Our in-depth analysis of the global technical textile market includes the following segments:
On the basis of regional analysis, the global technical textile market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
Asia-Pacific is anticipated to hold the leading share of the market owing to the growing demand for apparel and functional clothing coupled with the expansion of residential, commercial, and industrial sectors, on account of sustainable economic growth. The European market is projected to witness rapid growth over the forecast period owing to the upsurge in the adoption of technical textiles in the medical, industrial, home textiles, and automotive sectors.
The global technical textile market is further classified on the basis of region as follows:
The global technical textile market is expected to witness a robust growth owing to the rising demand from end user industries for use as insulating products, rubber, floor covering, protective gear, and others. Moreover, factors such as the upsurge in demand for geotextile from developing economies, rise in demand for construction textiles, and increase in government initiatives to promote the use of technical textiles are expected to support the development of the market.
The global technical textile market is anticipated to record a significant CAGR over the forecast period i.e. 2020-2028. The market is segmented by material, process and by application. The application segment is further segmented into mobiltech, indutech, protech, buildtech, and packtech out of which, the mobiltech segment is anticipated to hold the leading shares in the global technical textile market owing to the increase in product consumption in the automotive sector coupled with a remarkable rise in demand for cars with high-end aspects. On the contrary, the composite segment of the material sector is anticipated to hold the largest share of the market on account of developments in the marine industry to facilitate the demand for glass fibers and a rise in demand for reinforced composites in the industrial & construction sectors. Additionally, the woven segment of the process sector is expected to witness modest growth owing to its convenience in automobile, construction, clothing, and other industries. CLICK TO DOWNLOAD SAMPLE REPORT
Rise in Government Initiative to Promote Technical Textiles
Various government and non-government initiatives are taken to promote the use of technical textiles to facilitate higher integration of technology into manufacturing processes and end-products. Different types of apparels made of technical textiles help manufacturers of different end user industries to keep their workforce safe in the factories, as the technical textiles are known to possess several beneficial characteristics over conventional textiles, that make them applicable for use in adverse environment conditions. Growing need for safety of workforce in the manufacturing industries, on the back of the growing concerns for the incidences occurred in workplaces, along with the stringent norms of the governments of nations globally to maintain strict workwear and uniforms code are anticipated to drive the growth of the global technical textile market.
High Cost of Raw Material
The high cost of raw materials, which also impacts the price of finished goods, and therefore low profitability for the manufacturer of technical textiles, along with factors such as the increase in toxic waste generation during the production of these materials are anticipated to hinder the growth of the market over the forecast period.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.