Antimicrobial Textiles Market is Likely to Surpass $20.5 Billion by 2026, Says Global Market Insights Inc.
The growth of the antimicrobial textiles market is driven by rising awareness regarding hygiene and health across the globe, says this report.
SELBYVILLE, Delaware, April 19, 2020 /PRNewswire/ -- As per the report published by Global Market Insights Inc., the overall antimicrobial textiles market was valued at $10.48 billion in 2019 and is projected to surpass $20.5 billion by 2026, registering a CAGR of 9.8% from 2020 to 2026. The report provides a complete analysis of the top winning strategies, major investment pockets, wavering market trends, drivers & opportunities, competitive scenario, industry size & estimations.
Antimicrobial textiles are made up of materials that kill bacteria cell growth or hinder their growth, which leads to less chance of contracting infection among medical workforce and patients. These factors make a positive impact on the growth of the antimicrobial textiles market in the coming years.
The increasing geriatric population along with concerns regarding hospital infections in Europe and the U.S. will boost the antimicrobial textiles market over the projected time period. Factors like partnership deals and strategic distribution of textile manufacturers with numerous end-user industries combined with the use of antimicrobial fabrics in wide range of applications are likely to support the market growth.
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The exponential rise of the coronavirus infection across the world and the need for smart medical textiles from healthcare services, globally, are demanding more amount of fabrics for the medical staff. Various manufacturers are increasing their production capabilities in order to support regional and other governments in the course of the pandemic. Citing an example, Milliken & Company announced in March 2020, that it has mounted the production of BioSmart fabric to support the cutting-edge requirement from healthcare workers.
Key reasons for antimicrobial textiles market growth
- Increasing use of anti-fungal and anti-bacterial sportswear.
- Growing demand fueled by the coronavirus pandemic.
- Focus of industry players on geographic expansion, cost optimization strategies, product development and mounting production of textiles.
2026 forecasts anticipate the growth of 'apparels' application segment
The apparels application segment is showing remarkable growth in the market for antimicrobial textiles due to rising apparel market, and favorable textile-based policies in various countries. Furthermore, investments by numerous textile manufacturers in different countries are also providing various profitable growth opportunities for the antimicrobial textiles market expansion.
Asia-Pacific, North America, & Latin America to provide significant growth impetus in terms of revenue
APAC is likely to grow at a substantial rate due to the growing number of healthcare services along with rising population and per capita income. The region is anticipated to generate approximately $5.5 billion by 2026. Furthermore, the existence of several textile manufacturers as well as fast developing apparel industry in India and China will further lend support to the antimicrobial textiles market during the projected time period.
North America is likely to exhibit remarkable growth because of the growing textiles industry in the U.S. The region recorded nearly 25% of revenue shares in 2019. As per National Council of Textile Organizations, back in 2018, the U.S. textiles shipments generated a revenue of approximately $76.8 million, thereby exhibiting growth of about 5.20% in comparison to the growth witnessed in 2017.
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Latin America is anticipated to generate approximately $1 billion revenue by 2026, due to the growing demand for antimicrobial textiles from healthcare industry. Rising awareness regarding hygiene along with a positive outlook towards the apparel industry will boost the antimicrobial textiles market share.
Leading market players
The key market players analyzed in the antimicrobial textiles industry report include Unitika Ltd., Trevira Gmbh, Milliken & Company, Thai Acrylic Fibre Co. Ltd., Kolon Industries, and Toyobo Co. Ltd. among others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision makers.
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