Technical Textiles Market – Global Forecast to 2025
The global technical textile market was valued at USD 164.6 billion in 2020 and is projected to reach USD 222.4 billion by 2025, growing at a cagr 6.2% from 2020 to 2025. Technical textiles are products which have higher performance qualities as compared to traditional textiles. The types of materials used for manufacturing comprise synthetic fibers and natural. The synthetic fibers that are used for these applications are manufactured by the combination of some special chemical processes on various natural fibers to impart the new properties. These fibers have greater qualities, such as higher strength, than manmade fibers; hence, they are widely used not only for apparel use, but also in other different applications such as medical, automotive, and others.
Restraint: High cost of finished products affect s the pricing structure of the intermediate industry
The complex procedure of technical textiles manufacturing is a restraint to the market participants as it requires advanced infrastructure which is cost sensitive. Along with this, high cost of raw material procurement inevitably raises the total cost of finished product to an extent where the manufacturers are left with limited opportunities for profit margin. On the other hand, the high price of technical textiles products affects the pricing structure of the intermediate industries which makes the final product available to the customer.
Opportunity: Proliferation of new technologiesWith the technological enhancement, the textile industry has witnessed high growth in most of its product segments, especially for technical textiles. New technologies are expected to bring down the production cost, thus making manufacturing of technical textile commercially feasible. The improved technologies in spinning, weaving & knitting segment, such as melt spinning, thermo-forming, and three dimensional weaving & knitting wet spinning, have made it possible to produce technical textiles fibers with functional properties required for technical textiles. The production of high performance fibers is largely grounded in technologically advanced countries such as the US, Japan, Canada, and some European countries and is progressing in developing countries such as India, China, and Korea.
