Market Size was USD 193.73 Billion in 2020 and is expected to reach USD 268.97 Billion in 2028, and register a CAGR of 4.1% during the forecast period.
Increasing adoption of Nano-materials such as Nano-particles and Nano-fibers for technical textiles production by major manufacturers.
Increasing number of applications of geotextiles in road construction, sports sector, and transportation is a key factor driving market revenue growth.
Technical textile include a variety of processes, such as woven, nonwoven, and knitted, among various other methods. Technical textiles are largely used for applications in automobile industries, such as for making seatbelts, and ceilings, among others. These textiles offer large number of products and functionalities, and can be customized according to the end user's requirements. This is one of the major factors driving market growth to a significant extent.
These textiles are widely used in construction in order to retain built structure of the buildings, roads, embankments, and pipelines, among others. This, coupled with increasing construction projects in commercial, residential and infrastructural sector are other major factors expected to drive growth of the global technical textile market.
Some Key Findings From the Report:
Among the material type segments, the natural fiber segment is expected to register a robust revenue CAGR during the forecast period. The synthetic polymer segment accounted for the largest revenue share in 2020.
Among the process type segments, the non-woven segment accounted for the largest revenue share in 2020. The woven segment is expected to register a robust revenue CAGR during the forecast period.
Asia Pacific market accounted for major share in terms of revenue in 2020, and is expected to continue with its dominance over the forecast period, due to rapidly growing industries such as textiles, automotive, and construction.
North America market is expected to register a robust revenue CAGR during the forecast period, due to presence of technical textile manufacturers in the region, and increasing focus of players on new technological advancements.
The players operating in the market have undertaken a number of strategies. The companies have adopted various strategies, including mergers, acquisitions, and partnerships to expand customer base and new technological developments in the global market. Along with the companies operating in the market, other key market players have also been entering the industry.