(Impact of COVID-19) Technical Textiles Market to Record an Impressive Growth Rate

The market for technical textiles has been consistently gaining traction from its diverse application areas such as sports, aerospace, automotive, defense, agriculture, and healthcare. According to the projections of a business intelligence report by Transparency Market Research (TMR), the global technical textiles market will be worth US$160.38 billion by the end of 2018, with the demand incrementing at a CAGR of 3.3% during the forecast period of 2012 to 2018.

Innovation Key Strategy in a Fragmented Competitive Landscape

The analyst of the TMR report has highlighted a predominantly fragmented scenario in the technical textiles market, with the global shares distributed among a large number of regional and International players. As the entry barriers are fairly low and raw materials easily available, regional and domestic players are able to compete forcefully with the major players. Consumers often opt for low cost products that are provided by locally positioned players. That being said, there is strong meat to fed-out of for the players who have technologically advanced products. These players invest on research and development of next generation innovation and hold premier positions. Some of the these players are Ahlstrom Corporation, DuPont, Berry Plastics, Freudenberg & Co. KG, Kimberly-Clark Corporation, Polymer Group Inc., TWE Group, and Fiberweb PLC.

The ecosystem of the technical textiles market also includes stockholders who are involved in the supply chain of raw materials, R&D activities, and finally manufacturing. Major players are also able to market their products via their financial might, and maintain a stronger distribution network to stay ahead of the curve.

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Asia Pacific Providing Most Prominent Volume of Demand

Based on end users, the market for technical textiles has been segmented into Buildtech, Indutech, Sportech, Agrotech, Mobiltech, Meditech, Clothtech, Hometech, Packtech, Protech, and others including Geotech and Oekotech. Technology-wise, the TMR report bifurcates the technical textiles market into thermoforming, 3D knitting, 3D weaving, heat-set synthetics, fabrics produced using nanotechnology, finishing treatments, hand-made including stitch or applique, and others. Geographically, Asia Pacific has emerged as the region that is dominating the demand. However, a number of major companies are based out of North America and Europe. Asia Pacific, being the chief demand provider in terms of volume, is expected to remain most lucrative consuming region in the near future.

Growing application areas, increasing adaptability of the products, growing awareness regarding the benefits, and consistent harnessing of the technology are some of the key drivers of the global technical textiles market. On the other hand, high cost of the finished products and varying environmental mandates are some of the challenges the vendors of this market must overcome to find greater profits. In the near future, the growing importance of geotextiles is anticipated to open new opportunities.

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Key Takeaways:

Global technical textiles market is estimated to generate opportunities worth US$160.38 billion
Regional players are eating out a substantial chunk of global shares, although major players are able to retain prominence via their ability to pioneer new technologies

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