Consumer Goods

Technical Textiles Market is Expected to Reach USD 360.26 Billion by 2030

Sep 2023

Consumer Goods

As per the report published by Kings Research, the global Technical Textiles Market was valued at USD 214.98 billion in 2022 and is projected to reach USD 360.26 billion by 2030, growing at a CAGR of 6.85% from 2023 to 2030.

The growing demand for technical textiles from end-users is projected to drive market growth during the forecast period. An increase in demand for medical apparel, coupled with increasing awareness of hygiene products, is one of the key drivers of the market. Furthermore, a rise in military spending and the escalation of local extremist insurgencies resulting in casualties is expected to spur demand for protective ballistic armor, and subsequently drive the overall demand for technical textiles globally.

Additionally, the medical industry's increasing demand for protective gowns and face masks amid the COVID-19 pandemic has driven the demand for technical textiles, specifically in the production of non-woven fabrics used in manufacturing various medical protective gear.

Key Insights

  • Based on the process, the woven segment generated the highest revenue share of USD 82.95 million in 2022
  • Based on application, the transport segment generated the highest revenue of USD 61.82 million in 2022
  • On the basis of the region, the Asia Pacific region accounted for the largest market share at 41.54%.

Lectra Acquires Majority Stake in TextileGenesis to Fuel Industry 4.0 Revolution in Fashion, Automotive, and Furniture Markets

December 2022: Lectra has confirmed the signing of an agreement to acquire a 51% stake in TextileGenesis, a Dutch company. As a significant contributor to the fashion, automotive, and furniture markets, Lectra advances the Industry 4.0 revolution through the provision of software, equipment, data, and services to manufacturers, retailers, and brands.

Growing Demand to Improve Soil Structure to Propel Market Growth

In contemporary civil engineering applications, geotextiles have gained significant prominence as they are employed to enhance soil structure, thereby often resulting in improved soil stability and decreased soil erosion caused by environmental factors such as wind and water. Geotextiles are highly regarded for their diverse range of applications including but not limited to filtration, drainage, sealing, protection, and reinforcement, making them appropriate materials for infrastructure projects such as roads, dams, and bridges. Given the rapid growth of the global population, the construction industry has also been expanding, creating potential growth opportunities for geotextiles in the long run.

Moreover, Geotextiles are widely used in the construction of roadways to improve their structural integrity and promote water drainage, thereby reducing the risk of erosion and damage caused by heavy rains or floods.

Technical Textiles: A Growing Market in Asia Pacific's Thriving Manufacturing Industry

The Asia Pacific dominated the market and is growing at a CAGR of 8.17% during the forecasted period. The Asia Pacific region is a significant market for technical textiles due to its thriving manufacturing industry and large population. These textiles are used globally in various applications, such as industrial, medical, automotive, and protective clothing, owing to their exceptional properties and high-performance characteristics. The global market for technical textiles is witnessing growth, which is primarily driven by various factors such as the increasing demand for protective gear, an upsurge in construction activities, and technological advancements.

Market Players Focusing on Expanding Geographical Presence to Expand Product Portfolio

The market is fragmented with key players such as Asahi Kasei Advance Corporation, Berry Global Inc., DuPont, Elevate Textiles, Inc., Freudenberg Performance Materials Holding GmbH, Huntsman International LLC., Mercurious Software India., TenCate Protective Fabrics, MILLIKEN & CO., INC., and MITSUI CHEMICALS AMERICA, INC., among others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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