Asia Pacific is the most lucrative market for technical textiles, with demand expected to reach 11,468 thousand tonnes by the end of 2015, up from 10,715 thousand tonnes in 2014. China and India are expected to be at the forefront of demand for technical textiles, with these two countries collectively accounting for 74% share of the Asia Pacific technical textiles market.
China and India will continue to account for the bulk of demand for technical textiles, propelling the market to USD 155 billion valuation by 2015 end. Demand for Hometech and Indutech from world’s two behemoth economies is expected to fuel the technical textiles market.
Growth of the industrial sector in China and India is driving the demand. Hometech is expected to witness the highest demand, reaching 2,015 thousand tonnes by 2015 end, up from 1,910 thousand tonnes in 2014 and Indutech is expected to gain 62 BPS between 2015 and 2020 and account for nearly 14.68% of the overall market in terms of revenue. In terms of volume, demand for Indutech is expected to reach 2,832 thousand tonnes by the end of 2015.
Robust growth of the automotive sector in emerging markets and increasing applications of technical textiles in the construction industry are key factors fuelling the demand for technical textiles.
Increased spending on healthcare and growing awareness on environmental conservation and sustainable manufacturing are other key factors driving the demand for technical textiles globally.
The cost of procuring raw materials and manufacturing technical textiles is higher than other substitutes, owing to which adoption is lower in price-sensitive markets. Spurt in SMEs in China and India has further fragmented the market, leading to shrinking profit margins.
On the basis of application, the key categories of technical textiles include Agrotech, Buildtech, Hometech, Indutech, Sportech, Packtech, Mobiltech, Meditech, Clothtech, Geotech, Protech, and Oekotech.
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