The global market for technical textiles has also expanded, and high expectations from various other sectors like construction and automobile have led to further development of technical textiles. The textile sector is also identifying areas in technical textiles that need improvements and is committing a sufficient amount of time and resources into these areas. And these efforts are paying off, as technical textiles are gaining momentum on a global level.
Transparency Market Research has reported that the global technical textiles market will reach USD 160.38 billion by 2018. The market for technical textiles is dominated by the innovation of products that includes product properties like strength, durability, and the growth of the global industries that depend on technical textiles for its end uses. Nevertheless, factors like the high cost of production, prices of end products, and availability of low-priced and sub-standard products to replace technical textiles are a game spoiler for the technical textile market.
The United States of America alone consumes 23 percent of the total global technical textiles, followed by Europe that consumes 22 percent, China consumes 13 percent, Japan has a 7 percent share, and India consumes 3 percent. East Asia contributes one-fifth consumption of the world. The technical textile sector is making continuous progress, and the exports have remained high throughout the previous financial year 2013-14.
These exports have been increasingly to countries outside the European Union and include China, Russia, and the United States. Nevertheless, the European Union dominates the production of technical textiles, as many EU companies have been actively manufacturing several niche technical textiles across the world. The progress made by technical textiles in recent past can be measured by the fact that in Germany, while the market share of apparel has dropped by 20 percent and home textiles by 30 percent, technical textiles' share has risen to almost 50 percent.
As per the Centre for European Economic Research, the automobile manufacturers form almost 49 percent of the total demand. The electrical industry constitutes 38 percent, machine construction denotes 28 percent, followed by telecommunications, medicine technology, pharmaceuticals, and others. It is the innovation and versatility that has ensured that technical textiles become the most profitable sector within the textile industry.
Analyses have also revealed that with reference to growth, technical textiles are among the leading five high-tech industries. The manufacturing units all over the world have ensured that technical textiles go through unremitting innovation, thus several technical textiles with better and new properties are now available. Today, technical textiles are used in combination with traditional materials and also as substitutes for obsolete textiles.
There has also been a shift in the way technical textiles' demand is being perceived. Conventionally, North America and Europe have been the major markets for technical textiles but only recently, the demand from Asia Pacific has eclipsed the global demand for technical textiles. In view of the benefits and profits concerning technical textiles, developing countries like India are also concentrating on developing this market.
By the year 2018, Asia Pacific is likely to generate revenues of USD 61.26 billion approximately. The improvement in technology, rising demand from various industries and increasing support from various government policies, technical textiles are expected to have a huge market to cater to various countries worldwide with Asia Pacific clearly the leader. It has been predicted that India's technical textile market, which is at present estimated at $ 14 billion would probably reach a level of $ 32 billion by 2023.
This will be achieved by expanding the non-woven technical textiles and forming global partnerships with other countries. Also in India alone, technical textile sector is estimated to grow at 20 percent per annum in next two years. The market size of technical textiles in India is supposed to have grown to Rs 91,236 crore approximately in 2013-14 from about Rs 42,000 crore in preceding years, with an annual growth rate of 11 per cent. Also, Germany has shown keen interest in collaborating with Indian companies for technical textiles. Apart from India, China, France and Switzerland have also registered steady and fast progress in this sector.
There has also been major change in the growing significance of novel applications like in the fields of medicine, sport and leisure, aeronautics, environment; and an essential shift from traditional technologies knitting, weaving, braiding etc to more contemporary ones like composites or nonwoven technologies.
Technical textile has helped the global textile sector to explore opportunities that exist now, or are likely to emerge in the future. The innovation in technical textile is not only responding to the current organisational needs, but it is predicting the future trends and is developing ideas, products and services that allow it to meet this future demand rapidly and effectively.
References:
1. Intersecexpo.com
2. Economictimes.indiatimes.com
3. Culrav.org
4. Textilecentre.blogspot.in
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