Technical textiles market to reach US $ 193 billion by 2020
USA: In their recently released press report, SBWIRE has mentioned that the technical textiles market is expected to reach US…
USA: In their recently released press report, SBWIRE has mentioned that the technical textiles market is expected to reach US $ 193 billion in revenues by 2020, with global consumption expected to surpass 37 million tonnes. The report underlined that global consumption in the technical textiles category is expected to grow at a CAGR of 5.4 per cent through 2020, indicating steady growth opportunities for textiles companies. Robust demand from China and India is projected to continue, whereas the demand for advanced materials will become stronger in the US and EU.
The key factors anticipated to boost demand for technical textiles include steady growth of automotive sector where the use of technical textiles per mid-size car is anticipated to rise from the current 25-27 kg to 34-36 kg by 2020; rapid industrialization in emerging economies, the global production of which is anticipated to surge by 3.5 per cent to 5 per cent in the five year period from 2015 to 2020; robust demand from healthcare sector which is projected to grow in Asia Pacific. Moreover, Asia Pacific’s revenue share of the global technical textiles market is anticipated to reach 44.6 per cent by 2020.
By application, Hometech, Buildtech, and Meditech will remain the highest-selling technical textiles throughout the forecast period 2015-2020, with Homtech technical textiles consumption anticipated to reach 6.43 million tonnes by 2020. Among all the technical textiles types, demand for Hometech will remain the strongest. This technical textiles segment is expected to account for over one-fourth volume share of the global market by 2020.