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The global technical textile market size is anticipated to reach USD 195.36 billion by 2026 on account of the increasing demand for materials such as cotton, wool, and silk derived from plants. Technical textile is products that are produced for non-aesthetical purposes such as hygiene medicals in healthcare setups, such as clothing or construction material, and others and can be produced either as an impregnated material or a composite. Fortune Business Insights™ in their recent report titled, “Technical Textiles Market Size, Share & Industry Analysis, By Product Type (Agrotech, Buildtech, Clothtech, Geotech, Hometech, Indutech, Medtech, Mobiltech, Packtech, Protech, Sporttech and Oekotech), By Fiber Type (Natural Fiber and Synthetic Fiber), By Product Form (Fabric, Fiber, and Yarn) and Regional Forecast, 2019-2026,” predicts that the market value stood at USD 159.29 billion in 2018 by exhibiting a CAGR of 2.7% within the forecast period 2019 to 2026.
Sage Interiors to Acquire Adient, thereby Adding Impetus to Market
An Asahi Kasei Company Sage Automotive Interiors entered into a collaboration with the automotive interior market of Adient in March 2020. This collaboration aims at expanding the overall capability and capacity of automotive interior products in Europe by supplying cut and sew facilities for automotive in Eastern and Central Europe. CEO of Sage Automotive Mr. Dirk Pieper says, “Europe is the hub for Sage Automotive Interior products. We are now trying to implement technology for strengthening our product portfolio and this will help to serve our consumers from various corners of Europe and the rest of the world.” Such innovations are likely to bode well for the market in the forthcoming years.”
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Advent of Nanotechnology will Create Lucrative Growth Opportunities for Market
The multi-dimensional properties of technical textiles such as high strength, versatility, durability, and lightweight nature serve as the major factors driving the technical textiles market growth. Additionally, the increasing demand from applications such as the medical industry, packaging, and construction industry, among others will also boost the market. Moreover, government support for promoting the use of textiles for various applications may also augment the growth of the market in the forecast period.
On the flip side, factors such as high cost, specific technical requirements, and lack of skilled manpower may pose major challenges to the market. Nevertheless, the advent of nanotechnology and other latest methods adopted for better revenue will help to create lucrative growth opportunities for the market in the coming years.
Fragmented Nature of Market will Intensify Competition
The market for technical textiles witnesses the presence of many players. Therefore, the competitive landscape of the market is fragmented in nature. These vendors are investing heavily in the adoption of the latest technology and engaging in collaborative efforts such as mergers and acquisitions, contracts and agreements, among others to attract high technical textiles market revenue in the forecast duration. Players are also struggling to expand their geographical reach and offer a diverse portfolio to gain momentum in the market competition. Such initiatives are further projected to intensify the overall market competition in the near future.
Key Industry Developments of Technical Textiles Market include the following:
List of Important Technical Textiles Market Manufacturers are:
Further Report Findings
Global Technical Textile Market is categorized into:
Value (USD Billion) Volume (Million Tons)
By Product Type
By Fiber Type
By Product Form