical Textiles Global Market Report 2023
Major players in the technical textiles market are Asahi Kasei, Kimberly Clarke, Berry Global Group, DuPont, Mitsui Chemicals, Freudenberg and Co., Low and Bonar, Huntsman, Toyobo Co., Milliken and Company, SRF Limited, International Textile Group, Koninklijke Ten Cate, 3M, Ahlstrom, Johnson and Johnson, Procter and Gamble, SKAPS, Baltex, Johns Manville, Companhia Providência, Fiberweb PLC, Strata Geosystems Pvt.
New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Technical Textiles Global Market Report 2023" - https://www.reportlinker.com/p06313445/?utm_source=GNW
Ltd., The TWE Group, Lanxess, Ibena Textilewerke GmbH, Maccaferri, Duvaltex, Hindoostan Mills, GSE Environmental Inc., and Polymer Group Inc.
The global technical textiles market grew from $201.71 billion in 2022 to $213 billion in 2023 at a compound annual growth rate (CAGR) of 5.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The technical textiles market is expected to grow to $267.61 billion in 2027 at a CAGR of 5.9%.
The technical textiles market consists of sales of raw materials for technical textiles such as natural fibers, regerated fibers and synthetic fibers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The technical textiles refer to engineered products with a definite functionality.Technical textiles are the type of semi-finished or finished textiles or fabric designed especially for the non-decorated purpose.
Technical textiles are manufactured using non-woven or woven natural as well as synthetic fibers, which are used due to their excellent technical and functional properties.
Asia-Pacific was the largest region in the technical textiles market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the technical textiles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of materials in technical textiles are natural fiber, synthetic polymer, regenerated fiber, mineral, and metal.Natural fibers are directly obtainable from an animal, vegetable, or mineral source.
The different processes include woven, knitted, and non-woven which are used for a variety of applications including transport textiles, medical and hygiene textiles, industrial products and components, agriculture, horticulture, and fishing, home textiles, clothing components, and packaging and containment.
The increasing demand for technical textiles from end-users is expected to drive the demand in the forecast period.The increase in demand for medical apparel and raising awareness of hygiene products are driving the market.
Increasing military expenditure and a rise in local extremist insurgencies and casualties will boost the demand for protective ballistic armors, thus increasing the demand for technical textiles globally. For instance, the Australian Government’s 2019-20 defense budget increased by A$2.3 billion ($1.6 billion) to A$38.7 billion ($27.52 billion) and A$175.8 billion ($125.02 billion) in 2022-23. Hence, the increasing demand from various end-use industries is expected to significantly contribute to the growth of the technical textiles market.
Modern technological advancement and continuous innovations are shaping the technical textiles market.Interconnected biometric garments act as connected textiles to collect data on emissions from the respiratory systems, providing new ways to assess the health and performance of the user.
For instance, in 2021, Canada-based textile computing leader Myant Inc. launched new designs for connected personal protective equipment that uses volatile organic compound (VOC) sensing and assesses health and performance as a part of its interconnected system of biometric garments.
In May 2020, The Freudenberg Group company, a Germany-based technology group, whose products include housewares and cleaning products, automobile parts, textiles, building materials, and telecommunications, agreed on making a strategic investment through the acquisition of acquired UK based Low and Bonar PLC.This acquisition would engage using leading-edge technologies to develop and manufacture its fabrics and textiles and for refining textiles and materials by maintaining top quality in the products.
Low and Bonar PLC, is a UK-based company, which is engaged in the manufacture and supply of performance technical textiles and technically coated fabrics.
The countries covered in the technical textiles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The technical textiles market research report is one of a series of new reports that provides technical textiles market statistics, including technical textiles industry global market size, regional shares, competitors with a technical textiles market share, detailed technical textiles market segments, market trends and opportunities, and any further data you may need to thrive in the technical textiles industry. This technical textiles market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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