The global technical textile market size was valued at US $ 190.33 billion in 2020 and is projected to reach US $ 285.88 billion by 2028, growing at a CAGR of 5.15 per cent from 2021 to 2028.
A report of Verified Market Research says that the growth of the agro-textile is expected to surge in the forecast period due to rise in global population at an alarming rate, resulting in the adoption of modern techniques to promote outcome.
The report analyses technical textile market by material (natural fibre, synthetic polymer, metal, mineral, regenerated fibre), by process (woven, knitted, non-woven), by application (transport textiles, medical and hygiene textiles, industrial products and components) and by geography.
The increased export activities with respect to the technical textiles due to high cross-border demand are favouring the market growth.
However, the growth of this market is mainly hampered due to high cost of the product when compared to conventional low-cost alternatives. This is mainly due to hike in the cost of raw materials used for the manufacturing or within the manufacturing process of these technical textiles.
Across the globe, companies are expanding in technical textile segment; for example, last year, NAUE, a manufacturer of geotechnical construction materials, introduced biodegradable non-woven geotextile, Secutex Green.
Freudenberg Performance Materials Apparel unveiled new highly elastic and breathable inserts and tapes for all types of sportswear in the Freudenberg Active Range.
Similarly, the global technology group Freudenberg acquired UK-based Low & Bonar PLC, a company manufacturing technical textiles at an undisclosed amount.
In India, SVP Global Ventures also announced to enter in this segment with the investment of Rs. 100 crore.
Indian Government is also geared up to attract investment in this product category with PLI scheme.
