Technical textiles, which represented 29 per cent of the global textile market value in 2014, are on a growth track as demand from end-use industries continues to soar. The global technical textiles market is expected to be worth $162 billion by the end of 2016, up from $148.5 billion in 2014, according to Future Market Insights’ latest research report, ‘Technical Textiles Market: Global Industry Analysis and Opportunity Assessment 2015-2020’.
According to FMI, the key challenges for the global technical textile market are high pricing of finished products and concerns about toxic waste production. Demand for e-textiles is growing in emerging economies, and FMI estimates this trend to become more pronounced in the near future. Key players are focusing on research and development (R&D) activities to enhance the wearability of this textile material. The technical textile industry is witnessing rapid innovations to meet the changing preferences of consumers. It is also expected that government support programmes will provide an impetus to the manufacture of technical textiles.
China is an important market for technical textiles, both in terms of value and volume. Domestic consumption and exports in China totalled 5.76 million tonnes in 2014. Demand for technical textiles in China is expected to increase at over 8 per cent annually till 2020. The technical textile market in India is expected to reach $13.3 billion in 2016, up from $11.2 billion in 2014.
In terms of domestic consumption, imports and exports, demand is set to reach 2.5 million tonnes by the end of 2016, up from 2.1 million tonnes in 2014. Key players in the technical textile industry are aware of the opportunities present in China and India. A majority of leading manufacturers have scaled up efforts to increase production in these two countries. For instance, London-based Low & Bonar announced plans to build a new manufacturing facility in Changzhou, Shanghai, China in 2014. Derbyshire, UK-based Baltex sources a majority of raw materials from China to offer competitive pricing to its end-users in Europe. Du Pont, a leading chemical manufacturing company based in Wilmington, US, recently collaborated with India-based Reliance Industries and Vipul Sarees to make eco-friendly ladies ethnic wear.
The report points out that China and India will continue to remain the most lucrative markets for technical textiles. By 2020, the market in these two regions will reach nearly $68 billion in terms of value, and 13 million tonnes in terms of volume.
www.futuremarketinsights.com
