Future Market Insights’ latest research report, Technical Textiles Market: Global Industry Analysis and Opportunity Assessment 2015-2020, claims that the global technical textiles market will reach US $ 193.7 billion mark by 2020, amplifying at a compound annual growth rate (CAGR) of 4.5 per cent during the forecast period 2015-2020. Robust growth of the automotive sector in emerging markets and increase in number of end-use industries across various regions are the key factors fuelling the growth of the technical textiles market. Various Government support programmes will provide an impetus to the manufacturers of technical textiles. While report also says that the key challenges for the global technical textile market are – high pricing of finished products and concerns about toxic waste production.
Having 52.6 per cent share in 2015, the non-woven segment has the largest share in the technical textiles market and this segment will expand at a CAGR of 5.1 per cent during the forecast period 2015-2020. Knitting, braiding, and weaving account for 32.7% share of the technical textiles market in 2015 and expected to see a CAGR of 3.8% during the forecast period and reach a valuation of US $ 61 billion.
