July 21, 2024
Technical Textile Market

Technical Textile Market Driven By Increased Demand From End-Use Industries

Technical textiles are textiles manufactured primarily for industrial use. Some of the major applications of technical textiles include agriculture, automotive, civil engineering, fashion & clothing, healthcare, packaging, geotextiles, and home & furniture. The agriculture sector utilizes technical textiles for crop covers, nets for vegetables, fruit picking bags, and protective clothing for farmers. In the automotive industry, technical textiles are used in automotive hoses, airbags, seat covers, safety belts, pre-pregs, brake linings, and tires.

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 in the technical textile market is the growing demand from the healthcare sector. Technical textiles find wide applications in healthcare such as surgical dressings, implants, non-invasive surgical cloth, hygienic articles, and others. Factors such as rising geriatric population, growing incidence of chronic diseases, and technological advancements are driving the growth of the healthcare technical textiles market. Nanotechnology is also being increasingly used in healthcare technical textiles to provide antioxidant, antibacterial, and odor-reducing properties to textiles. For instance, silver nanoparticles are being incorporated into textiles to impart antibacterial properties. Moreover, biodegradable technical textiles from polylactic acid (PLA) are gaining traction in the healthcare sector as they cause minimal environmental damage. The increasing emphasis on development of sustainable technical textiles will continue to propel the demand from the healthcare industry over the forecast period.

Porter’s Analysis

Threat of new entrants: The technical textile market requires high initial investments and R&D expenses making the threat of new entrants moderate.

Bargaining power of buyers: The presence of multiple manufacturers and product substitutes provides buyers with significant bargaining power in this market.

Bargaining power of suppliers: The technical textile market has a large number of raw material suppliers globally with no single supplier having significant influence, thus resulting in low bargaining power of suppliers.

Threat of new substitutes: New innovative materials and production technologies can pose potential threats, however textiles have widespread applications decreasing threat from substitutes.

Competitive rivalry: The market has numerous international and local players competing on factors like price, quality and innovation leading to high competitive rivalry.

Key Takeaways

The Global Technical Textile Market Growth is expected to witness high over the forecast period supported by wide product applications. 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 technical textile market is projected to be the fastest growing region supported by high manufacturing activities and increasing product demand from various end-use industries in countries like China, India. North America and Europe are also major regional markets expected to grow at a steady pace backed by the developed textile sectors and strategic initiatives by industry players in countries like the US, Germany, Italy etc.

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. These players are focusing on new product launches and partnerships to strengthen their market presence.

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