The worldwide textile market crashed by 2.8% from 2019 (USD 673.9 billion) to 2020 (USD 655.2 billion). The drop is primarily due to a global economic slowdown caused by the COVID-19 epidemic and the actions taken to combat it.
However, the market of technical textile machinery is predicted to rebound and increase at a 7% CAGR from 2021 to 2023, reaching USD 795.4 billion.
For evaluating the present technical textile market size worldwide, a study was done that included four primary operations. To gather info on the market, and also the peer market, as well as the parent market, extensive secondary research was conducted.
The next stage was to conduct primary research to confirm these assumptions, findings, and sizes with industry experts from across the technical textile value chain. To estimate the total overall size of the market of technical textiles, both top-down and bottom-up methodologies were used.
The size of distinct segments and also sub-segments of the market was then estimated using market breakdown as well as data triangulation processes.
Various secondary sources were used in the secondary research process to locate and collect info for this study, so far as the technical textile markets are concerned, including Factiva, Hoovers, Bloomberg BusinessWeek, and also Dun & Bradstreet.
Annual reports, press announcements, and investor presentations from corporations, white papers, articles by recognised writers, certified publications, regulatory organisations, trade directories, and databases were among the secondary sources.
To collect qualitative and quantitative information, various primary sources both from the supply and demand of the technical textile sector were interviewed.
Industry experts, e.g., Chief Executive Officers (CEOs), marketing directors, vice presidents, sales professionals, and other associated important executives from various prominent organisations and companies operating in the field of the technical textile industry, were the primary sources from the supply side.
Key executives from banks, government entities, and educational institutions were the principal demand-side sources. The following is a breakdown of the key respondent profiles:
Market size estimation
The global size of this technical textile market was estimated and validated using both top-down and bottom-up methodologies. These methods were also widely utilised to assess the size of certain market dependant categories. The following details were included in the research technique used for estimating the market size:
- Extensive secondary research was used to identify the important participants.
- Primary and secondary research was used to determine the supply chain and also the market size of the industry in terms of value.
- Secondary sources were used to determine percentage shares, breakdowns, and splits, which were then validated using primary sources.
The complete market was divided into many segments and sub-segments once the overall market size was determined using the above-mentioned estimation process.
To complete the whole process of market engineering and also arrive at exact figures for all different segments as well as sub-segments of the market of technical textile, data triangulation and also market breakdown processes were used, where applicable.
The data was further triangulated by looking at a variety of demand and supply-side elements and trends.