Technical Textiles Market expected to reach US$ 183 Bn & ~ 4.60% CAGR through 2021-2031

Global technical textile demand continues to touch historic lows, but technical textiles are showing resilience, raising hopes of a quick recovery in 2021. An updated edition of the study by Future Market Insights (FMI) which also tracks the COVID-19 impact on the market offer insights on how demand will evolve during 2020-2030. Technical textiles have been among the rapid growth areas of the textile industry that are commonplace, from gym gear and sportswear to car seats and airbags. The global market for technical textiles, in particular, is receiving huge impetus from the unprecedented rise in demand for functional fabric for monitoring safety and operations in the industrial sector.

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The textiles industry is highly diversified, satiating a broad range of domains ranging from conventional handloom products to wool, cotton, and silk products and containing products that stretch through natural and artificial fiber, apparel, and yarn.

Technical textiles are poised to play a vital role in transforming the textile industry, owing to their diverse applications across several end-use sectors including, infrastructure, construction, automobile, aviation, healthcare, and defense.

Technical Textiles Market Size Study

Market to grow at healthy CAGR through 2030
Mobiltech accounts for leading revenue share
Governments in various regions to provide taxation incentives on import of technology, and training assistance over marketing and operations
Rising sustainable concerns to fuel demand for technical textiles in water treatment, and erosion protection in coming years
North America and Europe to offer lucrative growth prospects, given strong adoption of advanced technologies
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COVID-19 Impact on Technical Textiles Market

While the technical textiles market has been facing the rippling effects of the COVID-19 pandemic, the market growth is stimulated by the need to help deliver personal protective equipment (PPE) as various hard-hit countries are confronting an acute shortage of disposable PPE for front-line medical workers.

As the battle against the OCIVD-19 crisis persists, demand for necessary face coverings continues to soar. The opportunity to create an impact in the battle against the public-health crisis and to help in improving the safety of communities has offered a new meaning to businesses, and operations in the technical textiles market.

Case in point, Berry Global Group Inc. is delivering prominent healthcare and consumer brand firms across the world to manufacture products on a large scale to tackle the contagion of COVID-19.

In the US, the company has scaled up its capacity to provide maximum output on the ground of rising demand for healthcare products such as materials for face masks and hard surface disinfectant wipes.

Moreover, in Europe, the company is operating its meltblown lines round the clock to develop materials for face masks and other healthcare purposes including, materials leveraged in blood filtration.

Technical Textiles Market – Competition Intelligence

In a bid to maintain their competitiveness in the global landscape, leading manufacturers are entering into acquisitions of their peers.

Vitruvian Group has acquired Ahlstrom-Munksjö’s fiber-optic reinforcement business. This acquisition is likely to boost the company’s product portfolio
Freudenberg & Co. KG has taken over 100% shares of Low & Bonar PLC. With the latter’s innovative technology, the company is slated to further extend its technological expertise
In addition, Freudenberg & Co. KG has acquired 100% shares of Filc, which develops laminated materials and needle punch nonwoven textiles with a focus on the construction and automotive industries

Key Questions Answered in the Report

What is technical textiles’ market size?Driven by increasing demand for advanced and safe material, the technical textiles market size is forecast to reach US$ 183 Nn in 2021 with a CAGR of 4.6%.
At what rate did the technical textiles market expand in the last five years?Between 2016 and 2020, the technical textiles sales grew at 2.50% CAGR.
What are the key trends shaping the technical textiles market?Strategic mergers and acquisitions between market players to enter new markets and expansion of production facilities to cater to the rising demand are a few of the key trends shaping the technical textiles market.
Who are the key exporters of technical textiles across the globe?USA, China, and India are the leading exporters of technical textiles in the world.
What is the North American technical textiles market outlook?Demand registered in North America will continue rising, backed by increasing production and export of technical textiles from the U.S. and Canada, the North American market is anticipated to expand at 2.60% CAGR during the forecast period.
Who are the leading companies in the technical textiles market?Freudenberg & Co. KG, Milliken and Company, Arville, DuPont, and 3M are the top companies operating in the market.
What is the cumulative share of top companies in the technical textiles market?The cumulative market shares of top players operating in the technical textiles market are around 20% to 30% in 2021.

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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