Technology Textiles: Emerging Opportunities and Investments

2021-03-26 16:16:20

The global technology textile market is expected to reach 193 billion dollars by 2020,274 billion dollars by 2027 and a compound annual growth rate of 5.1 per cent between 2020 and 2027. This is mainly due to the increase in global demand for technology textiles and the expansion of the new product base of applied research.

 The Asia-Pacific region is the fastest growing region, projected to reach $68.8 billion by 2020 and projected to grow at a compound annual rate of 5.9 per cent to reach $102.6 billion by 2027. This increase is attributed to the health care, automotive, construction and industrial development sectors in the region.

The technical textile market is subdivided according to the following parameters:

1. Materials

 According to the raw materials used, the market is divided into natural fiber, synthetic polymer, mineral fiber, regenerated fiber and so on. At present, synthetic fibers dominate the market, followed by natural fibers, minerals and others.

 Natural fibers are expected to grow fastest in the period of 2020-2027 at a compound annual growth rate of 5.5 per cent. This is attributed to the growing demand for eco-friendly sustainable products in packaging, automotive, healthcare and other industries.

2. Process

 From the process flow followed in the middle stage, the technological textiles are divided into woven, knitted, non-woven fabrics and so on. In 2020, the proportion of woven parts was the highest ,67%, followed by non-woven fabrics (16%), knitting (11%) and others (6%).

3. Applications

 On the basis of application, the technology textile market is divided into mobile technology, sports technology, industrial technology, home technology, construction technology, medical technology, textile technology, agricultural technology, packaging technology, science technology, etc.

In 2020, the textile technology market for mobile technology applications is worth $42.4 billion and is expected to reach $57.9 billion in 2027. The industry is expected to grow because of the huge car consumer groups in Europe, North America and Asia.