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Global Technical Textiles Market to Hit $193.16B by 2020

Japan isn’t the only country considering plant-based nanofibers for everything from car parts to cosmetics. According to a report published recently by Grand View Research, use of the fiber is expected to grow by more than 4 percent from 2015 to 2022, driven by its popularity across several industries, including textiles and apparel.

But that’s a single slice of the technical textiles pie, which is projected to witness a compounded annual growth rate (CAGR) of 3.7 percent within seven years to reach nearly 36 million tons, or $193.16 billion.

By comparison, in 2014, market demand was 26.58 million tons and $143.75 billion.

Grand View’s report cites the growth of the automotive industry, mainly in emerging markets in Asia-Pacific, Latin America and the Middle East, as the reason behind the increase.

Asia-Pacific, in particular, is projected to account for more than 45 percent of global consumption by 2022, while North America’s share will likely decline due to end-use industry saturation.

“Economies such as China, India and Brazil are expected to witness brisk growth in the technical textiles market and are thus presumed to lead their regions,” the report said. “Favorable government initiatives and policies encouraging infrastructure spending, manufacturing and medical industries are projected to play a key role in shaping these countries.”

Three-dimensional knitting, which led the charge in 2014 with 25.2 percent of total market volume, will see little change in the forecast period. Commonly used to make complete garments with little or no cutting in order to save time and money, 3-D technology also eliminates seams to improve how knitwear fits.

Medical textiles, meanwhile, are expected to grow 4.6 percent per year by 2022. Grand View commented, “Increasing healthcare expenditure in China and India coupled with the presence of sophisticated healthcare infrastructure in most parts of Europe and North America is expected to drive this segment over the next seven years.”

Key players in the marketplace include such multinational corporations as DuPont, Procter & Gamble, 3M, Kimberley Clark Corporation and Johnson & Johnson.

“Major companies have been investing in R&D to avoid volatile petroleum prices and uncertainty regarding their availability. Frequent joint ventures and strategic partnerships are witnessed which is expected to increase their market share,” the report concluded.