The global technical textile market size is expected to reach USD 250.6 billion by 2027, expanding at a CAGR of 4.5%, according to a new report by Grand View Research, Inc. Superior properties of technical fabric such as excellent strength, versatility, and superior performance make them desirable for numerous industrial applications.
Farmers are shifting their focus towards agro-tech products owing to uncertainty in climate, limited availability of water, and threat to crops from being damaged by insects and pests. These agro-tech products are expected to boost agricultural productivity, thereby boosting market growth over the forecast period.
Factors such as increasing demand for high-performance and energy-efficient fabric and stringent government regulations regarding performance in various applications have driven market growth. Technical fabrics are been witnessing burgeoning penetration in end-user industries for varying applications, such as automotive, packaging, and medical.
Changing consumer preference toward fashion and high-level of quality and technology has further intensified the complexity of the process. Hence, it makes the manufacturing process more difficult and complex, creating high synergy between functional design, innovative approach, advanced technologies, fashion considerations, and smart materials.
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Further key findings from the report suggest:
- Thermo-forming technology is increasingly used for the manufacturing of technical fabrics. This segment is projected to witness a CAGR of 5.4% from 2020 to 2027 and reach USD 33.3 billion in 2027
- The agro textile end-use segment accounted for USD 4.5 billion in 2019 on account of its functional benefits, including superior weather resistance, protection from micro-organisms, protection from solar radiation, ultra-violet radiation, and water conservation
- In Europe, the market is projected to witness a CAGR of 4.3% from 2020 to 2027 on account of the rising demand for the fabrics in household and fashion and clothing applications
- In Asia Pacific, the market accounted for USD 81.2 billion in 2019 and is expected to witness exponential growth over the forecast period owing to the expansion of residential, commercial, and industrial sectors in the region
- In China, the market accounted for USD 29.8 billion in 2019 and is projected to witness a CAGR of 6.3% from 2020 to 2027 owing to the availability of raw material at low cost.