The global technical textiles market is estimated to expand at a CAGR of 6.2% during the forecast period, from 2021 to 2031. The global technical textiles market was valued over US$ 180.9 Bn in 2020 and is predicted to reach valuation of US$ 350.6 bn by the end of 2031. The growing demand for technical textile fiber in different end-use industries such as automotive, clothing, and medical is expected to bolster the growth of the global technical textiles market. Several manufacturers are emphasizing on increasing production capacity to meet increasing demand from various end-use sectors due to greater efficiency and higher functionalities.
Market players are focused on product innovation in order to gain competitive edge. The global technical textiles market is expected to grow in the upcoming years due to the growing number of manufacturing industries globally. In addition, the global market is expected to be driven by technological developments in manufacturing methods in the upcoming years. However, a key element positively impacting market growth is the high cost of final products, as well as complex production techniques.
Companies in the technical textiles market have benefitted from the coronavirus pandemic, owing to increased demand for masks, personal protective equipment (PPE) kits, and various other medical supplies from customers across the globe. The technical textile industry has seen considerable growth due to increasing sales of disposable medical clothing. During the COVID-19 epidemic, small- and medium-sized businesses profited as well.
Read more: Technical Textiles Market to Expand at CAGR of 6.2% during Forecast Period