Global consumption is expected to grow at a CAGR of 5.4% through 2020, indicating steady growth opportunities for textile companies.
Valley Cottage, NY -- (SBWIRE) -- 01/10/2017 -- The global technical textile market is expected to reach US$ 193 billion in revenues in 2020, with global consumption expected to surpass 37 million tonnes. Robust demand from China and India is projected to continue, whereas the demand for advanced materials will become stronger in the U.S. and EU5. Global consumption is expected to grow at a CAGR of 5.4% through 2020, indicating steady growth opportunities for textile companies.
The key factors anticipated to boost demand for technical textiles include,
Steady growth of automotive sector: The automotive sector in emerging economies is anticipated to fuel demand for technical textiles. Use of technical textiles per mid-size car is anticipated to increase from the current 25-27 kg to 34-36 kg by 2020.
Rapid industrialisation in emerging economies: The global industrial production is anticipated to increase by 3.5% to 5% from 2015 to 2020. Owing to steady industrial growth, demand for woven and dust filters, and conveyor belts is expected to receive a boost.
Robust demand from healthcare sector: Demand for Meditech technical textiles is projected to grow in Asia Pacific, as providing affordable healthcare becomes a priority for governments.
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Growing environmental awareness: On the back of mounting concerns over conservation of environment, Oekotech technical textiles are gaining traction among end-users. Demand for Oekotech is expected to grow at a high CAGR during the forecast period 2015-2020.
While the global technical textiles market is anticipated to grow at a steady CAGR, few challenges can restrain growth. High price of finished products has remained a longstanding challenge for end-users, and in price-sensitive markets, it can be a major impediment. Further, the technical textile market is highly fragmented with small and medium scale enterprises in Asia Pacific giving intense competition to European players.
The key trends anticipated to shape up the global technical textiles market include development of e-textiles and robust government support programmes to boost manufacturing of technical textiles. Further, investment in R&D to create advanced technical textiles is also expected to receive an impetus, especially in the U.S. and EU5.
By application, Hometech, Buildtech, and Meditech will remain the highest-selling technical textiles throughout the forecast period 2015-2020, with Homtech technical textile consumption anticipated to reach 6.43 million tonnes by 2020. By process type, non-wovens will continue to have a dominant edge over composites, owing to their versatility in medical and industrial applications.
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Asia Pacific's revenue share of the global technical textiles market is anticipated to reach 44.6% by 2020. Among all the technical textile types, demand for Hometech will remain the strongest. This technical textile segment is expected to account for over one-fourth volume share of the global market by 2020. The U.S. and EU5 countries will remain the other leading markets for technical textiles, with Mobiltech expected to witness the highest demand.
The technical textiles market remains highly fragmented with local players in Asia Pacific offering cost-effective variants of technical textiles. Multinational players are facing a stiff competition from local players, and mergers and acquisitions remain a key strategy for many leading players.