Transparency Market Research has published a new research report titled “Technical Textiles Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018” to their report store.
Albany, NY -- (SBWIRE) -- 01/05/2016 -- Technical textiles refer to the set of high performance fabrics that are used across a number of industries and applications owing to their superior functionality and properties as compared to regular textiles. The global demand for a variety of such textiles has continuously increased in the past few years owing to their rising base of applications in end-use industries such as agriculture, healthcare, construction, packaging, clothing, sportswear, automotives, environment protection, and sportswear and sports equipment. The market for technical textiles is considered to be one of the top five technology intensive markets across the globe with huge potential for future growth. It is also one of the most innovative branches of the global technical textile market.
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Technical textiles are manufactured from filaments, fibers, and yarns and technologies such as three dimensional weaving, three dimensional knitting, thermoforming, finishing treatments, nanotechnology, hand-made methods, and heat-set methods. Of these, two dimensional weaving, three dimensional weaving, and thermoforming are the most widely used methods for manufacturing technical textiles. Over the next few years, the potentially limitless set of opportunities for product innovation and development offered by nanotechnology is expected to lead to an increased use of this technology in the field of technical textiles.
Rate of Innovation and Technological Advancement Determine Market's Performance
The market for technical textiles has significantly benefitted from years of strenuous research and development activities aimed at improving product features such as weatherability, toughness, strength and durability. The rate of innovation and technological advancements in the market for technical textiles is a direct representative of overall development of the market. In the past few years, as the rate of innovation and technological advancements has increased, the set of applications of technical textiles has also significantly expanded. The rapid expansion of the global automotive industry in the past few years has also propelled the global technical textiles market.
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According to a market research report published by Transparency Market Research, the global market for technical textiles will expand at a 3.30% CAGR between 2012 and 2018. At this pace, the market, which had a valuation of US$133.93 bn in 2012, will reach US$160.38 bn by 2018.
The need for continuous investments aimed at research and development of technologically advanced and innovative products makes the global technical textiles market a capital-intensive marketplace. It is due to this factor that only a handful of companies collectively account for a major share of the market. Key market players such as Companhia Providência, Kimberly Clarke Corporation, DuPont, Freudenberg & Co. Fiberweb PLC, KG, Polymer Group Inc., TWE Group, Johns Manville, and Ahlstrom Corporation collectively accounted for a nearly 70% of the global market in 2011.
Sheer Volume of Consumption Gives Asia Pacific Dominant Position in Global Market
In 2011, Asia Pacific accounted for over 45% of the global technical textiles market. In the past few years, the strong industrial base of the region has led to a significant rise in demand for a variety of technical textiles, allowing the region to surpass dominance of traditionally strong markets such as Europe and North America. The region is expected to hold sway over other key regional markets in the coming years as well.
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