The global technical textiles market will reach US$ 193.7 billion by 2020, amplifying at a compound annual growth rate (CAGR) of 4.5% during the forecast period 2015-2020, according to Future Market Insights’ (FMI) latest research report Technical Textiles Market: Global Industry Analysis and Opportunity Assessment 2015-2020.

According to FMI, the key factors fuelling the growth of the technical textiles market include robust growth of the automotive sector in emerging markets and increase in number of end-use industries across various regions.

FMI says the key challenges for the global technical textile market are high pricing of finished products and concerns about toxic waste production.

Demand for e-textiles is also growing in emerging economies, and FMI estimates this trend to become more pronounced in the near future. Key players are focusing on research and development (R&D) activities to enhance the wearability of such textile materials.

The technical textiles industry is witnessing rapid innovations to meet the changing preferences of consumers. It is also expected that government support programmes will provide an impetus to the manufacture of technical textiles.

FMI has segmented the global technical textiles market on the basis of product type into nonwovens, composite, and others (knitting, braiding, and weaving). According to FMI, the nonwovens segment has the largest share in the technical textiles market, accounting for 52.6% share in 2015. FMI expects this segment to expand at a CAGR of 5.1% during the forecast period 2015-2020.

The composite segment held a 14.7% share of the global technical textiles market in 2015 but FMI estimates it will account for 14.4% market share by 2020.

The others segment, which includes knitting, braiding, and weaving, accounted for 32.7% share of the technical textiles market in 2015. FMI estimates this segment to expand at a CAGR of 3.8% during the forecast period and reach a valuation of US$ 61 Bn.

Future Market Insights is a market intelligence and consulting firm delivering syndicated research reports, custom research reports and consulting services. Its research services cover global as well as regional emerging markets such as GCC, ASEAN and BRICS.

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Technical Textiles Market: Global Industry Analysis and Opportunity Assessment 2015-2020.