Technical textiles refer to textile materials and products manufactured primarily for non-aesthetic purposes, where their main functions are not decorative. They include textiles for automotive, construction, packaging, medical, agriculture, geotechnical and home applications. Technical textiles have superior performance attributes and functionality compared to conventional textiles. Some common examples are fiberglass materials for infrastructure projects, synthetic fibers used in reinforcing concrete, carbon fiber materials for lightweight and durable aircraft components and medical textiles such as surgical gowns and drapes.
Market Opportunity:
The growing use of technical textiles in medical applications provides a major market opportunity. Medical textiles are widely used in hospitals and the healthcare industry for applications including surgical gowns, drapes, bandages, prosthetics, implants and wound care dressings. Textiles used for medical purposes require special properties like high tensile strength, liquid resistance, antibacterial properties and compatibility with human tissues. The rising healthcare expenditure worldwide as well as the increasing surgeries and procedures drive demand for various single use and durable medical textiles. Moreover, the growing geriatric population who are more susceptible to various diseases and injuries boost the consumption of medical textiles. Technical textile manufacturers can capitalize on this opportunity by developing advanced medical textiles tailored for specific applications and geographies.
Porter’s Analysis
Threat of new entrants: Medium. Require high capital investment for setting up manufacturing units and research facilities. However, increasing opportunities in innovative products attract new players.
Bargaining power of buyers: High. Buyers have wide choices of products and suppliers. They demand high quality at competitive prices.
Bargaining power of suppliers: Medium. Suppliers have bargaining power due to availability of alternative raw material sources. However, requirements of innovation and technical expertise keep their power in check.
Threat of new substitutes: Low. Technical textiles have distinct properties compared to alternatives. Innovation widens applications shielding from substitutes.
Competitive rivalry: High. Intense rivalry due to numerous global and local players. Competition on quality, innovation, and price keeps profit margins low.
SWOT Analysis
Strengths: Broad applications in diverse industries drive demand. Innovation extends functionalities and reduces cost. Established production and supply networks globally.
Weaknesses: Vulnerable to fluctuations in raw material prices. High R&D investment required to develop innovative solutions. Compliance to different technical standards increases production costs.
Opportunities: Rising requirements in emerging fields like healthcare, infrastructure, and safety textiles. Government support for innovation and industry growth. Expanding economies increase consumption.
Threats: Stiff competition may force unfair pricing. Stringent environment regulations increase compliance burden. Economic slowdowns impact replacement demand.
Key Takeaways
The Global Technical Textile Market Growth is expected to witness high over the forecast period supported by expanding applications and rising demand from developing economies. The healthcare industry will be a major growth avenue aided by increased focus on hygiene and requirements of advanced protective textiles. The global Technical Textile Market is estimated to be valued at US$ 4575.47 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030.
Regionally, Asia Pacific dominates the global technical textiles market and is expected to maintain its leading position during the forecast period. China contributes significantly to regional market share owing to strong manufacturing base of technical textiles and intermediate products. India is projected to be the fastest growing market in the region attributed to government support for industrial growth and focus on infrastructure development.
Key players operating in the technical textile market are Canary Whistleblowing System, Convercent, EQS Group AG, Ethicontrol, OU, Expolink Europe Ltd, GlobaLeaks, Got Ethics A/S., NAVEX Global, Inc., OneTrust, LLC, Safecall Ltd, Whispli Inc., WhistleB solution, WhistleBlower Security, Your Call, and EasyWhistle. The industry remains highly fragmented with these key global players accounting for around 30% share of the global market. Players are increasingly investing in innovation and new product development to gain competitive advantage.
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