The market across Asia-Pacific held the largest share in 2019, contributing to more than one-third of the market.
OREGON, PORTLAND, UNITED STATES, August 12, 2022 /EINPresswire.com/ — Rise in demand for geotextile from developing nations and preference for non-woven technical fabrics propel the growth of the global technical textile market. Asia-Pacific accounted for the largest share in 2019, and will maintain its lead position during the forecast period. The supply chain has been disrupted due to lockdown during the Covid-19 pandemic. This has presented roadblocks to raw material procurement for the chemical industry.
Allied Market Research recently published a report, titled, “Technical Textile Market by Material (Natural Fiber, Synthetic Polymer, Mineral, Regenerated Fiber, and Others), Process (Woven, Knitted, Non-Woven, and Others), and Application (MobilTech, InduTech, SportTech, BuildTech, HomeTech, ClothTech, MediTech, AgroTech, ProTech, PackTech, OekoTech, and GeoTech) -Global Historical and Forecast Analysis, 2010-2027”. As per the report, the global technical textile industry generated $201.2 billion in $201.2 billion in 2019, and is expected to reach $274.1 billion by 2027, growing at a CAGR of 5.1% from 2020 to 2027.
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COVID-19 impact analysis:
The outbreak of the COVID-19 pandemic left a significant impact on the global economy. The technical textile market report provides a detailed study of the micro- and macro-economic impacts of the pandemic. Moreover, the analysis depicts the direct impact of COVID-19 on the technical textile market. It recapitulates the detailed information about the market extent and shares owing to the impact of the outbreak. The report also emphasizes on the supply chain and the sales of the technical textile market. Last but not the least; the study also exhibits a post-COVID-19 scenario, portraying different measures and initiatives taken by the government bodies across the world.
The natural fiber segment is expected to portray the highest CAGR of 5.9% during the forecast period, owing to rising consumer awareness regarding damage caused by synthetic materials to the environment and its beneficial characteristics such as low cost, lightweight, and renewability. However, the synthetic polymer segment dominated the market in 2019, contributing to more than half of the global technical textile market, due to its applications in numerous sectors such as automotive, clothing, construction, and filtration, home furnishing.
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Some ruling enterprises in the global technical textile market are examined in the report along with the citation of innovative product launches by them, their collaborative undertakings & endeavors, several merges & acquisitions, and many more. The frontrunners operating in the global technical textile industry include Asahi Kasei Corporation, Baltex, Ahlstrom Munksjö, Berkshire Hathaway Inc., Berry Global, Inc.
The synthetic polymer contributed to more than half of the total share of the global technical textile market in 2019, and is estimated to maintain its dominance by 2027. On the other hand, the natural fiber segment is estimated to portray the highest CAGR of 5.9% throughout the forecast period.
• Qualitative as well as quantitative assessment of the market on the basis of the detailed categorization involving both the economic and non-economic factors.
• Analysis at country and regional level, which portrays the share of the product or service in different regions.
• Elaborative company profiles section, which provides different pointers such as key executives, business enactment, company overview, product/service portfolio, R&D expenditure, current scenario, and prime strategies of the key market players.
• The forecasted market outlook of the technical textile market based on recent developments, which incorporate the analysis of drivers, market trends, and growth opportunities.
• The COVID-19 impact on the technical textile market
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