Technical Textiles Market Growth, COVID Impact, Trends Analysis Report Forecast to 2031
As per Future Market Insights (FMI), the global demand of overall technical textiles market grew by 2.50% CAGR in 2016-2020. Overall market valuation is expected to reach US$ 183 Bn with total sales of 37,872.2 KT in 2021. Owing to increasing demand for technical textiles in agriculture and apparel industry, the market is forecast to grow at 4.6% CAGR between 2021 and 2031.
Technical textiles have developed as ideal solutions to soil erosion problems. They are inexpensive and have a lengthy service life. Furthermore, these textiles can be utilized to increase soil stabilization in landfills and harbours, reducing soil erosion.
The increasing incidence of soil erosion in hilly regions will increase demand for technical fabrics. According to European Union estimates, significant soil erosion is anticipated to affect more than 80% of all agricultural lands and natural gr****land in the European Union in 2016.
In European countries, manufacturers are required to follow stringent regulatory policies that specify which type of geotech textiles will be most suitable as per the characteristics of the soil of that specific region. These factors are expected to drive the sales of technical textiles in upcoming years.
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Competitive Landscape
Future Market Insights reports that, Freudenberg & Co. KG, Milliken and Company, Arville, DuPont, and 3M are the leading players operating in technical textiles market and collectively account for more than 20% market share in 2021.
To survive in this highly competitive market, leading market players are focusing on strategic acquisition and collaboration along with expanding their production facilities in developing countries.
For instance, in 2020, Freudenberg & Co. KG acquired 100% shares of Low & Bonar PLC and Filc to extend its technical expertise in technical textiles and enter construction and automotive industries through laminated materials and needle punch nonwoven textiles offered by Filc.
In December 2020, Baltex launched sustainable, washable, and anti-viral face masks made from recycled plastics in an attempt to reduce the plastic pollution in the Ocean.
In March 2020, Milliken & Company announced to boost the manufacturing of its BioSmart fabric which is used in creating lab coats, scrubs and other healthcare products in response to COVID-19 pandemic. This fabric has anti-microbial shielding and made from bleach activated technology that eliminated more than 99.9% of germs.
Key Segments Covered in Technical textiles Market Study:
Application:
Agrotech
Buildtech
Hometech
Indutech
Sportech
Packtech
Mobiltech
Meditech
Clothtech
Geotech
Protech
Oekotech
Process:
Nonwoven
Composites
Others
“Demand for agrotech will grow at a high pace in the forthcoming years due to the rising awareness among farmers regarding usage of technical textiles, rising urgency to reduce pest attacks and increasing demand to boost agriculture productivity. These factors are expected to aid the overall expansion of the market,” says the FMI ****yst.
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