Technical Textile Market size worth $ 285.88 Billion, Globally, by 2028 at 5.15% CAGR: Verified Market Research®
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Global Technical Textile Market Overview
Technical textile is used massively in agriculture, construction, sports, medical and other applications. Increasing construction activities in the major economies of the world with growing demand for various on-road and off-road vehicles is pushing the adoption of technical textile. Growing use medical sector due to its excellent comfort, flexibility, protecting, skin-friendly and cost-effective nature. Expanding demand for implantable and non-implantable textile for better hygiene and healthcare is driving the demand for technical textiles. The growth of this market is further fuelled by favourable government support through promoting manufacturing sector. The Ministry of Textiles, India Government has approved the proposal for creation of National Technical Textiles Mission (NTTM) for improving application of geo-textiles, medical textiles, agro-textile and other technical textiles. This aims to promote awareness amongst users followed by attract in large scale investments in the textile market.
The growth of the agro-textile is expected to surge in the forecast period due to rise in global population at an alarming rate, resulting into adoption of modern techniques to promote outcome. The increased export activities with respect to the technical textiles due to high cross-border demand is favouring the market growth. However, the growth of this market is mainly hampered due to high cost of the product when compared to conventional low-cost alternatives. This is mainly due to hike in the cost of raw materials used for the manufacturing or within the manufacturing process of these technical textiles. Further, the outbreak of the highly contagious and infectious COVID-19 has resulted in the demand for medical and hygiene products promoting the market growth in the FY 2020. Strict movement restriction, halt in the manufacturing activity for essential products and large demand-supply gap, an outcome of trade halts has emerged as roadblock for the market growth in the past year for procuring raw materials. Nevertheless, with economic conditions getting back to normal, the market is expected to grow at a remarkable pace in the years to follow. Ongoing technological advancement due to constant research and development activities by the prominent companies is projected to push the market growth in the forecast period.
Key Developments
Key Players
The major players in the market are Dow DuPont, Ahlstrom Corporation, Johns Manville, GSE Environmental Inc., Royal Ten Cate, Freudenberg & Co., Proctor and Gamble, 3M, Huesker Synthetic GmbH, and Hindoostan Mills.
Verified Market Research has segmented the Global Technical Textile Market On the basis of Material, Process, Application, and Geography.
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