Source: www.fibre2fashion.com
The global technical textiles market is estimated at $193 billion in 2020 and is expected to reach $274 billion by 2027, growing at a compounded annual growth rate (CAGR) of 5.1 per cent during 2020-27, backed by increasing global demand for technical textiles across industry and an expanding base of new products based on application research, according to a new report.
The Asia-Pacific region is poised to grow fastest and is valued at $68.8 billion in 2020 and is projected to grow at an impressive rate with a CAGR of 5.9 per cent to reach $102.6 billion by 2027. This growth is attributed to sectors, including healthcare, automotive, construction and industrial development in the region.
The Europe region is valued at $55.5 billion in 2020 and is projected to grow at a CAGR of 5.2 per cent to reach $79.3 billion by 2027, while the North America region is valued at $47.8 billion in 2020 and is estimated to grow at a CAGR of 4.5 per cent to reach $65.1 billion by 2027.
