As sectors across the globe evolve their demands for materials is also changing. For instance, the healthcare sector is the primary reason for the soaring demand for technical textiles. The ability of these textiles to keep things hygienic is the very reason why they are used for making diapers, sanitary napkins, drapes, sutures, surgical gowns, and other sterile packaging materials amongst others. Owing to this reason, the global technical textile market is likely to be worth US$260.3 bn by the end of 2027, says Future Market Insights. During the forecast period of 2017 and 2026, the global market is projected to rise at a CAGR of 4.7%.
Q. Which types of technical textiles will contribute towards the unprecedented growth of the global technical textiles market?
A. The various types of technical textiles available in the global market are indutech, mobiltech, oekotech, protech, geotech, agrotech, packtech, clothtech, hometech, buildtech, meditech, and sporttech. Out of these, the meditech segment is projected to soar in the coming years. Analysts expect that this segment is likely to be worth US$20 bn by the end of 2027 as compared to US$12 bn in 2016. Between the forecast period of 2017 and 2027 this segment is projected show a rise of 4.9% CAGR. The demand for meditech textile will be largely driven by its increasing application in the areas of patient clothing and surgical equipment.
On the other hand, the demand for geotextiles is also expected to show a steady growth rate. Geotextiles will be predominantly used for ground stabilization, erosion control, and soil reinforcement. Towards the end of the forecast period, the geotextiles segment is estimated to value US$7 bn. Rise in the civil engineering activities is also expected to promote the uptake of this material in the near future.
Q. Which regional market is estimated to lead the global technical textiles market?
A. Geographically, the global technical textiles market is segmented into North America, Asia Pacific, Latin America, the Middle East and Africa, and Eastern Europe. Out of these, the Asia Pacific technical textiles market is estimated to lead the pack during the forecast period of 2017 and 2027. This regional market is likely to boast 50% of the revenues of the global technical textiles market. Asia Pacific technical textiles market is expected to register a CAGR of 6.8% over the forecast period. Booming infrastructural development in the emerging economies of Asia Pacific is likely to fuel the demand for various types of technical textiles.
Q. What are the possible restraints in the global technical textiles market?
A. Despite the strong growth drivers, the global market is being tugged in the opposite direction by certain challenges. Developing materials that are environmentally sustainable is anticipated to e the key restraint in the global market. Furthermore, the high prices of textiles makes them unaffordable to many, which is yet another reason why the growth of the market is likely to be sluggish. Additionally, lack of awareness about the benefits of these textiles and strong presence of alternative textiles are also anticipated to restrain market’s growth over the forecast period.
The leading players operating in the global technical textiles market are Avintiv, E.I. du Pont de Nemours and Company, Baltex, Low and Boar PLC, 3M Company, Ahlstrom Corporation, Milliken and Company, Arville Textiles Ltd., Freudenberg & Co. KG, and Dickson-Constant. Majority of these players are engaging in price wars by offering low-cost solutions to buyers. Furthermore, possible chances of newcomers in the global market is likely to intensify the overall competition. Players are expected to focus on delivering customized solutions in the years to widen their consumer base.
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