A recently released report from Transparency Market Research (TMR) forecasts that the global technical textiles market will grow at a CAGR of 3.3% from 2012 and 2018. TMR, a market intelligence firm based in the U.S., states that by 2018, the global technical textiles market will reach a market value of US$160.38 billion from US$133.93 billion in 2012. The report, titled ‘Technical Textiles Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018’, is available for sale on the company website.
According to this market research report, innovation plays a vital role in determining the performance of the global technical textiles market. Some of the factors that drive this market are a surging demand from the global automotive market, excellent physical properties of technical textiles, and product development led by innovation. Technical textiles refer to high-performance textiles that are used in place of regular textiles. Over the past couple of years, the demand for technical textiles has been increasing significantly owing to their superior functionality and physical properties and greater research and development.
This TMR research study segments the global technical textiles market on the basis of technology, end users, and geography. Based on technology, this market is categorized into hand-made elements, finishing treatments, heat-set synthetics, fabrics produced using nanotechnology, three-dimensional knitting, three-dimensional weaving, and thermo-forming. Owing to their widening application scope, much of the demand for technical textiles comes from various end-use industries such as automotive, sports equipment and sportswear, environmental protection, construction, healthcare, packaging, clothing, and agriculture. On the basis of end users, this market is categorized into packtech, protech, agrotech, meditech, clothtech, hometech, buildtech, sportech, indutech, mobiltech, and others, which includes geotech and oekotech.
The geotech segment is a very crucial one, and is anticipated to be the fastest growing segment during the forecast period. The global technical textiles market is considered to be a highly lucrative market within the global industrial platform. Moreover, this market is one among the five leading global markets that are technology-intensive. Geographically, the research study segments the global technical textiles market into Asia Pacific, Europe, North America, and Rest of the World. The highest share in the overall market for technical textiles is held by the Asia Pacific market. In 2011, Asia Pacific held a 45% market share and is anticipated to retain its dominant market position in the forthcoming years. Europe and North America are also two strong players in the global technical textiles market owing to superior technological support.
A glaring challenge to the global technical textiles market is that it is a highly fragmented one. The steep costs of finished products also affect the pricing policies of the end-use industries. However, the growing global popularity of geotextiles is expected to create lucrative opportunities in the global technical textiles market in the years to come. The report profiles the following key companies in the global technical textiles market: Andritz Perfojet SAS, Southwest Nano Technologies Inc., Precot Meridian, Alexium International, Lenzing, Ontex, Procter and Gamble, and Polymer Group Inc.
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