The technical textile market has been segmented on the basis of material, technology, application, and region. Based on material, the synthetic polymer segment is estimated to account for the largest share in 2017, owing to factors such as high strength, low cost, and high quality. Synthetic polymers find wide application in high-tech applications such as geotextile spun bounds, surgical application products, and bulletproof body armor. With the growth in these industries, the demand for synthetic polymers will also increase.
Based on process, the woven segment of the technical textile market is estimated to account for the largest share in 2017. The ease in the process helps to produce a wide range of products for various applications. Woven technical textiles find application in automobile, construction, clothing, and other industries. Furthermore, advancements in weaving technology such as 3D weaving are also expected to drive the technical textile market during the forecast period.
Based on application, the mobiltech segment of the technical textile market is projected to grow at the highest CAGR from 2017 to 2022. This growth can be attributed to the booming automobile sector in many countries such as the UAE, Japan, and Germany. The increasing use of technical textiles in various areas of the automobile sector such as seat belts, seating upholstery, tire cords & linear, and others is expected to propel the demand for technical textiles.
Asia Pacific is estimated to account for the largest share of the technical textile market in 2017. The market here is projected to grow at the highest CAGR from 2017 to 2022. The growth of the technical textile market in emerging countries such as China and India can be attributed to rapid urbanization and increased disposable incomes.
The high cost of finished products affects the pricing structure of the intermediate industry, thereby restraining the growth of the market. The technical textile market has undergone many changes and advancements pertaining to technologies and materials used. Natural materials that are used in the manufacturing of technical textile are relatively expensive than their synthetic counterparts such as wool and silk. Growing demand from emerging industrial markets provides an opportunity for the growth of technical textile.