LONDON--(EON: Enhanced Online News)--The growth of the global technical textile industry is mainly boosted by the significantly increasing demand for functional and applicational textiles, which have been widely used in industries such as aerospace, construction, sports, and defence etc. Over the recent decade, many major textile producing countries have also set plans to further develop their technical textile productions. The latest overview of the global technical textile industry and some of the major technical textile producing countries are few of this week’s featured stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to connect with over seven million companies around the globe.
The global technical textile market witnessing increased demand
As one of the fastest growing segments among the world’s fabric and textile industry in recent decades, the global technical textile market is expected to reach USD 160.38 billion by 2018. In terms of volume, the world’s technical textile production is projected to have a CAGR of about 4.68% from 2015 to 2020, according to London-based research firm Technavio.
The Asia-Pacific region is currently the world’s biggest supplier of technical textiles, accounting for around 33.13% of the total market share in terms of value in 2014, followed by the North American and European regions.
India gives its technical textile industry a full throttle
India’s technical textile industry is one of the fastest-growing sectors in the country, and is expected to grow by over 20% annually to reach USD 30 billion by 2020. In order to maintain this industrial momentum, the Indian government has been pushing new policies and strategies to shift the industrial priority from conventional textile products to technical textiles.
Currently, India is one of the largest technical textile producers and consumers in the world, while the US and the EU will remain the top trading partners of India’s technical textiles industry.
Russia’s technical textile production aims for bigger growth
The technical textile and industrial nonwovens industry in Russia was valued at an estimated USD 40 million in 2016. Domestic production volume of technical textiles in Russia is expected to grow over 7% year on year through 2017, thanks to the ongoing recovery from the recent economy crisis.
With the increasing number of the investment projects announced for Russia’s technical textile industry in the coming years, Russian government bodies have set ambitious plans to further boost the country’s technical textile sector in near future.
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