Technical Textiles Market Size to Reach USD 195.36 Billion by 2026; Owing to Rapid Urbanization and Rising Demand From Application Such as Civil Engineering and Construction, Says Fortune Business Insights - Seite 2

Besides this, the report throws light on the competitive landscape of the market, the list of players operating in it and the major strategies adopted by them to gain a competitive edge in the market. The report is available for sale on the company website.

Market Drivers:

Increasing Demand for Advanced Technical Textiles for Household Furnishing Applications will Drive Market

The increasing demand from applications such as cleaning and conveying industrial equipment, agriculture and horticulture, environmental protection, sport and leisure, household furnishing and coverings, packaging industry, and personal protective equipment among others, serves as the key technical textiles market growth driver.

Besides this, the multi-dimensional properties such as high versatility, strength, durability, and lightweight will also boost the market. In addition to this, the high chemical, mechanical, and thermal resistance properties of these textiles will aid in the expansion of the market in the forecast period.

On the contrary, technical textiles are highly expensive as compared to conventional textiles and this may pose a major threat to the market size in the forecast period. This, coupled with the high cost of manufacturing and the need for more skilled manpower may cause major hindrance to the market in the long run. Nevertheless, the constantly evolving technology and product innovations will also create lucrative growth opportunities for the market in the coming years.

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Regional Segmentation:

Asia Pacific will Dominate Market with Presence of Major Manufacturing Nations

Geographically Asia Pacific held the largest technical textiles market share with countries such as Japan, China and Japan emerging as the key markets. This is further attributed to the abundant availability of raw materials in the region and the favorable growth of textile end-use industries such as packaging, automotive, construction, clothing, and others.

In addition to that, India is the fastest-growing market owing to increasing investment by the national government to support the textile business. However, North America witness significant growth and earned a revenue of $44.18 billion in 2018. Growth in this region is attributed to the well-established industrial sector and the presence of the largest import-export textile nation, namely, the U.S.