Development of Multi-Featured and Hybrid Smart Textile to Boost the Market Growth, North America is Slated to Capture the Largest Chunk of The Smart and Interactive Textiles Market Revenue, Exceeding 41% Share By 2032. The North America and Asia-Pacific Region is one of the Fastest Growing Regions.
NEWARK, Del, Aug. 08, 2022 (GLOBE NEWSWIRE) -- The global demand for Smart and Interactive Textiles is projected to increase at a CAGR of 25.88% during the forecast period between 2022 and 2032, reaching a total of US$ 26.4 Billion in 2032, according to a report from Future Market Insights (FMI). From 2017 to 2021, sales witnessed significant growth, registering a CAGR of 12.0%.
The establishment of a new facility by key manufacturers for meeting the rising demand for smart fabrics around the globe is one of the current trends. For instance, in June 2017, Advanced Functional Fabrics of America opened a state-of-the-art facility for prototyping advanced fabrics. A new center for the development and commercialization of advanced fabrics that will offer services such as health monitoring, communications, and dynamic design.
Increasing demand for smart fabrics as leisurewear is expected to be one of the major trends in the market. This is also attributed to the growing disposable income of the consumer which is encouraging them to spend on leisure products. Also changing lifestyles of the consumers coupled with the growth in the urban population around the globe due to the gradual shift from rural to urban areas is further expected to propel the market growth.
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The advent of new technologies such as Internet of Things (IoT), and Artificial Intelligence (AI) has transformed the textile industry. New smart apparel is being manufactured integrated with AI, Bluetooth Low Energy (BLE), edge computing, and cloud data, which can monitor and communicate the wearer’s information, including blood pressure, heart rate, perspiration, and temperature. AI can access and collect historical and real-time operational data and provide insights, which can enhance the wearer’s efficiency. Defect detection, pattern inspection, and color matching are some of the common applications of AI in textile manufacturing.
Key Takeaways from the Market Study
Global Smart and Interactive Textiles Market was valued at US$ 2.6 Bn by 2022-end
From 2017 to 2021, Smart and Interactive Textiles demand expanded at a CAGR of 12.0%
By Product, the Wearable Electronics category constitutes the bulk of Smart and Interactive Textiles Market with a market share of 12.0%.
By Application, the Transportation segment dominates the Smart and Interactive Textiles Market with a market share of 10.0%.
From 2022 to 2032, Smart and Interactive Textiles sales are expected to flourish at a CAGR of 25.88%.
By 2032, the market value of Smart and Interactive Textiles is expected to reach US$ 26.4 Bn.
“Increasing demand for smart fabrics as leisurewear is expected to be one of the major trends in the market. This is also attributed to the growing disposable income of the consumer which is encouraging them to spend on leisure products during the forecast period,” remarks an FMI analyst.
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Players in the global Smart and Interactive Textiles Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
In July 2021, DuPont acquired Laird Performance Materials, a leading company engaged in offering high-performance electromagnetic shielding and thermal management solutions.
In February 2021, DuPont had acquired Tex Tech’s Core Matrix Technology, a monolithic fabric structure that can significantly reduce backface trauma, while increasing ballistic and fragmentation performance for military and law enforcement personnel. This acquisition will add to the company’s already robust portfolio of life protection solutions, enabling the most flexible, lightweight ballistic solutions to meet new standards of National Institute of Justice (NIJ) for enhanced durability. In addition to enhanced protection, the new technology also increases the comfort of wearing bullet-resistant body armor.
Know More about What the Smart and Interactive Textiles Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Smart and Interactive Textiles Market, providing historical data for 2017-2021 and forecast statistics from 2022-2032.
Smart and Interactive Textiles Market by Product:
Wearable Electronics Smart and Interactive Textiles
Chromic materials Smart and Interactive Textiles
Smart and Interactive Textiles Market by Application:
Smart and Interactive Textiles Market for Industrial Applications
Smart and Interactive Textiles Market for Military and Defense
Smart and Interactive Textiles Market for Medical and Healthcare
Smart and Interactive Textiles Market for Retail and Consumer Applications
Smart and Interactive Textiles Market for Transportation
Smart and Interactive Textiles Market by Region:
North America Smart and Interactive Textiles Market
Latin America Smart and Interactive Textiles Market
Europe Smart and Interactive Textiles Market
Asia Pacific Smart and Interactive Textiles Market
Middle East & Africa Smart and Interactive Textiles Market
Table of Content
1. Executive Summary
1.1. Global Market Overview
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Introduction and Definition
3. Market Background and Foundation Data Points
3.1. Need of the Hour for Industries
3.2. Smart and Interactive Textiles – Strategic Priorities
3.3. Life Cycle Stage
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