Technical textiles refer to textile materials and products manufactured primarily for non-aesthetic functional purposes. They include textiles for automotive applications, medical textiles, geotextiles, agrotextiles and protective clothing among others. These types of textiles bring together fabric and material which has special mechanical properties or uses chemically or physically modified fibers. The various applications of these textiles include apparel such as healthcare worker’s uniforms or scrubs, medical masks, hygiene products, medical textiles used in implants, prosthetics, bandages and other wound care products. With growing health awareness and rising cases of accidents, the demand for technical textiles in the medical industry has increased substantially over the past few years.

The global technical textile market is estimated to be valued at US$ 4575.47 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the major drivers for the technical textile market is the increasing demand from the medical industry. As highlighted earlier, various medical textiles find wide applications as healthcare clothing, surgical equipment and medical devices used in surgeries, implants, prosthetics and wound care management. With rising incidence of accidents and chronic diseases globally, the demand for advanced medical treatments has increased. This has significantly driven the demand for specialized technical textiles with properties like strength, absorbency and stretchability required for medical applications. Furthermore, growing geriatric population prone to injuries and diseases also contributes to the growth of the medical textiles market. According to the UN report, the population aged 60 years and above is expected to double from 12% to 22% between 2015 and 2050. The increasing aging population will propel the demand for technical textiles in the healthcare and medical industry during the forecast period.

SWOT Analysis

Strength: Technical textiles are highly durable and resistant to environmental stresses and have excellent technical properties which make them suitable for various industrial applications. They help improve comfort, durability, and functionality of end use products. Growing construction, automotive sectors also contribute to the growth of technical textiles market.

Weakness: High initial investment required for setting up manufacturing facilities for technical textiles. Fluctuations in raw material prices also increases production costs. Lack of awareness about technical textiles in some regions hampers market growth.

Opportunity: Rising applications of technical textiles in developing economies due to increasing infrastructure projects provides new opportunities. Growing healthcare sector also stimulates demand for technical textiles in medical fabrics. Development of new innovative product variants using nanotechnology further expands growth prospects.

Threats: Stagnant economic conditions in some countries negatively impacts demand from end use industries. Stringent environmental regulations regarding disposal of non-biodegradable technical textiles also pose threats. Substitute products limits revenue generation potential to some extent.

Key Takeaways

The Global Technical Textile Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by a CAGR of 7.6%. The market size for Technical Textile is projected to reach US$ 4575.47 Million by 2030 from US$ US$ 2430.23 Million in 2023.

Regional analysis comprises: The Asia Pacific region dominates the global technical textiles market and is expected to maintain its leading position during the forecast period as well due to rapid industrialization and infrastructural development activities in major economies like China and India. Growing product demand from healthcare, automobile, and construction industries stimulates market growth in the region.

Key players related content comprises: Key players operating in the Technical Textile market are Canary Whistleblowing System, Convercent, EQS Group AG, Ethicontrol, OU, Expolink Europe Ltd, GlobaLeaks, Got Ethics A/S., NAVEX Global, Inc., OneTrust, LLC, Safecall Ltd, Whispli Inc., WhistleB solution, WhistleBlower Security, Your Call, and EasyWhistle. These players are focusing on new product launches and expansion strategies to gain competitive advantage in the market.

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