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Construction, auto sectors boost technical textiles market

22 Jun '15

2 min read

With exhaustive applications in various industries, technical textiles is poised to witness strong growth, Global Industry Analysts, Inc . said in a comprehensive global report on technical textiles.

Supported by superior performance attributes, applications of technical textiles are far reaching, ranging from simple use in agriculture, furnishing, packaging and clothing to the more complicated filtration, construction, medical, automotive, and environmental protection applications.

According to the report, the global market for technical textiles is projected to reach $168.3 billion by 2020, driven by robust demand from the construction and automotive sectors.

Growth prospects also emerge from government regulations mandating the use of technical textiles such as geosynthetics in all infrastructure development projects.

Rising income levels, rapid urbanization, strong industrialization, expanding manufacturing base, growing middle class population, and aging population are other macro factors that bode well for the growth of technical textiles.

Continuous research and development, as a result of increased focus of manufacturers and researchers alike in bringing innovative products to the market, is poised to propel growth in the future.

Advanced technological breakthroughs in textile technologies used in medical applications have expanded the application scope from simple wound-dressing products to sophisticated products used in surgeries and diagnostics. Nanotechnology is an emerging production technology for technical textiles. Driven by strong research and development, nanotechnology is expected to overtake current knitting, weaving and thermoforming technologies. Another major trend positively impacting the market is the migration of production technologies towards technical textiles, given the increased margin of returns on investments.

Asia-Pacific represents the largest as well as the fastest growing market with a CAGR of 6.9 per cent over the analysis period. Strong demand from manufacturing, industrial, automotive and construction sectors; steady economic growth; favorable government policies; and numerous infrastructure development projects in the pipeline are factors spurring growth in the region. (SH)

Fibre2fashion News Desk – India