COVID-19 IMPACT SURVEY MAY 2020
The global market for Technical Textilesis projected to reach US$217.7 billion by 2025, driven by the robust growth in construction and infrastructure projects, increasing automobile production, and rising demand from the healthcare sector. Stringent government legislations mandating the use of geosynthetics in infrastructure development projects will continue to provide regulatory driven stability to demand patterns in the market. Rapid urbanization and industrialization, expanding manufacturing base, rising income levels and increased consumption of manufactured goods represent other macroeconomic factors that bode well for market growth. Continuous development of new and advanced technical textiles especially flexible materials; breakthroughs in polymer and fiber science; development of newer and more efficient processing technologies; growing clout of nanotechnology in textile innovation and expanding research budgets for textiles, all represent factors vital for shaping future growth in the market. In the automobile and aircraft industry, the growing pressure to replace steel is driving interest in technical fabrics such as fiber-based composites. In the healthcare industry, wound closure, regenerative medicine and electrical stimulation will offer lucrative growth opportunities for medical grade technical textiles. Technology development will remain critical to future growth such as breakthroughs in nanofibers and biopolymers and developments in "super cellulosics" featuring super-hydrophobicity and biodegradability benefits. All of these innovations flaunt to potential to expand the addressable market opportunity in a wide range of end-use sectors. Among the top producers of technical textiles worldwide are India, China, Europe and the Americas. India`s traditionally import reliant technical textiles industry is receiving policy led focus on domestic production for import substitution over the medium to long-term period. In China, on the other hand, production of technical textiles is witnessing growth faster than the overall textile industry, while in Europe, Germany continues to lead the technical textiles sector in the region. In the Americas, technical textiles in the United States is flourishing supported by Trump`s pro-manufacturing agenda and the resulting increase in productivity, flexibility and innovation.Asia-Pacific including China represents the largest market worldwide, led by growing demand for wearable technology; rapid infrastructure development in countries such as China, India and South Korea; and expanding applications in agriculture, automotive, healthcare, defense and protective textiles. Specifically, demand for geotextiles is supported by rapid infrastructure development, while medical textiles are being strengthened by the era of value based care and quality innovations in healthcare. Similarly, automotive textiles are driven by the region`s lead in smart urban mobility revolution, while agro textiles continue to benefit from Asia`s decisive role in the global food chain.