Largest technical textiles market predicted to be the Asia-Pacific

May 17th, 2017 / By: / Industry News, News

Future Market Insights’ recent report on the global technical textiles market predicts that the Asia-Pacific region will be the world’s largest market for technical textiles during the forecast period, 2017–2027. The report values the global technical textiles market at nearly $166 billion and anticipates the value to reach $260.3 billion by the end of 2027.

The report also states that the global market for technical textiles is projected to grow at below average pace and register a value compound annual growth rate (CAGR) of 4.6 percent. The demand for technical textiles, however, is likely to gain traction across Asia-Pacific countries such as India and China, among others.

The report, “Technical Textiles Market: Global Industry Analysis and Opportunity Assessment, 2017–2027,” also projects that consumption will grow by a volume CAGR of 5.3 percent. The consumption of technical textiles in 2017 is projected to be 34 million tons and 57 million tons by 2027.

According to the report, more than 50 percent of global technical textiles revenues will be accounted for by the Asia-Pacific region. While the Asia-Pacific technical textiles market will register expansion at value CAGR of 6.8 percent, North America, Western Europe, Eastern Europe, and Middle East and Africa will exhibit sluggish growth through 2027. Sales of technical textiles in Latin America, on the other hand, are likely to grow at 4.5 percent CAGR.

It is predicted that by the end of 2027 more than 45 percent of technical textiles produced across the globe will be nonwovens; this segment is likely to exhibit a value CAGR of more than 5 percent.

Future Market Insights (FMI) is a market intelligence and consulting firm that delivers research reports and consulting services.