Global Sportech Textiles Market 2019-2023
About this market
Factors such as lifestyle changes and the increasing participation in fitness activities have increased the demand for sportswear, athleisure, activewear, and gym vests. The rising demand for sports apparel drives the global sportech textiles market. Sportech textiles are used to produce sports apparels, including jerseys, team uniforms, and other durable wear, for performance training of athletes. The increasing focus on the safety and performance of end-users has led to the development and use of highly functional materials in sportswear and outdoor leisure clothing. The high demand for active sportswear has led to the demand for premium priced. branded specialty fibers that improve dissipation of heat and moisture at high metabolic rates. Technavio’s analysts have predicted that the sportech textiles market will register a CAGR of over 8% by 2023.
Government initiatives support sportech textiles market
Government initiatives and benefits such as tax concessions, special financial packages, and provisions for foreign and government investments attract vendors, improve the market condition, increase profits, and make consumers aware of the use of technical textiles such as sportech textiles.
Volatility in raw material prices
The prices of raw materials used to manufacture sportech textiles are extremely volatile as these materials are obtained from crude oil or forests. Price volatility will lead to inflation in raw material prices, which can increase the procurement cost and reduce profit margins for vendors.
For the detailed list of factors that will drive and challenge the growth of the sportech textiles market during the 2019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Sportech Textiles Market 2019-2023
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the growing sustainability practices in sportech textiles.”
According to the report, one of the major drivers for this market is the increasing popularity of sports in emerging countries.
Further, the report states that one of the major factors hindering the growth of this market is the adherence to high manufacturing standards.
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