Press release
Technical Textile Market size is projected to reach $274.1 billion by 2027, growing at a CAGR of 5.1% from 2020 to 2027
According to a new report published by Report Ocean titled, “Technical Textile Market by Material, Process, Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global technical textile market was valued at $201.2 billion in 2019, and is projected to reach $274.1 billion by 2027, growing at a CAGR of 5.1% from 2020 to 2027.GET SAMPLE PAGES @ https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR1130
The global demand for various technical textile products has increased continuously as a result of their expanding base of applications. Majority of the demand for technical textile comes from end-use industries such as construction, sports, environmental protection, automotive, protective clothing, and healthcare. On the contrary, rise in awareness regarding technical textile in India and favorable government initiatives for the consumption and domestic development is expected to offer lucrative opportunities during the forecast period.
The technical textile market is segmented on the basis of material, process, application, and region. Based on material, the technical textile market is categorized into natural fiber, synthetic polymer, mineral, regenerated fiber, and others. On the basis of process, it is divided into woven, knitted, non-woven, and others. Various application of technical studied in the report are MobilTech, InduTech, SportTech, BuildTech, HomeTech, ClothTech, MediTech, AgroTech, ProTech, PackTech, OekoTech, and GeoTech. On the basis of region, the technical textile market is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa). The technical textile market share is analyzed for all main regions and segments.
Based on material, the natural fiber segment is expected to grow at a fastest growth rate in terms of volume during the forecast period. This is attributed to rise in demand for sustainable products from various industries such as packaging, automotive, healthcare, and others.
On the basis of process, the woven segment garnered highest market share in terms of revenue in 2019. This process enhances properties of products such as strength, thickness, extensibility, porosity, durability and adds more value to woven technical textile products.
Based on application, the mobiltech has garnered highest market share in 2019 in terms of volume. This is attributed to the presence of huge established automobile consumer base in developed region such as Europe and North America.
Based on region, Asia-Pacific is expected to grow at a CAGR of 5.1% in terms of revenue. This is attributed to growth of end use sectors such as healthcare, automotive, construction, packaging, and others.
The technical textile market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the technical textile market include Asahi Kasei Corporation, Ahlstrom Munksjö, Baltex, Berry Global, Inc., Berkshire Hathaway Inc., Dupont De Nemours, Inc. (Dupont), Duvaltex, Freudenberg & Co. KG, GSE Environmental, HUESKER Synthetic GmbH, Kama Holdings Limited, KONINKLIJKE TEN CATE BV, Milliken & Company, Mitsui Chemicals, Inc., and SKAPS Industries.
Other players in the value chain of the technical textile market are Bruck Textiles, Gelvenor Textiles, Lanxess, NIKOL Advance Materials Pvt. Ltd, Sanrhea Technical Textiles Limited, Arville Textiles Limited, L. van Heek Textiles bv, HiltexTechnischeWeefsels B.V., Delcotex, Aurich Textiles GmbH, and others.
Key Findings Of The Study
The technical textile market is analyzed from 2019 to 2027
On the basis of region, the Europe technical textile market gained a share of 28.7% in terms of revenue in 2019
The mobiletech application garnered a share of 22.1% in terms of volume in 2019
On the basis of material, the synthetic polymer segment gained a share of 52.7% in terms of volume in 2019
On the basis of process, the woven segment gained 67.3% share, in terms of volume in 2019
A comprehensive analysis of the factors that drive and restrain the market growth is provided in the report
The qualitative data in this report aims at the market dynamics, technical textile market trends, and developments in the industry
The technical textile market size in provided in terms of volume and revenue
Impact Of Covid-19 On The Technical Textile Market
The outbreak of COVID-19 affected the farm product exports, which hindered the farmer’s income, consequently decreasing the demand for agro textiles
The manufacturing as well as supply regions or countries witnessed economic slowdown owing to lockdown. The downstream section of the value chain i.e. the end user has witnessed less demand, which has impacted the market growth
For instance, the automotive sector has been witnessing slow down owing to decreased automobiles sales that resulted in decreased demand for interior materials consequently impacting the demand for technical textiles.
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