Momentous growth of construction industry is subsequently pushing demand for functional textiles. With sales of heat & fire resistant, protective & insulating, chemical & stain resistant, and highly durable fabrics climbing at a pace, technical textiles market is expected to witness healthy growth in the near future. In 2018, global technical textiles market recorded revenues worth US$ 174 Bn, as indicated by a recent report of Future Market Insights (FMI).
Growth of textiles industry has been phenomenal in developing countries such as BRIC, particularly India. This growth continues to efficiently cater to both export and domestic markets. Considering the support from government and investments by stakeholders in this sector, the technical textiles market in India should shape up rapidly in the near future.
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Key Takeaways – Technical Textiles Market Study
- Technical textiles are rapidly emerging as a substitute for conventional fabrics, and non-fiber materials such as metals.
- In developed regions such as Europe and North America, textile manufacturers have been shifting from the manufacture of commodity goods to technical products such as technical textiles.
- Growing infrastructural development activities in developing countries worldwide, especially in BRIC countries, is expected to drive the demand for Buildtex – a technical textile that is more durable and effective as compared to conventional textile materials.
- Indutech, driven by robust industrial production, would be a prominent application area of technical textiles.
- Governments in various countries such as Germany and India have been supporting growth of the technical textiles industry through various initiatives such as providing taxation benefits on import of technology, and training assistance over operations and marketing.
- As environmental sustainability has become a global concern, demand for technical textiles for applications such as erosion protection, waste treatment/recycling, and water treatment is likely to ascend in the near future.
Acquisitions to be on Priority
The highly fragmented competitive landscape of technical textiles market is operated by a large number of local and international brands. The report provides essential insights about prominent leaders in the global technical textiles market. Some key players in the market include Low and Boar PLC, Ahlstrom Corporation., E.I. du Pont de Nemours and Company, and 3M Company. Market leaders are directing their investments to strategic acquisitions and new launches. Milliken & Companyrecently acquired New York-based Springfield LLC, a manufacturer of technical, performance, and flame resistant (FR) fabrics for safety apparel, fire service, military, and occupational markets. They are further expected to focus on solidifying brand positioning in lucrative markets such as Asia Pacific, Eastern Europe, and North America. Product innovation continues to be a constant to stand out.
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For additional insights on the exhaustive analysis of a myriad push and pull factors likely to be shaping the global technical textiles market over the next few years, write to the analyst at press@futuremarketinsights.com
About Chemicals & Materials division of FMI
The Chemicals & Materials division at FMI offers distinct and pin-point analysis about the chemicals & materials industry. Coverage of the chemicals market extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites, and nanotechnology. The team also puts special emphasis on ‘green alternatives’, recycling and renewable technology developments, and supply-demand trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.