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As per the recently published report by MarketsandMarkets™, The “Technical Textile Market by Material (Natural Fiber, Synthetic Polymer, Metal, Mineral, Regenerated Fiber), by Process (Woven, Knitted, Non-woven), by Application (Mobiltech, Indutech, Protech, Buildtech, Packtech), and Region – Global Forecast to 2025“, size is projected to grow from USD 164.6 billion in 2020 to USD 222.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast year. The global technical textile market is expanding and is projected to witness high growth over the next five years. Some of the major factors that drive the growth of this market are growing demand for new applications areas and increasing adaptability and awareness of products. The growing awareness about the superior functionality and application of technical textiles encourages the higher consumption of technical textiles and related products.
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- 200 Market data Tables
- 55 Figures
- 248 Pages and in-depth TOC on “Technical Textile Market – Global Forecast to 2025”
This report also provides a comprehensive analysis of the companies listed below:
The technical textile market is led by major players such as Asahi Kasei (Japan), Kimberly Clarke (US), Berry Global Group (US), DuPont (US), Mitsui Chemicals (Japan), and Freudenberg & Co. (Germany). Other players include Low & Bonar (UK), Huntsman (US), Toyobo Co. (Japan), Milliken & Company (US), SRF Limited (India), Koninklijke Ten Cate (Netherlands), and International Textile Group (US). These players have adopted numerous growth strategies to increase their market share, enhance their product portfolio, and expand their market share. Mergers & acquisitions, new product launches, expansions & investments, and agreements & partnerships are some of the major strategies adopted by leading players operating in the technical textile market. The years 2013 and 2020 experienced a large number of investments & expansions by top players in the market.
Recent Developments in Technical Textile Market Industry
- In September 2017, Asahi Kasei Fibers & Textiles expanded its capacity to produce Lamous, a high-quality microfiber suede. It is used in a wide variety of applications such as furniture upholstery, automotive interiors, IT accessories, apparel, and industrial materials.
- In May 2017, Kimberly-Clark introduced two new products under Kleenex brand for modern day life. Kleenex Ultra Soft Go-Anywhere tissue and Kleenex Multicare tissue are larger and stronger tissue under the facial tissue category.
- In June 2017, Freudenberg & Co. Kg launched Evolon® New Generation which is made up of microfilaments that improves the product’s resistance to mechanical stress, abrasion and repeated washing. This has helped the company to improve its product offerings in the textile industry.
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Investments & expansions accounted for the largest share of all strategic developments in the technical textile market. Companies such as Berry Global Group, Asahi Kasei, and Freudenberg & Co. adopted this strategy to strengthen their product portfolios, expand their geographic reach, and enhance growth prospects in the technical textile market.
Asahi Kasei (Japan) is a leading manufacturer of apparel material & products, technical textiles & nonwovens, plastic materials, chemicals, and construction materials. Strong global presence and adoption of growth strategies such as investments & expansions and new product launches have ensured its leading position in the market. The company’s technical textiles business deals with a wide range of materials and related products such as cotton, yarns, textiles, and processed products. The group focuses on new product development through research & development activities and innovations. In 2017, Asahi Kasei Fibers & Textiles expanded its capacity to produce Lamous, a high-quality microfiber suede. It is used in a wide variety of applications such as furniture upholstery, automotive interiors, IT accessories, apparel, and industrial materials.
Low & Bonar (UK) is another key player in the technical textile market. The company is engaged in the production of nonwovens for the hygiene, healthcare, geo-synthetics wipes, technical specialties, and building sectors. The company focuses on improving its customer value and expanding in emerging markets by establishing a market-driven product portfolio, upgrading supply chain capabilities, and expanding its presence through acquisitions. For instance, Low & Bonar started its high-performance technical textiles production in Changzhou, to expand its position in the Asian market and become a global leader in the carpet tile backing and automotive markets.
Major market players have adopted diversified strategies for expansion in developed and emerging countries. The Asia Pacific region dominated the technical textile market in 2019. The increase in demand for technical textile can be largely attributed to the growing automobile, medical & healthcare, and construction industries here.
The technical textile market in the Asia Pacific region is projected to grow at the highest CAGR from 2020 to 2025; China projected to be the fastest-growing market, by country. According to the Population Reference Bureau, the fastest-growing consumer markets of China, India, and other Asia Pacific countries had a combined population exceeding four billion people (as of 2019), which is projected to become an increasingly important driver for global consumption of technical textile over the next two decades, led by rapidly rising household incomes and the fast-growing middle-class population. Increased construction spending in emerging counties is expected to trigger the demand for technical textiles in buildings and construction which in turn is expected to drive the growth of the market.
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