Momentous growth of construction industry is subsequently pushing demand for functional textiles. With sales of heat & fire resistant, protective & insulating, chemical & stain resistant, and highly durable fabrics climbing at a pace, technical textiles market is expected to witness healthy growth in the near future. In 2018, global technical textiles market recorded revenues worth US$ 174 Bn, as indicated by a recent market intelligence report.
Growth of textiles industry has been phenomenal in developing countries such as BRIC, particularly India. This growth continues to efficiently cater to both export and domestic markets. Considering the support from government and investments by stakeholders in this sector, the technical textiles market in India should shape up rapidly in the near future.
Key Takeaways – Technical Textiles Market Study
- Technical textiles are rapidly emerging as a substitute for conventional fabrics, and non-fiber materials such as metals.
- In developed regions such as Europe and North America, textile manufacturers have been shifting from the manufacture of commodity goods to technical products such as technical textiles.
- Growing infrastructural development activities in developing countries worldwide, especially in BRIC countries, is expected to drive the demand for Buildtex – a technical textile that is more durable and effective as compared to conventional textile materials.
- Indutech, driven by robust industrial production, would be a prominent application area of technical textiles.
- Governments in various countries such as Germany and India have been supporting growth of the technical textiles industry through various initiatives such as providing taxation benefits on import of technology, and training assistance over operations and marketing.
- As environmental sustainability has become a global concern, demand for technical textiles for applications such as erosion protection, waste treatment/recycling, and water treatment is likely to ascend in the near future.
Acquisitions to be on Priority
The highly fragmented competitive landscape of technical textiles market is operated by a large number of local and international brands. The report provides essential insights about prominent leaders in the global technical textiles market. Some key players in the market include Low and Boar PLC, Ahlstrom Corporation., E.I. du Pont de Nemours and Company, and 3M Company. Market leaders are directing their investments to strategic acquisitions and new launches. Milliken & Company recently acquired New York-based Springfield LLC, a manufacturer of technical, performance, and flame resistant (FR) fabrics for safety apparel, fire service, military, and occupational markets. They are further expected to focus on solidifying brand positioning in lucrative markets such as Asia Pacific, Eastern Europe, and North America. Product innovation continues to be a constant to stand out.
These insights are based on a report on Technical Textiles Market by Future Market Insights.