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Global tech textiles MKT: Asia-Pacific region poised to grow fastest

22
Mar '21
Pic: Ficci
Pic: Ficci
The global technical textiles market is estimated at $193 billion in 2020 and is expected to reach $274 billion by 2027, growing at a compounded annual growth rate (CAGR) of 5.1 per cent during 2020-27, backed by increasing global demand for technical textiles across industry and an expanding base of new products based on application research, according to a new report.

The report, titled ‘Technical Textiles: Emerging Opportunities and Investments’ was released recently by KPMG and the Federation of Indian Chambers of Commerce and Industry.

The Asia-Pacific region is poised to grow fastest and is valued at $68.8 billion in 2020 and is projected to grow at an impressive rate with a CAGR of 5.9 per cent to reach $102.6 billion by 2027. This growth is attributed to sectors, including healthcare, automotive, construction and industrial development in the region.

The Europe region is valued at $55.5 billion in 2020 and is projected to grow at a CAGR of 5.2 per cent to reach $79.3 billion by 2027, while the North America region is valued at $47.8 billion in 2020 and is estimated to grow at a CAGR of 4.5 per cent to reach $65.1 billion by 2027.

Among materials, the natural fibre segment is expected to grow the most with a CAGR of 5.5 per cent in terms of volume during 2020-2027. This is attributed to rise in demand for eco-friendly and sustainable products across industries like packaging, automotive and healthcare.

The synthetic fibre and regenerated fibre segments are poised to grow at CAGRs of 4.4 per cent and 5 per cent respectively during the period.

The woven segment accounted for the highest share of 67 per cent, followed by non-wovens (16 per cent), knitted (11 per cent) and others (6 per cent) in 2020. The projected growth of wovens, knitted and non-wovens till 2027 are 5 per cent, 5.5 per cent and 5.7 per cent respectively.

Fibre2Fashion News Desk (DS)

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