With consumption of global technical textile expected to grow at a CAGR of 5.4 per cent through 2020, steady growth opportunities are visible for textile companies. The key factors expected to boost demand for technical textiles include steady growth of the automotive sector, rapid industrialisation in emerging economies, robust demand from healthcare sector and even growing environmental awareness.
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. The global industrial production is anticipated to increase by 3.5 to 5 per cent from 2015 to 2020. Owing to steady industrial growth, demand for woven and dust filters and conveyor belts is expected to receive a boost.
As providing affordable healthcare becomes a priority for governments, demand for Meditech technical textiles is projected to grow in the Asia Pacific. 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.
According to statistics, the global technical textile market is expected to reach $193 billion in revenues in 2020, with global consumption expected to surpass 37 million tons. Robust demand from China and India is projected to continue whereas the demand for advanced materials will become stronger in the US and EU.
By application, Hometech, Buildtech and Meditech will remain the highest-selling technical textiles throughout the forecast period 2015-2020, with Homtech technical textile consumption expected 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.
Asia Pacific’s revenue share of global technical textiles market is expected to touch 44.6 per cent by 2020. Among all technical textile types, demand for Hometech will remain strongest and is expected to account for over one-fourth volume share of global market by 2020. The US and EU countries will remain leading markets for technical textiles with Mobiltech expected to witness the highest demand.