Soil erosion to push tech textile growth at 4.6% CAGR till 2031: FMI
August 17, 2021 - India
The global demand of overall technical textiles market grew at a compounded annual growth rate (CAGR) of 2.5 per cent between 2016 and 2020 and the overall market valuation is expected to reach $183 billion, with total sales of 37,872.2 kilo tonne in 2021, according to Future Market Insights (FMI), which said the market is projected to grow at 4.6 per cent CAGR between 2021 and 2031.
The growth will be due to rise in demand for technical textiles in agriculture and the apparel industry, FMI said in a press release.
Thriving agriculture sector and extensive research and development activities intended to create electronic, conductive, anti-microbial and innovative textiles will support the United States in becoming the global leader in technical textile market over the forecast period.
Europe technical textiles market is forecast to expand at 2.5 per cent CAGR during the assessment period owing to presence of leading textile and clothing companies in the region along with development of advance medical textiles for minimal invasive surgery applications.
Japan and South Korea will hold more than 8 per cent of the global market share in 2021, backed by flexible import and export duties on technology and increasing use of geotech textiles in erosion protection in the region.
The Indian technical textiles market will grow at a steady rate over the assessment period, and growth can be attributed to rising incorporation of technical textiles in defense and military application along with adoption of agrotech textiles in agricultural activities in the north-east provinces.
The technical textiles market experienced year-on-year growth of 4.7 per cent in 2021, driven by increasing demand of meditech textiles during pandemic and increasing sales of packtech textiles in food packaging due to increase in consumption of packaged food item.
Technical textiles have emerged as ideal solutions to address the soil erosion. These are cost-effective and offer long service life. Moreover, these can be used in landfills and harbours to improve soil stabilisation, thereby, reducing erosion.
In European countries, manufacturers are required to follow stringent regulatory policies that specify which type of geotech textiles will be most suitable as per the characteristics of the soil of that specific region. These factors are expected to drive the sales of technical textiles in the coming years, FMI said.
Innovation in technical textile materials such as development of phase chase materials and employment of chemical finishing and fiber spinning process for manufacturing composite technical textiles will further boost the market growth, FMI said.
Freudenberg & Co. KG, Milliken and Company, Arville, DuPont and 3M are the leading players operating in this market and collectively account for more than 20 per cent market share in 2021, it added.