VALLEY COTTAGE, N.Y.--(BUSINESS WIRE)--The global technical textiles market will reach US$ 193.7 Bn by 2020, amplifying at a compound annual growth rate (CAGR) of 4.5% during the forecast period 2015-2020, according to Future Market Insights’ latest research report, “Technical Textiles Market: Global Industry Analysis and Opportunity Assessment 2015-2020.”
The key factors fuelling the growth of the technical textiles market include robust growth of the automotive sector in emerging markets and increase in number of end-use industries across various regions.
According to FMI, the key challenges for the global technical textile market are high pricing of finished products and concerns about toxic waste production.
Demand for e-textiles is growing in emerging economies, and FMI estimates this trend to become more pronounced in the near future. Key players are focusing on research and development (R&D) activities to enhance the wearability of this textile material.
The technical textile industry is witnessing rapid innovations to meet the changing preferences of consumers. It is also expected that government support programmes will provide an impetus to the manufacture of technical textiles.
FMI has segmented the global technical textiles market on the basis of product type into non-woven, composite, and others (knitting, braiding, and weaving). According to FMI, the non-woven segment has the largest share in the technical textiles market, accounting for 52.6% share in 2015. FMI expects this segment to expand at a CAGR of 5.1% during the forecast period 2015-2020.
The composite segment held a 14.7% share of the global technical textiles market in 2015. FMI estimates it to lose 30 BPS during the forecast period and account for 14.4% market share by 2020.
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The others segment, which includes knitting, braiding, and weaving, accounted for 32.7% share of the technical textiles market in 2015. FMI estimates this segment to expand at a CAGR of 3.8% during the forecast period and reach a valuation of US$ 61 Bn.
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