Global Technical Textile Market
The global Technical Textile Market is estimated to be valued at US$ 4,575.47 Mn in 2023 and is expected
to exhibit a CAGR of 5.2% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Technical textiles are advanced textile materials and products manufactured primarily
for non-aesthetic technical performance and functional properties rather than
visual appearance. They include textiles for automotive, construction,
agriculture, medical, hygiene, protective wear, sport and geotextiles among
others. Technical textiles provide important properties such as strength,
durability, protection, insulation and lightweight that are required in
different industries. They are widely used in applications requiring high
performance attributes such as strength, stability, protection and delivery.
Market key trends:
One of the major trends in the technical textile market is the growing adoption
in the medical and hygiene sector. With advancements in digital medical imaging
and surgical procedures, demand for non-woven textiles in the medical industry
is increasing. Non-woven textiles are widely used in making surgical gowns,
drapes and protective wear owing to properties like high absorbency, liquid
repellency and protective barriers. They help prevent transmission of microbes and
assist in surgical procedures. Growing healthcare investments and rising
medical procedures are expected to drive the demand for technical textiles in
the medical and hygiene sector.
Porter’s Analysis
Threat of new entrants: Low costs and lack of entry barriers make it easy for
new companies to enter the market. However, established brands have an
advantage of existing customer base and economy of scale.
Bargaining power of buyers: Buyers have medium bargaining power due to
availability of substitutes. However, customized product offerings reduce
impact of substitutes on buyer power.
Bargaining power of suppliers: Suppliers have moderate power due to
availability of substitutes and standardization of raw materials used.
Threat of new substitutes: Threat of substitutes is moderate as there are
alternatives available but technical textiles have certain unique properties.
Competitive rivalry: Intense competition exists among existing players to gain
market share through product innovation, marketing and competitive pricing.
Key Takeaways
The Global
Technical Textile Market size is expected to witness high growth,
exhibiting CAGR of 5.2% over the
forecast period of 2023 to 2030, due to increasing demand from end use
industries like automotive, construction and medical.
North America dominated the technical textile market in 2022 owing to high
automotive production and strong presence of key players in the region.
However, Asia Pacific is expected to witness fastest growth during the forecast
period, driven by increasing automotive production and construction activities
in China and India.
Key players operating in the technical textile market are Low & Bonar PLC,
Ahlstrom Group, E. I. du Pont de Nemours and Company (DuPont), 3M Company,
Polymer Group Inc., Milliken & Company Inc., Arville Textiles Ltd.,
Dickson-Constant, Baltex, and Freudenberg & Co. KG. DuPont and 3M Company
have strong product portfolio and global presence while Asian players like Low
& Bonar PLC and Ahlstrom Group are focusing on expanding their footprint in
Asia Pacific region.
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