Technical Textile Market worth 220.37 Billion USD by 2022 (Covid19 Impact)

The report "Technical Textile Market by Material (Natural Fiber, Synthetic Polymer, Metal, Mineral, Regenerated Fiber), by Process (Woven, Knitted, Non-woven), by Application (Mobiltech, Indutech, Protech, Buildtech, Packtech), and Region - Global Forecast to 2022 " The technical textile market is estimated at USD 165.51 Billion in 2017 and is projected to reach USD 220.37 Billion by 2022, at a CAGR of 5.89%. The market has grown exponentially in the last few years, and this trend is expected to continue. The growing awareness about the superior functionality and application of technical textile encourages the higher consumption of technical textile and related products. Furthermore, growth in the automobile, construction, healthcare, packaging, and various other sectors has generated new opportunities for this textile.

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The high cost of finished products affects the pricing structure of the intermediate industry, thereby restraining the growth of the market. The technical textile market has undergone many changes and advancements pertaining to technologies and materials used. Natural materials that are used in the manufacturing of technical textile are relatively expensive than their synthetic counterparts such as wool and silk. Growing demand from emerging industrial markets provides an opportunity for the growth of technical textile.

Technical Textile Market: By Material

• Natural fiber
• Synthetic polymer
• Regenerated fiber
• Mineral
• Metal
• Specialty fiber

The technical textile market is dominated by key players such as Asahi Kasei (Japan), Kimberly Clarke (US), Berry Global Group (US), DuPont (US), Mitsui Chemicals (Japan), and Freudenberg & Co. (Germany). Other players include Low & Bonar (UK), Huntsman (US), Toyobo Co. (Japan), Milliken & Company (US), SRF Limited (India), Lanxess (Germany), Koninklijke Ten Cate (Netherlands), and International Textile Group (US). These players have adopted various strategies to expand their global presence and increase their market share. These include mergers & acquisitions, expansions & investments, agreements & partnerships, and new product launches.

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Based on application, the mobiltech segment of the technical textile market is projected to grow at the highest CAGR from 2017 to 2022. This growth can be attributed to the booming automobile sector in many countries such as the UAE, Japan, and Germany. The increasing use of technical textiles in various areas of the automobile sector such as seat belts, seating upholstery, tire cords & linear, and others is expected to propel the demand for technical textiles.