Technical Textiles Market will be worth of USD 160.38 billion in 2018, expanding at a CAGR of 3.3%

ALBANY, N.Y. - Sept. 13, 2016 - PRLog -- This review has been based on Transparency Market Research's research report, titled "Technical Textiles Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018." According to the research report, the opportunity in the global technical textiles market is expected to be worth US$160.38 bn by 2018 rising from US$145.92 bn in 2015. Despite a slight dip, Hometech will remain the leading application segment in the global market, acquiring a share of 16.9% by 2018. The growing demand for technical textiles in for home care is expected to increase the share of Hometech segment in the overall market by the end of the forecast period. Asia Pacific is expected to dominate the global market with a leading share of 46.8% by the end of 2018.

Growing Applications of Technical Textiles Creates Lucrative Opportunities for Global Market

Vast application possibilities of technical textiles have augmented the growth of the overall market in the past few years. Despite being a fragment of the global textile market, the demand for technical textiles has picked up momentum due to extensive innovation and the ongoing research and development projects to enhance the quality of these textiles. Vendors are constantly trying to improve the quality of these materials to increase the sustainability of the final products. For instance, Hometech and Mobiltech textiles are witnessing an accelerated demand due to their increased usage in automobiles, home care products, and railways amongst other industrial uses.

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The remarkable improvement in the quality of technical textiles has become the primary growth driver for the global market. The growing demand for textiles that promise better durability, stability, and increased performance has also led to the broader application of technical textiles. Technical textiles in many ways have revolutionized several products and processes with their incredibly sound properties. A reflection of this statement can be seen in the growing uptake of these textiles in sectors such as automotive, defense, and sports.

Analysts predict that Mobiltech textiles are anticipated to experience a massive demand as the automotive sector grows. These textiles are being increasingly used for seating upholstery, carpets, headliners, and seat belts. These textiles are also used in noise vibration and harness components (NVH), liners, and tire cords. Thus, regions such as Asia Pacific, a leading automobile manufacturer, is projected to consume large amounts of technical textiles.

Higher Pricing over Natural Textiles Discourages Market Growth

The global technical textiles market is being hampered by the rising cost of finished goods. The higher cost of technical textiles over natural and synthetic ones is discouraging the growth of this market. The market is also facing a tough challenge to earn phenomenal revenues due to a highly fragmented competitive landscape. With a large number of end users, there are a large number of manufacturers who are catering to the varied demand. Furthermore, the imbalance of demand and supply with a large number of players concentrated in certain regions despite lesser demand for textiles has also stagnated the market growth.

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The top four players in the global technical textiles market are Freudenberg, E.I. du Pont de Nemours & Co., Kimberley Clark Corporation, and Ahlstrom Corporation. The collective share of these players accounted for 43.4% in 2012. Product innovation and developing enhanced technical textiles will be the key focus area of these leading players in the years to come, observers Transparency Market Research through its latest publication. "Catering to the burgeoning demand for geotextiles in the developing nations of India and China is expected to present lucrative growth opportunities to the vendors in the global technical textiles market," states the lead author of this research report.