Press release
Technical Textiles Market Is Forecasted To Expand At 5.3% CAGR And Reach US$ 406 Billion By 2034, Fact.MR
Technical textiles are engineered materials valued for their functionality rather than aesthetic appeal, serving various sectors such as automotive, healthcare, and construction. They stand out for their superior performance, leveraging advanced components such as carbon fibers and aramids to deliver strength, durability, and adaptability. Notably lightweight yet robust, these textiles are favored in aerospace and automotive applications. Moreover, they prioritize environmental considerations by employing eco-friendly materials and sustainable production methods.
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The market is growing due to rising demand across various sectors such as automotive, healthcare, and construction. Advances in material science and technology, especially the creation of advanced and high-performance fibers, play a crucial role in driving this expansion.
Nevertheless, staying abreast of continuous technological advancements presents challenges in adopting and integrating new materials and manufacturing methods. The technical textile sector frequently demands substantial investments in research, development, and specialized equipment, which may serve as barriers for new players entering the market.
Key Takeaways:
• India has positioned itself as a prominent consumer and manufacturer of polyester, holding the second position in global polyester production and making a substantial contribution of approximately US $20 Bn to the overall market size.
• In the last ten years, China has become one of the most profitable markets, propelling the utilization of technical textiles. The present market value for technical textiles in China is US $60 billion. Moreover, the anticipated growth rate for demand in China is approximately 5.7% over the coming decade.
• The application of technical textiles in mobile technology is expected to account for approximately 20% of the global market share, driven by the growing prevalence of electric vehicles in the automotive market.
The rising demand for technical textiles in the automotive sector driven by electric vehicles, increasing applications in mobile technology, and expanding opportunities in Asian nations such as China, and India are driving the market growth- Says FACTMR Expert
Top Fortune Companies Profiled in This Report
• 3M Company
• Ahlstrom Corporation
• Arville Textiles Ltd.
• Asahi Kasei
• Avintiv
• Baltex
• Berry Global
• Dickson-Constant
• E.I. du Pont de Nemours and Company
• Freudenberg & Co. KG
• Huntsman Corporation
• International Textile Group
• Kimberly-Clark Corporation
• Koninklijke Ten Cate B.V.
Market Competition
To establish a strong market share, key companies in the technical textile market have been focusing on innovation, and investing in research for new products like smart textiles and sustainable materials.
• In January 2022, Asahi Kasei Advance unveiled the inauguration of an Airbag Fabric facility in Vietnam. The textiles produced at this location boast exceptional strength, durability, and heat resistance.
• In May 2021, 3M revealed the introduction of 3M Thinsulate technology, incorporating 60% post-consumer recycled material. The company's goal is to drive innovation and research in technical textiles, aiming to secure a competitive advantage through high-performance materials.
Winning strategies
One of the most successful strategies in the market is to focus on high-value applications like automotive textiles, geotextiles, medical textiles, and protective textiles. This approach involves specializing in the development of advanced products that meet strict performance requirements.
Investing in smart textiles with built-in sensors and IoT capabilities is a good strategic move in the business. This involves creating fabrics that can sense, collect, and transmit data, opening up new possibilities.
In this industry, a successful approach involves adopting Industry 4.0 technologies to digitize manufacturing processes and boost efficiency. By incorporating tools like IoT and AI, companies can upgrade their production methods for better precision and responsiveness.
Read More: https://www.factmr.com/report/technical-textile-market
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