Global Technical Textile Market is Expected to Reach $244,032 Million by 2022

Technical Textile Market Report, published by Allied Market Research, forecasts that the global market is expected to reach $244,032 million by 2022 from $158,429 million in 2015 with a CAGR of 6.4% from 2016 to 2022. In 2015, the mobiletech segment accounted for approximately one-fifth of the total share of the end user industry in terms of revenue.

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The robust growth in the production of automobiles and increase in construction activities has led to increased demand for mobiltech textile and hometech textile respectively. Technical textile is applicable in various automotive parts such as airbags, seatbelt, carpets, filters, hood liners, battery separators, and belt reinforcement as it reduces the overall weight of the vehicle. The growing construction and housing activities in emerging economies such as India and China has fueled the growth of hometech textiles in household application.

According to Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market Research, “Government regulations mandating the use of Geotech textile in infrastructure development projects is expected to drive the growth of the technical textile market.”

However, high production cost of finished goods and high toxic waste production are some factors that hamper the growth of market, while recyclability of nonwoven textiles is expected to open new avenues for the technical textile market during the forecast period.

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Technical Textile Market Key Findings:

♦ Asia-Pacific is expected to continue to lead the market during the forecast period followed by Europe.
♦ Mobiltech end user segment generated the highest revenue and is projected to grow with a CAGR of 5.2% during the forecast period.
♦ Geotech is the fastest growing end user segment in the technical textile market registering a CAGR of 7.3% during the forecast period.
♦ The technical textile market in LAMEA region is expanding at a CAGR of 6.8% from 2016 to 2022.
♦ Nonwoven type technical textile accounted for more than half of the share in the global technical textile market, registering a CAGR of 6.7% from 2016 to 2022.

Asia-Pacific and Europe collectively contributed more than half of the share in the global technical textile market by revenue in 2015. The major players that operates in the market are DuPont de Nemours & co., Ahlstrom corporation, Johns Manville, GSE Environmental Inc., Royal Ten Cate, Freudenberg & Co., Proctor and Gamble, 3M, Huesker Synthetic GmbH, and Hindustan Technical Fabrics Limited.

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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This release was published on openPR.