February 28, 2024
Technical Textile Market

Technical Textile Market Expected to Propel with Significant Demand from Automotive Industry

Technical textiles refer to textiles that are engineered for non-aesthetic functional purposes and are essential materials across industries like automotive, construction, protective wear, Agriculture, and healthcare among others. These include textiles with special finishes or constructions that provide additional properties such as durability, strength, insulation etc. Some key technical textile products include ropes & nets, geo-textiles, medical textiles, industrial fabrics etc.

The global technical textile market is estimated to be valued at US$ 5270.95 Mn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

The global technical textile market is expected to be flourished by significant demand from automotive industry. Technical textiles are extensively used across various automotive applications including interior components, composites, safety devices and more. Lightweight materials made from technical textiles helps automakers meet stringent emission targets while improving fuel economy. Technical textiles provide qualities like strength, durability and heat & chemical resistance required for automotive components. Technical nonwoven textiles are also gaining popularity as interior materials in vehicle cabins owing to their excellent acoustical and thermal insulation properties.

Market Dynamics:

As mentioned earlier, significant demand from automotive industry remains a key growth driver for the technical textile market over the forecast period. With growing global vehicle production and stringent emission regulations, use of lightweight technical textiles is expected to surge in the coming years. Additionally, rapid urbanization and infrastructure development in developing economies will fuel construction activities which in turn will boost demand for geo-textiles and industrial fabrics. These materials provide stability, drainage and reinforcing properties required for construction projects. Growing healthcare expenditure and rising prevalence of chronic diseases is also propelling the medical textiles segment. Technical textiles are extensively used in surgical gowns, wound care products, implants and more.

Segment Analysis
The technical textile market can be segmented into mobile and wearable technology, medical textiles, industrial textiles, and others. The medical textiles segment dominated the market in 2024 and is expected to continue its dominance during the forecast period. Medical textiles find wide applications in surgical equipment, implant materials, non-implantable products, healthcare & hygiene products, and others. The increasing demand for advanced medical products is a key factor driving the growth of this segment.

PEST Analysis
Political: The government support through regulations and initiatives towards development of advanced technical textiles is contributing to market growth. For instance, the EU supports technical textiles industry through its research and innovation programs.
Economic: Rising disposable incomes globally are increasing consumer spending on healthcare and industrial sector, fueling demand for technical textiles. Developing economies offer ample opportunities due to growing industrial and healthcare industries.
Social: Rapid population aging is driving the demand for advanced medical devices and healthcare services. There is increasing awareness about benefits of technical textiles in various end-use industries.
Technological: Adoption of cutting-edge production technologies help manufacturers develop superior quality technical textiles. Advancements in material science are widening the application scope of technical textiles in industries. IoT and AI are augmenting capabilities of smart textiles.

Key Takeaways

The global technical textile market is expected to witness high growth during the forecast period. Global Technical Textile Market Demand is estimated to be valued at US$ 5270.95 Mn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.

Asia Pacific currently dominates the market and is expected to maintain its leading position through 2031. Countries such as China, India, and Japan are major contributors to the regional market growth due to their large manufacturing sector and rising demand for medical devices and smart textiles.

Key players operating in the technical textile market are Koninklijke Philips NV, Dymedix Diagnostics, Medtronic PLC, CooperSurgical Inc., Cognionics Inc., Ambu A/S, 3M Company, Nihon Kohden Corporation, CONMED Corporation, and Natus Medical Incorporated, among others. Koninklijke Philips NV is one of the leading player in medical device market and is continuously expanding its technical textile portfolio through new product launches and strategic collaborations.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it