The global technical textile market which accounted for $148.5 billion in 2014, is expected to expand at a CAGR of 4.5 per cent over the forecast period 2015-2020, according to a leading research agency.

In the Application Type segment, global Packtech technical textile market accounted for 14.3 per cent share of the global technical textile market value in 2014. The global oekotech technical textile market is projected to exhibit higher CAGR of approximately 7 per cent for the year 2015 to 2020.

Mobiltech is another prominent segment which is expected to expand at a CAGR of 5.1 per cent during forecast period. The growth in mobiltech segment is expected to be propelled by positive outlook of automobile production in emerging economies of Asia Pacific region.

Process Type segmentation showed the non-woven process type technical textile dominated with 52.4 per cent share in the global technical textile market, followed by composite and others respectively. The non-woven segment is expected to account $104.8 billion by the end of 2020, expanding at a CAGR of 5.1 per cent during the forecast period.

From regional perspective, Asia Pacific is the largest market for technical textiles, accounting for 39 per cent market share in 2014. India is projected to play an important role due to ease of investment for global technical textile manufacturers, low labor and operational costs, and rapid technological advancements in the country, the report said. (SH)