Reportlinker.com announces the release of the report “Global Technical Textiles Industry” – https://www.reportlinker.com/p03180719/?utm_source=GNW
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Global Technical Textiles Market to Reach $208.5 Billion by 2024
Technical textiles are fibrous materials produced using different combinatorial processes such as knitting, weaving, composites formation and nonwovens among others, and offered in different forms including fabrics, yarns, mats, composites, made-up goods and also converted products. Due to their varying grades that are suited for different applications, technical textiles are finding use in multiple industries including across construction, water treatment, construction and sport and leisure industries, among others. Amid the COVID-19 crisis, the global market for Technical Textiles is projected to reach US$208.5 Billion by 2024, registering a compounded annual growth rate (CAGR) of 5.0% over the analysis period. Europe represents the largest regional market for Technical Textiles, accounting for an estimated 28.8% share of the global total. The market is projected to reach US$58.5 Billion by the close of the analysis period. Asia-Pacific is forecast to emerge as the fastest growing regional market with a CAGR of 7.7% over the analysis period.
Global market for technical textiles is being propelled by expanding applications in a range of end-use sectors, steady pace of technology advancements, and a relatively stable economic environment. Rapid growth of automotive industry in emerging economies and the growing use of technical textiles in construction industry applications are expected to stimulate growth in the coming years. Growth will also be driven by the sustained increase in healthcare spending across the world as well as the growing emphasis on sustainable manufacturing and environmental conservation. Rising demand for building textiles, increasing demand for nonwoven technical textiles and the growing use of technical textiles in electronics industry also augur well for the market`s growth. In the US, technical textiles have already established their use case in a multitude of applications including automotive, sporting goods and industrial components. China dominates growth in the Asia-Pacific region, owing to the sheer increase in production and consumption volumes of technical textiles. Growth in the Chinese technical textiles market is also driven by the increasing awareness about technical textiles, increasing disposable incomes of people and the growing demand for wearable technology.
Select Competitors (Total 159 Featured) –
- 3M Company
- Agru America Inc.
- Ahlstrom-Munksjö Oyj
- Asahi Kasei Corporation
- Belton Industries Inc.
- Berry Global Group
- Borgers SE & Co. KGaA
- Delfingen Industry S.A
- Dow Inc.
- DSM Dyneema BV
- Fibertex Nonwovens A/S
- Freudenberg SE
- Global Synthetics Pty. Ltd.
- Hanes Geo Components
- Hindoostan Mills Ltd.
- Huesker Synthetic GmbH
- Johns Manville
- Kimberly-Clark Corporation
- Lenzing Plastics GmbH & Co KG
- Low & Bonar PLC
- Milliken & Company
- NAUE GmbH & Co. KG
- Officine Maccaferri S.p.A.
- Propex Operating Company LLC
- Royal Ten Cate
- SGL Carbon
- SKAPS Industries
- Solmax
- SRF Limited
- Strata Systems Inc.
- Techfab India
- Teijin Limited
- Thrace Group
- TWE Group GmbH