Smart And Interactive Textiles Market to cross $6.5bn by 2024: Global Market Insights, Inc.

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Nov 24, 2017, 22:00 ET

SELLBYVILLE, Del., Nov. 24, 2017 /PRNewswire-iReach/ -- Excellent growth prospects have been forecast for Smart And Interactive Textiles Market over the forthcoming years, essentially pertaining to the increasing demand for low weight, smart, and comfortable fabrics for better athletic performance and comfort while driving automobiles. The rapidly changing consumer trends toward comfort and luxury, their rising disposable incomes, and the subsequently high purchase parity are key factors that are slated to augment the expansion of smart and interactive textiles industry over the coming years. As per reliable estimates, global smart and interactive textiles market is anticipated to cross a valuation of USD 6.5 billion by 2024, with a CAGR projection of 14% over 2016-2024

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Smart and interactive textiles market has been mainly segmented into chromic materials, wearable electronics, and others such as anti-microbial textiles, self-cleaning textiles, geotextiles, etc. on the basis of product types. Wearable electronics are popular among the tech-savvy and sports enthusiast population and will flourish at a significant rate in the coming years.

Chromic materials are designed to react to external stimuli such as heat, pressure, light, electricity, or even the presence or absence of certain liquid and gas media. This segment will likely augment the smart and interactive textiles market growth with its growing popularity among the households of the developed nations.

Smart and interactive textiles market applications include transportation, medical & healthcare, industrial, military & defense, retail & consumer, and others such as space activities, household applications, etc. Extensive product application in aircrafts, automobiles, ships, rail coaches, etc. to develop the aesthetic and safety characteristics makes transportation sector a significant application segment with a market revenue forecast at more than USD 1.5 billion in the year of 2024.

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In 2024, medical & healthcare application will likely generate a revenue close to USD 450 million for the overall smart and interactive textiles market and witnessing growth at a rapid pace in forecast years. Rising product acceptance in manufacturing smart dressings, self-cleaning gowns, and smart hospital beds will boost the growth during the forecast spell.

Europe will account for more than a fifth of the global smart and interactive textiles market in 2024 on the account of a sluggish growth owing to the rapid developments in the application sectors in the regions of North America and Asia Pacific. Growing military expenditures, particularly in the U.S., China, and North Korea, will boost the growth in these regions in the forecast spell. The tech-savvy population of China, Japan, and South Korea will further propel the Asia Pacific smart and interactive textiles market growth.

Notable smart and interactive textiles market players include DuPont, Toray Industries, Koninklijke Ten Cate, Sensoria, Inc, Textronics, Inc, Interactive Wear, Globe Holding Company, Milliken & Company, Schoeller Textil, Indorama Ventures, Outlast Technologies, AiQ Smart Clothing Inc, EXO2, and D3O Lab.

Browse key industry insights spread across 85 pages with 96 market data tables & 13 figures & charts from the report,"Smart And Interactive Textiles Market Share & Forecast, 2016 – 2024" in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/smart-and-interactive-textiles-market

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Global Market Insights, Inc.

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Media Contact: Arun Hegde, Global Market Insights, Inc., +13028467766, [email protected]

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SOURCE Global Market Insights, Inc.