The global technical textile market is expanding and is projected to witness moderate growth over the next five years. Some of the major factors that drive the growth of this market are the growing demand for new applications areas, its increasing adaptability, and awareness about its products. The growing awareness about the superior functionality and application of technical textile encourages higher consumption of technical textile and related products. The technical textile market is estimated at USD 165.51 billion in 2017 and is projected to reach USD 220.37 billion by 2022, at a CAGR of 5.89%.
The technical textile market is led by major players such as Asahi Kasei (Japan), Kimberly Clarke (US), Berry Global Group (US), DuPont (US), Mitsui Chemicals (Japan), and Freudenberg & Co. (Germany). Other players include Low & Bonar (UK), Huntsman (US), Toyobo Co. (Japan), Milliken & Company (US), SRF Limited (India), Lanxess (Germany), Koninklijke Ten Cate (Netherlands), and International Textile Group (US).
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1074
These players have adopted different growth strategies to increase their market share and enhance their product portfolio. Mergers & acquisitions, new product launches, expansions & investments, and agreements & partnerships are some of the major strategies adopted by leading players operating in the technical textile market. The years 2014 and 2015 experienced a large number of investments & expansions by top players in the market.
Asahi Kasei (Japan) is a leading manufacturer of apparel material & products, technical textiles & nonwovens, plastic materials, chemicals, and construction materials. Its strong global presence and adoption of growth strategies such as investments & expansions and new product launches have ensured its leading position in the market. The company’s technical textile business deals with a wide range of materials and related products such as cotton, yarn, textile, and processed products.
Low & Bonar (UK) is another key player in the technical textile market. The company is engaged in the production of nonwovens for the hygiene, healthcare, geo-synthetics wipes, technical specialties, and building sectors. The company focuses on improving its customer value and expanding in emerging markets by establishing a market-driven product portfolio, upgrading supply chain capabilities, and expanding its presence through acquisitions. In 2014, Low & Bonar set up a high-performance technical textile production plant in Changzhou, to enhance its position in the Asian market and become a global leader in the carpet tile backing and automotive markets.
Read More Context at: https://www.marketsandmarkets.com/PressReleases/technical-textile.asp
