The global technical textile market size is projected to grow from USD 164.6 billion in 2020 to USD 222.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast year. The global technical textile market is expanding and is projected to witness high growth over the next five years. Some of the major factors that drive the growth of this market are growing demand for new applications areas and increasing adaptability and awareness of products. The growing awareness about the superior functionality and application of technical textiles encourages the higher consumption of technical textiles and related products.
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The technical textile market is led by major players such as Asahi Kasei (Japan), Kimberly Clarke (US), Berry Global Group (US), DuPont (US), Mitsui Chemicals (Japan), and Freudenberg & Co. (Germany). Other players include Low & Bonar (UK), Huntsman (US), Toyobo Co. (Japan), Milliken & Company (US), SRF Limited (India), Koninklijke Ten Cate (Netherlands), and International Textile Group (US). These players have adopted numerous growth strategies to increase their market share, enhance their product portfolio, and expand their market share. Mergers & acquisitions, new product launches, expansions & investments, and agreements & partnerships are some of the major strategies adopted by leading players operating in the technical textile market. The years 2013 and 2020 experienced a large number of investments & expansions by top players in the market.
Investments & expansions accounted for the largest share of all strategic developments in the technical textile market. Companies such as Berry Global Group, Asahi Kasei, and Freudenberg & Co. adopted this strategy to strengthen their product portfolios, expand their geographic reach, and enhance growth prospects in the technical textile market.
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Low & Bonar (UK) is another key player in the technical textile market. The company is engaged in the production of nonwovens for the hygiene, healthcare, geo-synthetics wipes, technical specialties, and building sectors. The company focuses on improving its customer value and expanding in emerging markets by establishing a market-driven product portfolio, upgrading supply chain capabilities, and expanding its presence through acquisitions. For instance, Low & Bonar started its high-performance technical textiles production in Changzhou, to expand its position in the Asian market and become a global leader in the carpet tile backing and automotive markets.
Major market players have adopted diversified strategies for expansion in developed and emerging countries. The Asia Pacific region dominated the technical textile market in 2019. The increase in demand for technical textile can be largely attributed to the growing automobile, medical & healthcare, and construction industries here.
