The global technical textile market that was worth $133.93 billion in 2012 is expected to reach up to $160.38 billion by 2018. It also predicts that in terms of volume the global demand will grow at a temperate CAGR of 3.3 per cent from 2012 to 2018 and reach 30.71 million tonnes by the end of 2018.
TMR, a market research firm based in US, states in the report that the market for technical textile is geared up to experience a quantum rise in the demand for its products. This can be attributed to the increasing application base in various end user industries such as healthcare, agriculture, construction, clothing, sports, equipments, sportswear and packaging.
The report says that the technical textile market has ranked among the top 5 technology intensive markets given its greater potential in comparison to regular textiles The report contains a detailed analysis of how innovation through research and product development was instrumental in enhancing product properties and durability.