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Nanotextiles market to grow at CAGR 23.6%

Sep 18, 2019
Nanotextiles market to grow at CAGR 23.6%

The global market for nanotextiles should grow from $5.1 billion in 2019 to $14.8 billion by 2024 at a compound annual growth rate (CAGR) of 23.6 per cent for the period of 2019-2024, according to a Trends Market Research report. This report provides an updated review of nanotextile technology, including materials and production processes, and identifies current and emerging applications for this technology.

Nanotextiles are a class of textiles that utilise nanotechnology during their fabrication process. In particular, the term nanotextiles applies to four categories of products: nanocoated textiles, fabrics consisting of nanofibre webs, textiles obtained from composite fibres based on nanostructures, and nanoporous textiles.

Although the origin of nanotechnology can be traced back to the 4th century, the first nanotextiles were only introduced during the 1980s in the form of nanofibre-based membranes for filtration. During the past 40 years, sales of nanotextiles have expanded steadily and are currently experiencing very strong growth, due to their increasing use in the fabrication of mass-market products within a range of sectors. This study provides an updated, comprehensive description of nanotextiles and their characteristics, highlighting the latest developments in their fabrication technology and features. It also offers a detailed market analysis for these products by segment (nanotextile type, functionality, nanostructured material, application, and region), describing technical aspects and trends that will affect future growth of this market.

Sales of nanotextiles are projected to continue rising at a double-digit rate during the next five years. Relevant factors that will contribute to market expansion through 2024 are the following: Increasing penetration in large industry sectors such as apparel, filtration and separation, catalysis, biomedical, energy, and automotive; Greater utilisation in the fabrication of products characterised by strong demand, such as membranes, photocatalysts, and tissue engineering scaffolds; Growing market penetration of nanotextiles in developing countries; Increasing use of these products in wearable electronics and wearable medical devices; High levels of related R&D activities.