Technical Textile Market, By Application (Agrotech, Buildtech, Hometech, Indutech, Sportech, Packtech, Mobiltech, Meditech, Clothtech, Geotech, Protech, Oekotech), By Process (Non-woven, Composites, and others), and By Regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa (MEA) -

Published In : Jan 2023

Code : CMI723

Pages :140

Formats :

Excel and PDF

Industry : Advanced Materials

Technical Textile MarketSize and Trends

The Global Technical Textiles Market is valued at US$ 203.23 Bn in 2022 in terms of revenue, exhibiting a CAGR of 5.29% during the forecast period (2023-2030).

Market Trends

Increasing disposable income and changing lifestyle of consumers, such as growing participation in sports activities due to growing health and wellness trend, is projected to fuel the market growth. Moreover, increasing spending on functional and sports apparel that are part of Clothtech and Sportech segments is again expected to foster market growth. Thus, Clothtech and Sportech segments are expected to gain significant share in the market due to the growing purchasing power of the consumers.

Growing strategic mergers and acquisitions by the key manufacturers is one of the key trends in the market. This ongoing trend is expected to bolster the market growth over the forecast period. For instance, in May 2020, the global technology group Freudenberg acquired 100% of the shares in Low & Bonar PLC, London, U.K. Low & Bonar is a global manufacturer of technical textiles.