The global technical textile market is anticipated to grow at a CAGR of 4.5 per cent from 2015 to 2020. The promising growth of technical textile market is attributed to its versatile nature as a raw material for use in various products such as automotive carpets, geo grids, aprons, and gloves. This versatility is driving increasing adoption by various end-user industries such as construction, automobiles and chemicals.
Technological advancements in technical textile production and increasing demand through exports are major underlying factors anticipated to fuel the demand for technical textiles in the near future. This is expected to offer growth opportunities to technical textile manufacturers, distributors, and product converters.
The trend is even more pronounced in emerging economies of the world such as Brazil, India, Russia and China. Healthy trade relations and government support in these regions has served to boost technical textile export-import activities.
Key driving factors identified in the global technical textile market include robust growth of the automotive sector in emerging markets and government support to SMEs to boost manufacturing. However lower profit margins due to intense competition and toxic waste production can pose challenges. Some major trends identified in the global technical textile market are use of e-textiles in the medical and apparel industry and rapid innovation to meet changing customer preferences.