The technical textile market is expected to witness significant growth in the future with the increasing popularity of its benefits and its high number of applications across various industries. Rapid industrialization, growing automotive demand, and high infrastructure investments, especially in emerging markets are expected to drive the global technical textile market. The technical textile market is projected to reach USD 220.37 billion by 2022, at a CAGR of 5.89% from 2017.
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Based on material, the technical textile market is segmented into natural fiber, synthetic polymer, regenerated fiber, mineral, metal, and specialty fiber. The synthetic polymer segment is projected to grow at the highest CAGR from 2017 to 2022. These polymers have superior qualities than regular man-made fibers; therefore, they have wide industrial application.
Based on process, the technical textile market is segmented into woven, non-woven, knitted, and others. The woven segment is projected to grow at the highest CAGR from 2017 to 2022. Woven technical textiles find application in various industries such as medical & healthcare, household care, automobile, and others. The growth in these industries can be attributed to the rise in disposable income levels and rapid urbanization, which are subsequently driving the woven technical textile market.
Based on application, the mobiltech segment is projected to grow at the highest CAGR from 2017 to 2022. Growing demand in the automobile industry has been one of the most important drivers for the technical textile market, and it is expected to grow further over the next seven years. The revenue generated through sales of technical textile is expected to increase as a consequence.
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The technical textile market in the Asia Pacific region is projected to grow at the highest CAGR from 2017 to 2022; China projected to be the fastest-growing market, by country. According to the Population Reference Bureau, the fastest-growing consumer markets of China, India, and other Asia Pacific countries had a combined population exceeding four billion people (as of 2014), which is projected to become an increasingly important driver for global consumption of technical textile over the next two decades, led by the rapidly rising household incomes and the fast-growing middle-class population. Increased construction spending in emerging countries is expected to trigger the demand for technical textiles in buildings and construction which in turn is expected to drive the growth of the market.
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