July 21, 2024
Technical Textile Market

Technical Textile Market Is Driven by Demand from Various End-Use Industries

Technical textiles refer to textile materials and products manufactured primarily for non-aesthetic technical performance and functional properties rather than apparel use. Some key applications of technical textiles include agriculture, civil engineering, industrial, medical, transportation, packaging, and others. Rising demand from construction, agriculture, and industrial sectors for technical textiles that provide features like durability, strength, ease of use, and flexibility is driving growth of the technical textile market. Geotextiles, used in construction of roads and for soil erosion control, are widely consumed technical textiles.

The global technical textile market is estimated to be valued at US$ 4575.47 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

One of the key trends witnessed in the technical textile market is growing application of nanotechnology. Nanotechnology enables enhancement of properties and performance of technical textiles. For example, silver nanoparticles are increasingly being used in technical textiles to impart antimicrobial properties. Additionally, technical textiles treated with copper nanoparticles exhibit strong antiviral activity. Rising R&D activities aimed at development of novel technical textiles incorporating nanomaterials will further boost market growth over the forecast period. Focus on production of lightweight and high-performance technical textiles using nanomaterials presents opportunities for players in the coming years.

Porter’s Analysis

Threat of new entrants: The technical textile industry requires significant investment in R&D and manufacturing facilities to produce technical textiles. This poses a high barrier to entry for new companies.

Bargaining power of buyers: Buyers have moderate bargaining power as technical textiles have applications across diverse industries. However, established players have strong brand loyalty.

Bargaining power of suppliers: Suppliers of raw materials like polymers, fibers etc have low to moderate bargaining power due to availability of substitutes and less differentiation in materials.

Threat of new substitutes: Threat from substitutes is low as technical textiles have superior properties over conventional materials and find applications where functionality is important.

Competitive rivalry: The market is moderately competitive with major players differentiating based on product quality, innovation and customer service.

Key Takeaways

The Global Technical Textile Market Demand is expected to witness high growth over the forecast period. The global technical textile market is estimated to be valued at US$ 4575.47 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030.

The Asia Pacific region currently dominates the market owing to large manufacturing capacities and high demand from countries like China and India. Countries like China, India, Japan and South Korea are major export hubs for technical textiles.

Key players: Key players operating in the technical textile market are Canary Whistleblowing System, Convercent, EQS Group AG, Ethicontrol, OU, Expolink Europe Ltd, GlobaLeaks, Got Ethics A/S., NAVEX Global, Inc., OneTrust, LLC, Safecall Ltd, Whispli Inc., WhistleB solution, WhistleBlower Security, Your Call, and EasyWhistle.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it