The analysts observe that since the last couple of years, the growth of the textile industry and the consumption of technical textiles, including geotextile, have been relatively slow in key global economies. Particularly countries like China, Brazil and Russia showed lacklustre growth in 2015 due to the slower economic growth.
Taking into account the aversive effect of micro economic factors, Future Market Insights has revised its
Particularly, geotextile is projected to be valued at close to $ 7 billion by 2027. In 2016 this segment (Geotech) accounted for a market value of $ 4 billion. The main geotextiles applications include ground stabilisation, soil reinforcement, and erosion control. Rising number of applications in the field of civil engineering such as separation and stabilisation, filtration and reinforcement are expected to drive demand for industrial textiles over the forecast period.
In 2016 technical textiles that find applications in environmental protection (Oekotech) accounted for a little more than $ 4 billion. However, by the end of 2027 Oekotech is expected to reach a market valuation in excess of $ 6.5 billion with a CAGR of 5.1%. Key applications of this textile type include recycling schemes, products for oil spill treatment and erosion control. Rising number of environmental protection projects likely to accelerate the growth of Oekotech over the forecast period.
Technical textile that find applications in building and construction (Buildtech) was valued at $ 13 billion in 2016 and is estimated to be valued in excess of $ 22 billion by the end of 2027, expanding at a CAGR of 5.6%. Key applications of this technical textile type include wall reinforcements, housewrap, facades, concrete wraps, sewer and pipe, and linings. Rising infrastructural development activities in BRIC countries is likely to fuel market demand in this segment of technical textile for construction application. Technical textile is better in terms of durability and effectiveness than conventional textile materials in such architectural applications as foundation, insulation, concrete reinforcement and in construction.
Future Market Insights has introduced «Technical Textile Market: Global Industry Analysis and Opportunity Assessment 2015 – 2020» before where forecasted global technical textile market to reach $193 billion by 2020.
Companies: Future Market Insights