The natural fiber segment is expected to portray the highest CAGR of 5.9% during the forecast period, owing to rising consumer awareness regarding damage caused by synthetic materials to the environment and its beneficial characteristics such as low cost, lightweight, and renewability. However, the synthetic polymer segment dominated the market in 2019, contributing to more than half of the global technical textile market, due to its applications in numerous sectors such as automotive, clothing, construction, and filtration, home furnishing.
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The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The woven segment held the largest share in 2019, accounting for more than two-thirds of the global technical textile market, as process enhances the performance of the material and making it ideal for numerous applications such as coveralls, jeans, and thick work clothes. However, the non-woven segment is expected to portray the highest CAGR of 5.7% during the forecast period, due to rising adoption from filtration membranes manufacturers, and healthcare apparels manufacturers
This makes it important to understand the practical implications of the Technical textile market. To gain a competitive advantage, the players must have something unique. By tapping into the untapped market segment, they can establish a relevant point of differentiation, and this report offers an extension analysis of untapped segments to benefit the market players and new entrants to gain the market share.
The market across Asia-Pacific held the largest share in 2019, contributing to more than one-third of the market. Moreover, the region is anticipated to register the highest CAGR of 5.9% during the forecast period, due to developing or growing consumer base and rising awareness among construction and agriculture sector regarding technical textile benefits. The global technical textile market across North America is expected to register the highest CAGR of 4.5% during the forecast period.
KEY MARKET PLAYERS:
The report provides the SWOT analysis of the key market players Asahi Kasei Corporation, Ahlstrom Munksjö, Baltex, Berry Global, Inc., Berkshire Hathaway Inc., Dupont De Nemours, Inc. (Dupont), Duvaltex, Freudenberg & Co. KG, GSE Environmental, HUESKER Synthetic GmbH, Kama Holdings Limited, KONINKLIJKE TEN CATE BV, Milliken & Company, Mitsui Chemicals, Inc. The latest news related to industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures, collaborations, product launches, market expansions etc. are included in the report for the better understanding of the stakeholders in framing strategic decisions to gain long term profitability and market share.
As per the report, the global technical textile industry generated $201.2 billion in $201.2 billion in 2019, and is expected to reach $274.1 billion by 2027, growing at a CAGR of 5.1% from 2020 to 2027.
NEED FOR THE REPORT:
The current situation of pandemic makes it very important for the stakeholders in the Technical textile market to understand the market deeply, which will help them in taking sound decisions, to gain the competitive advantage. By exploring the unexplored areas of market, the key players can surely gain a larger market share.
Rise in demand for geotextile from the emerging economies and surge in preference for non-woven technical fabric have boosted the growth of the global technical textile market. However, high toxic waste production hampers the market. On the contrary, recyclability improvement is expected to create lucrative opportunities for the market players in the future.
KEY OFFERINGS OF THE REPORT:
- Key drivers & Opportunities: An extensive analysis on key factors and opportunities available in different segments for strategizing.
- Current trends & forecasts: A comprehensive analysis on latest trends, and forecasts for next few years to frame strategic decisions as a next step.
- Segmental analysis: An extensive analysis of each segment and driving factors such as revenue and growth rate is offered.
- Regional Analysis: A thorough analysis of each geographic region can help market players devise expansion strategies and gain from the opportunity.
- Competitive Landscape: Useful insights on each of the leading market players for outlining competitive scenario and related strategies have been offered in the report.
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