While it still hasn’t returned to its high point in 2008, the worldwide technical textiles market continues to show slow and steady growth. The gains continue to fuel hopes that it could be an emerging future growth opportunity for cotton fiber.
The technical textiles market is improving largely due to overall global economic revival, said Jeffery Rasmussen, market research manager of Industrial Fabrics Association International. According to Rasmussen, the world market for “smart fabrics” is projected to reach $1.57 billion in the coming year.
The technical textiles market has been growing steadily at about 20% per year since 2009. Growth is particularly strong in the United States, and with gains of approximately 30%, the American market could reach $396 million.
Transportation applications account for 42% of the market, followed by industrial goods at 21% and the military by 20%. The industry is heavily R&D based and has good growth potential.
Rasmussen said that while the use of smart fabrics in advanced sectors such as military is growing, consumer acceptance to date has been slow.