Newsline-International | January 2017
Hometech textiles market faces challenges
The hometech textiles market comprises a strong part of the technical textile market including upholstered furniture industry, household textiles and furnishings. Hometech textiles range from filter products used in vacuum cleaners to fibre fills in mattresses and pillows. Hometech products are made of both synthetic and natural fibres. Hometech textiles ranks 4th largest in sales of all the other technical textiles. Western Economies account for the biggest market share of hometech textiles followed by Asia Pacific.
The robust increment in office and commercial construction is a main factor aiding in driving the global hometech textiles market. With growing population worldwide, the demand for hometech textiles is growing proportionally. Rising disposable incomes and customer spending and increasing purchasing power of customers in developing countries is driving the growth of the global hometech textiles market. With rapid industrialisation and increasing demand of technical textiles in industries is another factor leading the global hometech textiles market to grow.
The major challenge faced by the global hometech textiles market is frequent changes in raw material prices. The rise and degradation in raw material prices is affecting the imbalance in prices of the global hometech textiles market. Due to population explosion in the continent, Asia Pacific accounts for the maximum share of the global hometech textiles market. North America holds the second largest share of the total hometech textiles market across the globe. Latin America follows North America as the third largest consumer of hometech textiles worldwide. Europe accounts for a huge number of nations involved in importing, manufacturing and exporting hometech textiles. Western Europe holds a larger share than the Eastern Europe. MEA is a growing market for hometech textiles followed by Japan.