The global market for Technical Textiles is projected to reach US$208.5 Billion by 2024, registering a CAGR of 5% over the analysis period. Europe represents the largest regional market for Technical Textiles, accounting for an estimated 28.8% share of the global total. The market is projected to reach US$58.5 Billion by the close of the analysis period. Asia-Pacific is forecast to emerge as the fastest growing regional market with a CAGR of 7.7% over the analysis period.
Global market for technical textiles is being propelled by expanding applications in a range of end-use sectors, steady pace of technology advancements, and a relatively stable economic environment. Rapid growth of the automotive industry in emerging economies and the growing use of these textiles in construction industry applications are expected to stimulate growth in the coming years. Growth will also be driven by the sustained increase in healthcare spending across the world as well as the growing emphasis on sustainable manufacturing and environmental conservation.
Rising demand for building textiles, increasing demand for nonwoven textiles and their growing use in electronics industry also augur well for the market`s growth. In the US, technical textiles have already established their use case in a multitude of applications including automotive, sporting goods and industrial components. China dominates growth in the Asia-Pacific region, owing to the sheer increase in production and consumption volumes of technical textiles. Growth in the Chinese market is also driven by the increasing awareness about technical textiles, increasing disposable incomes of people and the growing demand for wearable technology.
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