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Three Key Verticals Utilizing Technical Textiles in 2022 and Beyond

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Archives, Global Trade Daily, Market insight

Three Key Verticals Utilizing Technical Textiles in 2022 and Beyond

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One of the thriving businesses in the global textile industry, the technical textiles market has been observing an upward trend over recent years on account of improving economic conditions worldwide.
These textiles are user-friendly and eco-friendly, which has led to their increased adoption. Technical textiles offer numerous benefits as opposed to conventional ones, which is why manufacturers are
shifting to new business models involving the production of these textiles on a large scale.

Is shifting to technical textiles a good idea?

Some of the benefits offered by technical textiles include:

1. Deliverance of mechanical functions like superior elasticity, mechanical resistance, and reinforcement

2. Biocompatibility and anti-dust properties

3. Protection attributes such as thermal and fire resistance and easy breathability

4. High insulation, conductivity, and filtration

The advantages offered by these products surpass the ones offered by commercially manufactured textiles to a large extent. Their increasing demand has also led many countries – prominently those with a strong presence in the global textiles sector – to come up with supportive regulatory norms to increase the production of technical textiles.

For instance, India, which currently captures a 4% share of the global textile trade, has announced that it will empower the technical textile industry in the country through the launch of new policies. To that end, in July 2022, Haryana deputy Chief Minister proposed the ‘Haryana Atamnirbhar Textile Policy’ to offer employment to 20,000 youths and attract investments worth USD 505,600 in an attempt to scale the production and promotion of technical textiles.

The technical textiles market is heavily application-centric as the product is utilized across varied sectors such as automotive, healthcare, geotextiles, industrial, and more. Given below is a snapshot of different technical textile applications that are expected to define the future of this industry:

1. Mobiltech– Growing use of technical textiles in automobiles

The growing demand for technical textiles in the automotive industry can potentially be credited to 2 prominent reasons – their ability to lower the vehicle weight and enhance fuel efficiency and offer improved acoustic comfort.

As far as vehicle weight reduction and a decrease in carbon emissions are considered, Lineo’s FlaxPreg sandwich panel composites deserve a mention. As per reliable reports, the utilization of materials from the sandwich composites was seen to accomplish a reduction in weight of nearly 50% compared to the
conventional components made from polyurethane and glass. It is noteworthy to state that the composites also deliver a cost-benefit of about 5%, cutting down the overall vehicle costs for both the
producers as well as the customer.

Stringent regulatory norms pertaining to vehicular acoustics and passenger comfort have led to an upsurge in the demand for technical acoustic textiles as well. Textiles made from nylon fibers and PET are widely used in automobiles to offer exceptional sound absorption and sound isolation.

2. Meditech– Growth of new opportunities in the medical fraternity

The onset of COVID-19 pandemic in 2020 opened new avenues and opportunities for technical textile producers in the medical and healthcare industry. Meditech applications include textile material
deployment in health, hygiene, personal care, as well as surgical categories.

During the coronavirus crisis, the demand for surgical disposable caps and covers skyrocketed, generating opportunities for technical textiles. The need for technical textiles in the medical sector observed a considerable rise in the North American region owing to rising coronavirus cases, which urged frontline warriors to demand the production of more disposable PPE. In consequence, this has
impelled the North America technical textiles market, slated to capture 30% of the global revenue share by 2028 end.

In addition to the increasing use in COVID-19 protective gears, the meteoric rise in demand for textile implants for artificial joints, ligaments, and sutures will also have an impact on the demand for technical textiles from the meditech sector. As per estimates, the meditech segment may depict a CAGR of 5% through 2028.

3. Buildtech- Role of technical textiles in the building and construction industry

The adoption of technical textiles in the building and construction sector is anticipated to offer a great impetus to the quality of infrastructure. Buildtech includes textiles used in interior construction, visual protection, proofing materials, concrete reinforcement, protection to buildings against UV and sunlight,
and building safety.

One of the key drivers fostering the growth of technical textiles across the buildtech sector is the positive outlook of the construction industry worldwide, especially the Asia Pacific. An ostensible rise in population, urbanization, and subsequent need for residential homes has propelled the construction of new structures and residential buildings in leading APAC economies including China, India, Japan, and South Korea.

In 2022, China revealed its plans pertaining to its 14 th Five-Year Plan. The country plans to push the regional construction sector alongside a smarter, greener, and safer path. According to the Ministry of Housing and Urban- Rural Development, the industry may maintain a 6% share of the country’s GDP until 2025. As the construction sector continues to evolve across prominent economies such as the Asia Pacific, technical textiles will witness an increase in demand across the buildtech application segment.

