Technical Textiles Market will Record a Sluggish 4.60% CAGR through 2031

As per Future Market Insights (FMI), the global demand of overall technical textiles market grew by 2.50% CAGR in 2016-2020. Overall market valuation is expected to reach US$ 183 Bn with total sales of 37,872.2 KT in 2021. Owing to increasing demand for technical textiles in agriculture and apparel industry, the market is forecast to grow at 4.6% CAGR between 2021 and 2031.

Technical textiles have emerged as ideal solutions to address the issues of soil erosion. They are cost-effective and offer long service life. Moreover, these textiles can be used in landfills and harbors to improve soil stabilization, thus, reducing soil erosion.

Demand for technical textiles will grow due to the increasing cases of soil erosions in mountainous region. According to data from European Union, more than 80% of all agricultural areas and natural grassland in European Union are expected to be affected by severe soil erosions in 2016.

Request Sample Copy of Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-286

In European countries, manufacturers are required to follow stringent regulatory policies that specify which type of geotech textiles will be most suitable as per the characteristics of the soil of that specific region. These factors are expected to drive the sales of technical textiles in upcoming years.

Technical textiles are finding use in ocean sailing equipment and aviation components like zeppelins, balloons, and airplanes. High durability and toughness of these technical textiles make them an ideal material for manufacturing of customer protection products in automotive industries.

Innovation in technical textile materials such as development of phase chase materials and employment of chemical finishing and fiber spinning process for manufacturing composite technical textiles will further boost the market growth.
Incorporation of nano-fibers in manufacturing sector to fill up the micro-filtration performance loopholes will boost the industech textile market growth.

Introduction of smart textiles in apparel industry and integration of wireless technology with textile fibers will positively influence the market growth in upcoming years.

Key Takeaways from FMI's Technical Textiles Market Study

• Thriving agriculture sector and extensive research and development activities intended to create electronic, conductive, antimicrobial and innovative textiles, will support U.S. in becoming global leader in technical textile market over the forecast period.
• Europe technical textiles market is forecast to expand at 2.50% CAGR during the assessment period owing to presence of leading textile and clothing companies in the region along with development of advance medical textiles for minimal invasive surgery applications.
• India technical textiles market will grow at a steady rate over the assessment period, growth can be attributed to rising incorporation of technical textiles in defense and military application along with adoption of agrotech textiles in agricultural activities in north-east provinces of India.
• Japan and South Korea will hold more than 8% of the global market share in 2021, backed by flexible import and export duties on technology and increasing use of geotech textiles in erosion protection in the region.
• Technical textiles market experienced year-on-year growth of 4.7% in 2021, driven by increasing demand of meditech textiles during pandemic and increasing sales of packtech textiles in food packaging due to increase in consumption of packaged food item.

"Demand for agrotech will grow at a high pace in the forthcoming years due to the rising awareness among farmers regarding usage of technical textiles, rising urgency to reduce pest attacks and increasing demand to boost agriculture productivity. These factors are expected to aid the overall expansion of the market," says the FMI analyst.

Request a Complete TOC @ https://www.futuremarketinsights.com/toc/rep-gb-286

Competitive Landscape

Future Market Insights reports that, Freudenberg & Co. KG, Milliken and Company, Arville, DuPont, and 3M are the leading players operating in technical textiles market and collectively account for more than 20% market share in 2021.
To survive in this highly competitive market, leading market players are focusing on strategic acquisition and collaboration along with expanding their production facilities in developing countries.

For instance, in 2020, Freudenberg & Co. KG acquired 100% shares of Low & Bonar PLC and Filc to extend its technical expertise in technical textiles and enter construction and automotive industries through laminated materials and needle punch nonwoven textiles offered by Filc.

In December 2020, Baltex launched sustainable, washable, and anti-viral face masks made from recycled plastics in an attempt to reduce the plastic pollution in the Ocean.

In March 2020, Milliken & Company announced to boost the manufacturing of its BioSmart fabric which is used in creating lab coats, scrubs and other healthcare products in response to COVID-19 pandemic. This fabric has anti-microbial shielding and made from bleach activated technology that eliminated more than 99.9% of germs.

Request Discount @ https://www.futuremarketinsights.com/request-discount/rep-gb-286

Key Segments Covered in Technical textiles Market Study:

Application:
• Agrotech
• Buildtech
• Hometech
• Indutech
• Sportech
• Packtech
• Mobiltech
• Meditech
• Clothtech
• Geotech
• Protech
• Oekotech

Process:
• Nonwoven
• Composites
• Others

Region:
• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• Middle East & Africa

Contact:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
Report: https://www.futuremarketinsights.com/reports/technical-textiles-market

About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.