Because of improved economic conditions, technical textiles have seen a global increase in recent years. Technological advancements in end-use applications, cost-effectiveness, durability, user-friendliness, and eco-friendliness of Technical Textiles have resulted in an increase in global demand. In terms of value, Indutech, Mobiltech, Packtech, Buildtech, and Hometech account for two-thirds of the global market.
The demand for Technical Textiles was estimated to be USD 165 billion in 2018 and is expected to rise to USD 220 billion by 2025, at a CAGR of 4% from 2018 to 2025. The Asia-Pacific region has dominated the Technical Textiles sector, accounting for 40% of the global market, while North America and Western Europe account for 25% and 22%, respectively.
Due to rapid urbanisation and technological advancements in the medical, automobile, and construction industries, Asia-Pacific has seen tremendous growth in this sector and now holds the largest market share. This is further accelerated by simple production, low-cost labour, and favourable government policy support.
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Event Name: Technotex 2023
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Date: 22-24 February, 2023
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