As per a recent report from a market research firm has stated that the technical textiles market will grow at a CAGR (Compound Annual Growth Rate) of 5.18 per cent from 2014 to reach US $ 193.91 billion by 2020. Improving economic conditions, technology advancements, and increasing end-use applications are the reasons driving growth in the technical textiles market.
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The technical textiles market has matured a lot in the past few years and the trend is expected to continue. The market was valued at US $ 144.07 billion in 2014; led by Asia-Pacific and followed by North America. But as of now the segment is mainly dominated China.
As per the report, the Asia-Pacific (APAC) region is projected to be the fastest-growing technical textiles market for the projected period. The market is projected to grow significantly at a CAGR of 5.63 per cent in terms of value from 2015 to 2020. It further highlights that key players in this segment, such as E. I. du Pont de Nemours and Co (U.S.), Asahi Kasei Corporation (Japan), and Freudenberg & Co. KG.
(Germany), are launching new products to increase their market share in the technical textiles market globally. Other players such as Kimberly Clarke Corporation (US), Mitsui Chemicals Inc. (Tokyo), and SRF Company (India) are also making investments to expand their business worldwide.
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Technical textiles is a textile product manufactured for non-aesthetic purposes, where function is the primary criterion. It includes textiles for automotive applications, medical textiles, geotextiles, agrotextiles, protective clothing, etc.
