Asia Pacific may be the world’s largest market for technical textiles during 2017 to 2027. More than 50 per cent of global technical textile revenues will be accounted for by the Asia Pacific region. Demand is likely to gain traction across Asia Pacific countries such as India and China. This market will register expansion at a value CAGR of 6.8 per cent. Global market for technical textiles is projected to grow at below average pace and register a value CAGR of 4.6 per cent. In terms of consumption, the market will exhibit a volume CAGR of 5.3 per cent.
Over 20 per cent of technical textiles produced in the world are procured for mobiltech applications. Demand for technical textiles is also expected to remain high across buildtech, indutech, meditech, geotech and oekotech applications. With respect to process used for manufacturing technical textiles, more than 45 per cent of technical textiles produced across the globe will be non-woven by the end of 2027. And this segment is likely to exhibit a value CAGR of more than five per cent.
Regions such as North America, western Europe, eastern Europe and the Middle East and Africa will showcase sluggish growth through 2027. Sales of technical textiles in Latin America, on the other hand, are likely to depict a relatively favorable growth at 4.5 per cent CAGR.