Global Industry Analysts Inc. (GIA) published a new market study; the premier market research company released a report titled “Technical Textiles – Global Market Trajectory & Analytics.” The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace. Global Industry Analysts, Inc. (www.strategyr.com) is a renowned market research publisher the world`s only influencer-driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA has been recognized for accurately forecasting markets and industries for over 33 years.
Technical textiles are fibrous materials produced using combinatorial processes such as knitting, weaving, composites formation, and nonwovens, among others, and offered in different forms, including fabrics, yarns, mats, composites, made-up goods, and also converted products. Due to their varying grades suited for different applications, technical textiles are used in multiple industries, including construction, water treatment, construction and sport, and leisure industries. Amid the COVID-19 crisis, the global market for Technical Textiles, estimated at US$189.2 Billion in the year 2022, is projected to reach a revised size of US$217.8 Billion by 2025, registering a compounded annual growth rate (CAGR) of 5.0% over the analysis period.
Europe represents the largest regional market for Technical Textiles, accounting for an estimated 28.8% share of the global total. The market is projected to reach US$58.5 Billion by the close of the analysis period. Asia-Pacific is forecast to emerge as the fastest-growing regional market with a CAGR of 7.7% over the analysis period.
The global market for technical textiles is being propelled by expanding applications in various end-use sectors, a steady pace of technology advancements, and a relatively stable economic environment. The rapid growth of the automotive industry in emerging economies and the growing use of technical textiles in construction industry applications are expected to stimulate growth in the coming years. Growth will also be driven by the sustained increase in healthcare spending worldwide and the growing emphasis on sustainable manufacturing and environmental conservation.
