The global Technical Textile Market is estimated to be valued at US$ 203.23 Bn in 2023 and is expected to exhibit a CAGR of 5.29% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Technical textiles are engineered products that are designed for specific applications and provide functional and performance advantages over conventional textiles. These textiles are specially designed to meet the requirements of varied industries such as automotive, construction, sports, healthcare, and aerospace. The key advantages of technical textiles include enhanced durability, strength, and resistance to extreme conditions. The growing need for high-performance fabrics with specialized features for various applications is driving the demand for technical textiles in the market.
Market Key Trends:
One key trend observed in the Technical Textile Market Size is the increasing adoption of smart textiles. Smart textiles are fabrics that incorporate electronic components, sensors, and other advanced technologies to provide additional functionalities such as monitoring, sensing, and communication. These textiles are being widely used in the healthcare industry for applications such as remote patient monitoring, wound care, and drug delivery systems. The integration of electronics and sensors into textiles is expected to revolutionize various industries and drive the growth of the technical textile market.
Porter’s Analysis
Threat of New Entrants: The technical textile market poses a moderate threat of new entrants due to the high capital investment required for setting up manufacturing facilities and research and development. Additionally, existing market players have strong brand recognition and established distribution networks, making it difficult for new entrants to gain market share.
Bargaining Power of Buyers: The bargaining power of buyers in the technical textile market is high as they can easily switch between suppliers based on price and quality. With a wide range of technical textile products available in the market, buyers have the option to choose the best fit for their specific needs.
Bargaining Power of Suppliers: The bargaining power of suppliers in the technical textile market is moderate. While there are multiple suppliers available in the market, the specific requirements of technical textiles may limit the number of qualified suppliers. As a result, suppliers have some leverage in negotiating prices and terms.
Threat of New Substitutes: The threat of new substitutes in the technical textile market is low. Technical textiles offer unique properties and functionalities that cannot be easily replicated by other materials. The cost and time required for developing new substitutes also act as a deterrent for potential competitors.
Competitive Rivalry: The competitive rivalry in the technical textile market is high. The market is dominated by a few key players who continually strive to innovate and improve their product offerings. This leads to intense competition to gain market share and maintain profitability.
Key Takeaways
The global technical textile market is expected to witness high growth, exhibiting a CAGR of 5.29% over the forecast period of 2023-2030. This growth can be attributed to increasing demand from end-use industries such as automotive, construction, healthcare, and sports.
In terms of regional analysis, Asia Pacific is projected to be the fastest-growing and dominating region in the technical textile market. The region’s rapid industrialization, infrastructure development, and growing population are driving the demand for technical textiles.
Key players operating in the technical textile market include Low & Bonar PLC, Ahlstrom Group, E. I. du Pont de Nemours and Company (DuPont), 3M Company, Polymer Group Inc., Milliken & Company Inc., Arville Textiles Ltd., Dickson-Constant, Baltex, and Freudenberg & Co. KG. These companies are actively involved in product development, mergers and acquisitions, and collaborations to expand their market presence and gain a competitive edge.
Overall, the technical textile market presents lucrative opportunities for both existing players and new entrants. However, the intense competition and the need for continuous product innovation pose challenges to market players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
