The global technical textile market is emerging fast, it has been of the fastest growing segments among world’s fabric and textile industry over the recent decades. It is expected that the global technical textile market will reach US$160.38 billion by 2018. When it comes to volume, the world’s technical textile production is projected to hit 42.2 million metric tonnes by 2020, representing a CAGR of about 4.68% from 2015 to 2020, according to the report from Technavio.
The growth of the global technical textile industry is mainly boosted by the significantly increasing demand for functional and applicational textiles. Facets such as health & safety, strength & durability, lightweight, versatility, customization, user & eco-friendliness etc are some of the most common requirements for technical textiles. Today, the technical textile has become a technology-based research-oriented product that has been widely used in industries such as aerospace, shipping, sports, agriculture, defence, health care, and construction sectors.
The global technical textile market has seen its big leap since 2000. The Asia-Pacific region is currently the biggest supplier of world’s technical textile, accounting for around 33.13% of the total market share in terms of value in 2014, followed by the North American and European regions at 29.13% and 24.02 %, respectively.
By 2018, Asia Pacific is likely to generate revenues of USD 61.26 billion from technical textiles. With improvement in technology, rising demand from various industries and increasing support from governments in many Asia Pacific nations, technical textiles are expected to have a huge market to cater to various industries and countries worldwide. It has been predicted that India’s technical textile market, which is at present estimated at $ 14 billion would probably reach a level of $ 32 billion by 2023.
As the technical textiles market in developed countries getting matured, the emerging markets and developing countries such as China, India and Japan are expected to grow at a higher rate from 2015 to 2020. China, with a CAGR of 5.93%, is projected to grow faster than any other country, due to its vast population and high industrial and technological developments. In India, it’s estimated at $ 14 billion, which is predicted to reach a level of $ 32 billion by 2023.
When it comes technical textile consumption, The United States of America is on lead, consuming over 23% of total global technical textile, followed by Europe that consumes 22%, China is in third with 13%, Japan and India consume 7% and 3% respectively. East Asia contributes one-fifth consumption of the global technical textiles.
In the prospect of global technical textile market, the U.S. Department of Commerce suggests that the growth will certainly continue. Increased demand for technical textiles will be seen in both the developed and developing countries. This is mainly driven by the factors such as rising incomes and an increasing standard of living along with advances in medical technology, expanding construction sectors, an awareness of safety and environmentalism and increased spending on healthcare.
However, lower profit margins due to intense competition and toxic waste by-products can be the main challenges for global technical textile market. Industrial experts believe that the use of e-textiles in the medical and apparel industry and rapid innovation & technology, as well as government support and healthy trade relations will keep the growing trend of the global technical textile industry
Due to the growing competition in both global and domestic markets, businesses are using networking websites like BizVibe’s textile industry section to find quality business partners. So whether you are looking for importers, exporters, or manufactures there is a place for you to start on BizVibe.