Business

Global Techtex Market Growth Trends

Global techtex market to reach US$ 217.8 billion by 2025 The global market for technical textiles is estimated at US$ 189.2 billion in the year 2022, and is projected to reach a size of US$ 217.8 billion by 2025, registering a compounded annual growth rate (CAGR) of 5% over the analysis period. Europe represents the largest regional market for technical textiles, accounting for an estimated 28.8% share of the global total. The market is projected to reach US$ 58.5 billion by the close of the analysis period. Asia-Pacific is forecast to emerge as the fastest growing regional market with a CAGR of 7.7% over the analysis period. Global market for technical textiles is being propelled by expanding applications in a range of end-use sectors, steady pace of technology advancements, and a relatively stable economic environment. Rapid growth of automotive industry in emerging economies and the growing use of technical textiles in construction industry applications are expected to stimulate growth in the coming years. Growth will also be driven by the sustained increase in healthcare spending across the world as well as the growing emphasis on sustainable manufacturing and environmental conservation. Rising demand for building textiles, increasing demand for nonwoven technical textiles and the growing use of technical textiles in electronics industry also augur well for the market's growth. China dominates growth in the Asia-Pacific region, owing to the sheer increase in production and consumption volumes of technical textiles. Growth in the Chinese technical textiles market is also driven by the increasing awareness about technical textiles, increasing disposable incomes of people and the growing demand for wearable technology. The Indian textile and clothing industry has shown its inclination to invest in the synthetics fibre and textiles segment, and technical textiles and nonwovens, under the PLI Scheme for Textiles. These are well placed intentions given the strong market growth that the global technical textiles and nonwovens are witnessing. Global protective clothing market to reach $12.5 billion by 2026 According to a new market report by Global Industry Analysts, amid the Covid-19 crisis, the global market for protective clothing estimated at US$ 10.3 billion in the year 2022, is projected to reach US$ 12.5 billion by 2026, growing at a CAGR of 6.1% over the analysis period. Aramid and blends, one of the segments analysed in the report, is projected to record a 6.3% CAGR and reach US$ 4.1 billion by the end of the analysis period. Polyolefin and blends segment is estimated to grow at a 5.7% CAGR for the next 7-year period, states the report titled - Protective Clothing - Global Market Trajectory & Analytics. The protective clothing market in the US is estimated at US$ 3.7 billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$ 1.6 billion by the year 2026 trailing a CAGR of 7.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 5.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.5% CAGR. Polybenzimidazole (PBI) segment to reach US$ 2.2 billion by 2026 In the global polybenzimidazole (PBI) segment, USA, Canada, Japan, China and Europe will drive the 6.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$ 1.2 billion will reach a projected size of US$ 1.9 billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$ 128.5 million by the year 2026, while Latin America will expand at a 6.8% CAGR through the analysis period. Innovations will be the engine of growth in the protective wear market. Research is focussed on phase change materials. self-decontaminating barrier membranes, electrospinning, graft polymerisation, multi-functionality, etc. Spider silk market size to reach US$ 6.05 billion in 2030 The global spider silk market is expected to increase from US$ 1.26 billion in 2021 to US$ 6.05 billion in 2030, a CAGR of 19.2%. Increase in demand for textile products in automotive, defense, and healthcare industries, as well as growing demand for biodegradable and biocompatible materials, are some major factors driving market revenue growth. Availability and superior manufacturability of recombinantly produced spider silk proteins have paved the way for modern biomedical applications. This is expected to lead to rise in demand for spider silk, and thereby contribute to revenue growth of the global market. Asia-Pacific market is expected to register a significantly rapid growth rate during the forecast period, due to increasing government and private investment in research & development of processes that can be employed for mass production of spider silk for commercial purposes. In addition, increasing adoption of high strength and resilient fabrics in the defense industry, to manufacture body armours and parachutes, is expected to increase demand for spider silk and thereby boost revenue growth of the market. Global spunbond nonwovens market to reach $24.1 billion by 2026 The global market for spunbond nonwovens estimated at US$ 17.9 billion in the year 2022, is projected to reach a size of US$ 24.1 billion by 2026, growing at a CAGR of 7.8% over the analysis period. Disposables market, is projected to record 8.7% CAGR and reach US$ 18.7 billion by the end of the analysis period. Non-disposable segment is expected to grow at a 5.4% CAGR for the next 7-year period. The spunbond nonwovens market in the US is estimated at US$ 3.2 billion in the year 2022. China is forecast to reach a projected market size of US$ 5 billion by the year 2026 trailing a CAGR of 8.9% over the analysis period. Japan and Canada are each forecast to grow at 7% and 6.