Demand for technical textiles is growing at a higher rate as compared to its non-technical variants. As end-use industries, such as construction, healthcare, automotive etc. ramp up demand for textiles that are not only visually appealing but also highly functional, the technical textiles market will continue to witness steady growth.
The global technical textiles market was valued at US$ 155 Bn in 2015, and by 2020, it is expected to reach US$ 193 Bn in revenues. Demand from construction industry will play a crucial role in driving global revenues, as globally, there is renewed focus on infrastructure development, following the sub-prime crisis.
Emerging economies of Asia Pacific will be key to future growth of the technical textiles market. Considering the untapped market, the construction textiles market in Asia Pacific is expected to grow at a fast pace.
Market Size of Construction Textiles
In the construction sector, technical textiles are becoming highly sought-after, owing to their properties, such as high resilience, resistance to temperature extremes, and overall durability.
Use of construction textiles is quite robust in building of bridges, dams, roads, and tunnels. Besides, construction textiles also find their use in making tents and marquees.
Construction Textiles Market Share
Among the various types of technical textiles, such as Agrotech, Hometech, Indutech, Geotech, and Oekotech, demand for Buildtech (construction textiles) was valued at nearly US$ 16 Bn in 2014. By 2020, the global construction textiles market is anticipated to surpass US$ 20 Bn in revenues. The Buildtech segment is expected to represent nearly 11% revenue share of the global construction textiles market in 2020.
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Construction Textiles Volume Forecast
In terms of volume consumption, the construction textiles market was valued at nearly 4 million tonnes in 2015. The market is anticipated to witness an increase of nearly 6% CAGR through 2020 and reach nearly 5.5 million tonnes in revenues.
As discussed previously, Asia Pacific will be the largest market for construction textiles in the future. The growth of the Asia Pacific construction textiles market will be pronounced in China and India – two of the fastest growing economies in the world.
China and India have witnessed steady economic development in the last decade or so, and are counted among the economic powerhouses globally. Governments in these two countries have turned their attention towards building roads, dams, and bridges, as they seek effective measures to cater to the demands of their billion-plus population.
In addition to China and India, the other key countries where demand for construction textiles is expected to remain strong in the next decade are Japan, Australia, and New Zealand.
In terms of revenues, the Asia Pacific Buildtech market was valued at nearly US$ 4 billion in 2015. Demand for construction textiles in Asia Pacific is expected to witness annual growth rates of over 8% in the next decade.
North America and Western Europe are the other lucrative regions for construction textiles. Demand for construction textiles in these regions will be largely driven by increasing investment by both government and private sector. Although demand for construction textiles in these two regions will remain steady, it will be significantly lower than the growth rate in the Asia Pacific market. Whereas North America construction textiles market is expected to expand at over 3% CAGR in the next decade, the Western Europe market may witness growth rates of 2.5%.
Leading Companies in Buildtech Market
Key players in the construction textiles market, including Gundle/ SLT Environmental Inc. (GSE) (U.S.), Royal Tencate NV (The Netherlands), Low & Bonar PLC (U.K.) and Fibertex Nonwoven A/S (Denmark) are bolstering their businesses in Asia Pacific as that’s where the future of this robustly growing sector lies.
The information presented in this article is based on the report “Construction Textiles Market: Global Industry Analysis and Opportunity Assessment.” A free sample is available for download at http://www.futuremarketinsights.com/reports/sample/rep-gb-971
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