WILMINGTON, DE / ACCESSWIRE / September 15, 2022 / Transparency Market Research Inc. - In 2020, the value of global technical textiles market stood over US$ 180.9 Bn. The market is projected to advance at a CAGR of 6.2% during the forecast period, from 2021 to 2031. The global technical textiles market is anticipated to touch valuation of US$ 350.6 Bn by 2031. The global market for technical textiles market is likely to expand as a result of the rising adoption of technical textile fiber in a variety of end-use applications, including automotive, healthcare, and fashion. Many Technical textiles market manufacturers are seeking to enhance their production capacities to meet the steadily increasing demand from many end-use industries due to its high efficiency and functionality.
In order to stay competitive, market participants are putting a lot of emphasis on product innovation. In the future years, the technical textiles industry is projected to grow due to exponential growth in the number of end use businesses throughout the world. Besides, the market is expected to grow over the next years owing to technological developments in the production processes. However, a significant element affecting market growth is the high cost of finished products together with challenging production processes.
In response to escalating demand from various end-use industries, top players in the global technical textiles market are spending more and increasing their production capacity. Key manufacturers with operations in the technical textiles sector are becoming more prevalent. As their competitiveness intensifies, the demand for technical textiles market is expected to rise and producers are presented with opportunity to grab more value.
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Key Findings of Market Report
- Due to the rising demand from customers throughout the world for masks, PPE kits, as well as other medical equipment, producers in the technical textiles market particularly benefitted from the coronavirus epidemic. The global market saw enormous prospects as a result of rising disposable medical clothing sales. In the COVID-19 epidemic, small and medium-sized businesses have also benefitted.
- By producing high-quality items, manufacturers are expanding their output capacity. The growth prospects for technical textiles market are being driven by the expanding uses of technical textile materials in a variety of industries, including sportswear & sports equipment, healthcare, apparel, construction, packaging, automotive, and so on.
- The markets for technical textiles are expected to develop most rapidly in the Asia Pacific region, particularly in Japan, India, and China. The market in Asia Pacific is being driven by the rising demand for technical textiles with high performance. Asia Pacific is expected to observe a rise in the use of technical textiles due to rising knowledge of their superior functionality, supply of low-cost raw resources, and industrialization.
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Global Technical Textiles Market: Key Players
Some of the key market players are
- DuPont de Nemours, Inc.
- Asahi Kasei Corporation
- Kimberly-Clark Corporation
- The TWE Group
- Berry Global Group
- Freudenberg & Co. KG
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Global Technical Textiles Market: Segmentation
- Three Dimensional Weaving
- Three Dimensional Knitting
- Heat-set Synthetics
- Finishing Treatments
- Hand-made Elements
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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