Future Market Insights’ recent report on global technical textiles market projects that Asia-Pacific will be observed as the world’s largest market for technical textiles during the forecast period, 2017-2027. The report values the global technical textiles market at little less than $166 billion, and anticipates it to reach $260.3 billion by the end of 2027. While the global market for technical textiles is projected to grow at below average pace and register a value CAGR of 4.6 per cent, the demand for technical textiles is likely to gain traction across Asia-Pacific countries such as India and China, among others.
The report, titled “Technical Textiles Market: Global Industry Analysis and Opportunity Assessment, 2017-2027,†also projects that in terms of consumption, the market shall incur a promising growth, exhibiting a volume CAGR of 5.3 per cent. By the end of 2017, more than 34 million tonnes of technical textiles will be consumed across the globe. And, this number is likely to reach 57 million tonnes by 2027-end. During this forecast period, the report is anticipating a sluggish revenue growth for global technical textiles market, primarily due to high prices of technical textiles as opposed to alternative fabrics and lack of awareness regarding benefits of technical textiles.
According to the report, more than 50 per cent of global technical textiles revenues will be accounted by the Asia-Pacific region. While the Asia-Pacific technical textiles market will registers rampant expansion at value CAGR of 6.8 per cent, regions such as North America, Western Europe, Eastern Europe, and Middle East & Africa will showcase sluggish growth through 2027. Sales of technical textiles in Latin America, on the other hand, are likely to depict a relatively favourable growth at 4.5 per cent CAGR.