The technical textile market in Asia-Pacific region is expected to be the largest textile market in the globe over the forecast period (2017-2027), according to a report published by Future Market Insights (FMI). The market is estimated to reach valuation of more than US$ 260 Bn by 2027-end, witnessing expansion at steady CAGR of single-digit. An increasing demand for technical textiles market is likely to be observed among Asia-Pacific countries such as China and India.
In terms of consumption, the market is anticipated to experience a huge growth, reflecting volume CAGR of single-digit. Over 34 Mn tonnes of technical textiles are estimated to be consumed throughout the globe by the end of 2017 and this consumption value is likely to reach 57 Mn tonnes by the end of 2027. The applications that can be found by technical textiles in civil and geotextiles engineering are named as geo textiles. Some major applications are soil reinforcement, erosion control, ground stabilization etc. The geotech segment, by application type is estimated to be valued at nearly US$ 7 Bn by the end of 2027. Increasing number of applications in civil engineering field like stabilization and separation, reinforcement and filtration are anticipated to propel demand for industrial textiles during the assessment period.
However, owing to large cost of technical textiles, compared with its substitutes, the technical textiles market will experience sluggish expansion over the forecast period, in terms of revenues.
Asia-Pacific Region to Remain Largest Market for Technical Textile
The report also states that over half of the revenues of global textile market will be procured by Asia-Pacific region. The market in several regions such as Western Europe, Middle East & Africa, Eastern Europe, and North America are expected to exhibit sluggish expansion, while Asia-Pacific region will experience rampant growth at 6.8% CAGR in terms of value. On the other hand, technical textile sales in Latin America will witness comparatively favourable expansion at single-digit CAGR.
Some leading companies operating in the market are profiled in the report such as Freudenberg & Co. KG, E.I. du Pont de Nemours and Company, Ahlstrom Corporation, Milliken and Company, Avintiv, Arville Textiles Ltd., Dickson-Constant, 3M Company, Baltex and Low, and Boar PLC. The report also unveils that more than one-fifth of technical textiles manufactured across the globe are secured for mobiletech applications. Further, high demand for technical textiles can be experienced among oekotech, buildtech, geotech, meditech, and indutech applications. Considering manufacturing processes of technical textiles, nearly half of the technical textiles manufactures across the world are likely to be non-woven by 2027-end and this segment is expected to witness over 5% value CAGR through 2027.
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