The technical textiles market is set to grow massively by 2028 owing to increasing product uptake across different sectors. In addition, mounting consumer preference for protective textiles is likely to further augment market growth in the forthcoming years.
During the COVID-19 pandemic, the industry witnessed a moderate impact on demand due to slow business operations attributed to the restrictions on movement as well as consumer preference for synthetic textiles in home settings. However, easing of lockdown restrictions and initiatives to promote the adoption of technology-based synthetic textiles by governments from different countries have boosted technical textiles market growth in recent years.
For instance, in June 2022, the 5th National Conclave on Standards of Technical Textiles organized by the Indian Ministry of Textiles, along with the Federation of Indian Chambers of Commerce and Industry (FICCI), underlined the support of NTTM (National Technical Textiles Mission) and the PLI scheme in textiles for promoting exports and penetration of technical textiles in India by emphasizing the need for development in the technical textiles industry.
Moreover, major players in the sector have been focusing on the development of user-friendly products, along with strategic growth partnerships and collaborations, to improve their market presence in the competitive landscape. For instance, in May 2022, Ahlstrom-Munksj?, a manufacturer of fiber-based products, introduced PurposeSeal, a heat-sealed paper technology that enhances the protection and quality of end-use packaging solutions.
The technical textiles market has been bifurcated based on application, material, type, and region.
In terms of material, the technical textiles industry has been categorized into synthetic polymer, natural fiber, mineral, and others. The mineral segment is expected to hold over 25% market share in terms of volume by the end of 2028.
With reference to type, the market has been divided into non-woven, woven, knitted, and others. The woven segment is projected to witness sturdy growth at a CAGR of around 5% through the study timeline.
From the application point of view, the technical textiles market has been split into clothtech, mobitech, geotech, indutech, sportech, protech, meditech, buildtech, packtech, and others. The indutech segment is slated to observe substantial growth at a CAGR of over 4.5% from 2022 to 2028. The sportech segment is estimated to generate roughly $20 billion in revenue by 2028.
In the regional frame of reference, the Latin America technical textiles market is anticipated to grow at around 4.5% CAGR through the analysis period. The LATAM region is still in the development stage and offers numerous opportunities for growth in the future. Notably, the GDP of Brazil amounted to $1.645 trillion in 2021, which declined from a $2.06 trillion GDP in 2017. Other countries, including Mexico, Chile, Argentina, and so forth, follow a similar GDP trend.