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.8% CAGR. The Asia-Pacific market is the leading user of spunbond nonwoven products. Market growth is sustained by increasing penetration beyond the hygiene market into various industries including agriculture and home textile, packaging and automotive industries. The market is also fueled by increasing demand for filtration, polyester felts and geotextile separators coupled with rising adoption among builders, planners, and designers of transportation infrastructure for roads, highways, railways and foundations. Increasing use of personal hygiene products such as baby diapers across both developing and developed countries present lucrative growth opportunities. The market also gains from increasing disposable income and adoption of geotextiles in novel applications such as mining, oil drilling sites and shale gas projects. Development of new materials to produce spunbond nonwovens in a cost-effective manner is expected to make these products more affordable and bolster adoption in commercial applications. Global medical isolation gowns industry estimated at US$ 3.5 bln by 2028 According to the "Medical Isolation Gowns Market Forecast to 2028" report, the global medical isolation gowns market is expected to reach US$ 3,542.78 million by 2028 from US$ 1,346.31 million in 2021. It is estimated to grow at a CAGR of 14.8% from 2021 to 2028. Key factors such as increasing awareness regarding hospital-acquired infections and rising emergency procedures drive the growth of the global medical isolation gowns market. However, rising demand for reusable surgical gowns and stringent regulatory norms restrain the market growth. Sportech textiles market CAGR of 3.04% from 2021-26 The Sportech textiles market is expected to grow by US$ 34.71 billion from 2021 to 2026 at a CAGR of 13.04% as per the latest report by Technavio. As much as 31% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for the Sportech textiles market in APAC. Market growth in this region will be faster than the growth of the market in South America. The popularity of sports and other fitness activities will facilitate the Sportech textiles market growth in APAC over the forecast period. Innovations and improved functionality are important market drivers. Awnings market to grow by US$ 2.50 billion The global awnings market is expected to grow by US$ 2.50 billion from 2021 to 2026. The growth momentum of the market will accelerate at a CAGR of 5.47%, according to a report by Technavio. The awnings market is driven by the growing home improvement market. Moreover, many manufacturers are expanding their presence globally to promote innovations in home improvement products and grab the attention of retailers and consumers. The increase in the use of blinds and shades in windows is a key challenge for the awnings market growth. Awnings are used to install in the windows, doors, and patios to protect and provide shade from heat and rain. However, blinds and shades are considered feasible substitutes. This is expected to hamper the sales of awnings and impact the awnings market growth during the forecast period. Moreover, these substitutes do not require separate components such as those in window awnings, which reduces the need for skilled manpower for installation. Thus, the rising demand for blinds and shades is expected to create a threat to the vendors in the awnings market. Global tire cord market to reach $6.5 billion by 2026 A new market study by Global Industry Analysts Inc., (GIA) titled "Tire Cord - Global Market Trajectory & Analytics", estimates that the market will reach US$ 6.5 billion by 2026. The global market for tire cord estimated at US$ 5.4 billion in the year 2022, is projected to reach a size of US$ 6.5 billion by 2026, growing at a CAGR of 4.7% over the analysis period. Nylon, one of the segments analysed in the report, is projected to grow at a 5.7% CAGR to reach US$ 4 billion by the end of the analysis period. Growth in the polyester segment is readjusted to a revised 2.7% CAGR for the next 7-year period. This segment currently accounts for a 26.1% share of the global tire cord market. The tire cord market in the US is estimated at US$ 903 million in the year 2022. The country currently accounts for a 16.78% share in the global market. China is forecast to reach an estimated market size of US$1.4 billion in the year 2026 trailing a CAGR of 6.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.2% and 3.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR while Rest of European market will reach US$ 502.6 million by the close of the analysis period. China has emerged as a major market for tire cord worldwide and is driven by strong demand for automobiles including passenger cars, commercial vehicles and two-wheelers in the country. With China evolving as the global manufacturer of passenger cars and commercial vehicles, domestic automotive tires industry grew considerably, opening up growth opportunities for tire cord market. Besides China, other Asian majors such as India, South Korea, Australia, New Zealand, Singapore, Malaysia, and Thailand will continue to be the growth engines for tire cord market in the coming years. Rayon segment to reach $645.3 million by 2026 In the global rayon segment, USA, Canada, Japan, China and Europe will drive the 2.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$ 385.2 million will reach a projected size of US$ 460.8 million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$ 99.9 Million by the year 2026.