Technical Textile Market to Reach $334.94 Bn, Globally, by 2025 at 4.5% CAGR, Says Allied Market Research
PORTLAND, Oregon, December 12, 2018 /PRNewswire/ --
Rise in adoption for geotextiles in developing countries, increase in demand for construction textiles, and surge in preference for non-woven technical fabrics would drive the growth of the global technical textile market
Allied Market Research published a report, titled, Technical Textile Market, by Type (Woven, Nonwoven, and Others), Material Type (Uniform and Composite), and End-use Application (AgroTech, BuildTech, ClothTech, GeoTech, HomeTech, InduTech, MediTech, MobilTech, OekoTech, PackTech, ProTech, and SportTech): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report provides detailed analyses of the drivers & opportunities, market size & projections, top winning strategies, competitive landscape, and key player profiling & benchmarking. According to the report, the global technical textile market generated $234.71 billion in 2017, and is expected to reach $334.94 billion by 2025, registering a CAGR of 4.5% from 2018 to 2025.
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Increasing demand for geotextiles in developing countries coupled with growing adoption of construction textiles drive the growth of the market. Moreover, high preference for non-woven technical fabrics supplements the market growth. However, high cost of raw materials and steep production of toxic waste restrain the market growth. On the other hand, supportive government initiatives for promoting the use of technical textiles and availability of recycling techniques would create new opportunities in the market.
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Others segment (weaving, knitting, and braiding) to retain dominance through 2025
The other segment comprising weaving, knitting, and braiding contributed more than one-third share of the total market revenue in 2017. It is expected to continue its dominance throughout the forecast period. This segment would register the highest CAGR of 5.2% from 2018 to 2025 due to technological developments and rise in demand for multi-layer fabrics across several end user industries. The research also analyzes woven and non-woven segments.
Composite material segment to maintain its dominant position by 2025
Composite material segment accounted for more than half of the total market share in 2017 and would maintain its dominant position by 2025. This is attributed to the significant increase in its demand among various end use industries including automotive, aerospace, and others. However, the uniform type would grow at the highest CAGR of 4.9% from 2018 to 2025, owing to rise in applications of sail cloth, medical implants, and concrete reinforcement activities.
MobilTech segment to retain lion's share throughout the forecast period
MobilTech segment accounted for nearly one-fourth share of the total market revenue in 2017 and is expected to maintain its lead by 2025. This is on account of the growing use of technical textiles in the automotive and aerospace sectors. However, the OekoTech segment would register the highest CAGR of 6.9% from 2018 to 2025, owing to rise in use of such textiles in recycling activities to safeguard the environment. The report also provides comprehensive analyses of several end use applications including AgroTech, BuildTech, ClothTech, GeoTech, HomeTech, InduTech, MediTech, PackTech, ProTech, and SportTech.
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Europe to be a lucrative region
Europe contributed nearly one-third share of the total market revenue in 2017 and would maintain its precedence throughout the forecast period. Moreover, it is projected to grow at the highest CAGR of 4.8% from 2018 to 2025 owing to rapid growth of the automobile industry and increase in engineering excellence in the manufacturing sector. The research also analyzes North America, Asia-Pacific, and LAMEA regions.
Key market players
The major players analyzed in the report include DowDuPont, Johns Manville, Ahlstrom Corporation, Royal Ten Cate, GSE Environmental Inc., Proctor and Gamble, Freudenberg & Co., Huesker Synthetic GmbH, 3M, and Hindoostan Mills Ltd. These players have adopted different strategies such as partnerships, mergers & acquisitions, expansions, collaborations, joint ventures, and others to gain a stronghold in the industry.
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