Size of the technical textiles market was worth USD 143.7 billion in 2014. It is poised for USD 196.2 billion by 2022. Growing automotives industry in Latin America, Middle East, and Asia Pacific is a viable market driver. The market is anticipated to have a demand of 35.5 million tons by 2022, at around 3.8% CAGR during the forecast phase (2015 – 2022).
Technical textiles are versatile and possess better strength & superior technical performance. This is why, they are preferred over their counterparts. These textiles are used for floor coverings, rubber products, composites, and insulating products.
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The technical textiles market faces hindrances in the form of high raw material costs. But rising acceptance of geotextiles provides novel opportunities for Asia Pacific and Latin America. Key global market players make R&D investments to manufacture ‘varying grades’ of technical textiles. These grades are developed according to customer specifications & demand. This is also expected to propel the market in the seven years ahead.
Some of the technologies used to manufacture technical textiles include 3D knitting, 3D weaving, finishing treatments, and thermoforming. The remaining ones are nanotechnology, heat-set methods, hand-made methods, and others. 3D knitting and weaving are highly renowned. 3D weaving led the market in 2014, accounting for one-fourth of the overall volumes.
This technology is used to manufacture surgical implants, conveyor belts, spacer fabrics, and geotextiles. Nanotechnology should record about 4.2 % CAGR over the forecast period due to its use across various industries. Thermoforming is a form of ‘heat treatment’ used in the sectors of mobiltech, hometech, packtech, and indutech.
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End-users of the technical textiles market comprise mobiltech, indutech, sportech, buildtech, clothtech, hometech, meditech, agrotech, packtech, and protech. Meditech and buildtech are projected to be the fastest growing end-users till 2022. This could be attributed to infrastructural investments in South & Central America and Asia Pacific.
Mobiltech accounted for over 15% volumes in 2014. Higher demand from the automotives industry led to the same. Meditech may register 4.6% CAGR in the future. This can be expected from increased medical expenses in India & China and high-class medical infrastructure in developed regions like North America and Europe.
Prominent players in the worldwide technical textiles market are Avintiv, Kimberley Clark Corporation, Johnson & Johnson, and Ibena Textilewerke GmbH.
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