The way forward–

In the coming years, the technical textiles industry is predicted to foresee substantial momentum from the Protech application sector – the reason being, increasing incidences of workplace accidents. As per credible sources, more than 2.3 million people globally are victims of workplace accidents every year.
The main aim of technical protective textiles is to enhance workplace safety, as they offer protection against burns, high temperatures, metal sparks, bullet marks, cut resistance, and more.
The European region may also offer considerable growth opportunities for the technical textiles industry, driven by the development of new textile products and investments by regional players.

life sciences therapy
Archives, Global Trade Daily, Market insight

Top 4 Trends Influencing Global Compression Therapy Market

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The compression therapy industry is expected to witness notable growth over the coming years due to the rising incidence of road accidents and sports-related trauma. According to a report by the WHO, around 20-50 million road accident victims suffer non-fatal injuries. However, some of these injuries can cause partial or total disability if left untreated. 

Compression therapy products are useful in such cases. They increase the blood flow in the body by exerting a comfortable yet constant pressure on the injured part. The number of people suffering from chronic venous diseases, such as deep vein thrombosis (DVT) and varicose veins is also increasing. Factors, such as old age, lack of physical activity, and sports injuries are contributing to the rise in these conditions.

The U.S. Centers for Disease Control and Prevention (CDC) says that nearly 900,000 people in the country are affected by DVT every year. These statistics indicate the potential demand for compression therapy devices. 

Global compression therapy market size is anticipated to surpass USD 4 billion by 2030. Discussed below are some of the key trends impacting the industry progress.

  • Compression pumps used as alternative to ineffective treatments:

Compression pumps will capture a sizeable share of global compression therapy industry over the coming years. The products can be used as an alternative to failed treatments for some patients. If elderly patients are either non-compliant or unresponsive to other treatments, then compression pumps can be used to alleviate the painful symptoms. 

The prevalence of conditions, such as DVT and lymphedema is increasing across the world. According to the Australian Commission on Safety and Quality in Healthcare, 30,000 Australian citizens are diagnosed with DVT every year, incurring a cost of around AUD 1.72 billion (USD 1.19 billion) to the country’s healthcare system. Many of these patients can be successfully treated with the help of compression pumps. 

  • Dynamic compression therapy gains traction:

Global dynamic compression therapy industry value is expected to surge considerably in the future. Sports injuries are on the rise as more people are participating in physical activities to improve their fitness levels. As per the statistics from Johns Hopkins Medicine, more than 3.5 million sports injuries take place in the U.S. every year.

Athletes performing in elite competitions, such as the Olympics and World Championships undergo dynamic compression therapy to enhance the performance of their lower extremities. It can also significantly improve their pressure-to-pain threshold during the recovery process.

  • Compression therapy helpful in treating leg ulcers:

Global compression therapy market size from the leg ulcer application will record a healthy growth rate over the forthcoming years. Leg ulcers are becoming increasingly common because of a severe lack of physical activity, which results in poor blood circulation.

According to the NHS, venous leg ulcers affect 1 in 500 people in the U.K. Products like compression stockings can reduce the pain caused by these ulcers as they apply constant pressure on the affected part, thereby improving the flow of blood and other fluids.

  • Europe compression therapy industry expands:

Europe compression therapy industry revenue will exhibit a consistent growth in the future as the region is witnessing a major rise in geriatric population. According to Eurostat, the share of people falling in the age category of 80 years and above was estimated to be 6% in 2021 and will expand significantly over the coming decades.

People aged 65 years and above are at a higher risk of being diagnosed with chronic venous diseases like DVT. Compression therapy is beneficial for these patients as it gives them several treatment options to choose from. The growing demand for non-invasive and painless treatments will fuel the adoption of compression devices.

Global compression therapy market outlook will be influenced by the growing prevalence of chronic venous disorders. Unhealthy lifestyle choices, obesity, and aging are some of the primary factors causing the onset of these ailments. With constant innovations being introduced in these products to improve patient safety and comfort, the awareness and availability of suitable treatment options will also rise. Depending on the applications, both static and dynamic compression therapy use will see considerable boost over the coming years.

Organizations such as Medi Gmbh & Co. KG, DJO Global, Inc., Convatec Inc., BSN Medical, 3M Company, Cardinal Health, Inc., Sigvaris, and Paul Hartmann AG, among others, are the leading developers of compression therapy products. These include compression garments, pumps, braces, and tapes that use static and dynamic compression technologies to enhance blood circulation and prevent the coagulation of vital fluids.

 

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3pls, Archives, Global Logistics

25+ Outsourcing Statistics for 2020 and Beyond

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When work becomes overwhelming, there’s nothing else to do but consider outsourcing. Hiring a third-party company to perform services saves time and money, but that’s not the only benefit. Companies that outsource have increased efficiency and are more focused on essential strategies. 

They also enjoy increased flexibility to face changes. With this option, businesses have wider access to professionals and the freedom to choose from various talent pools. Combined with affordability, it’s no wonder that the industry is worth $131 billion. 

According to our report, America enjoys the largest revenue share from outsourcing. However, the market is fluctuating. 

Even though many believe outsourcing is the way to solve business problems, it involves some challenges. When used only to solve a problem without considering it as an investment for growth is a wrong approach. 

Other risks include slow turnaround time, language barriers, time differences between time zones, and lack of control. Since more than half of small businesses were outsourcing in 2019, business owners believe it’s a great way to reduce costs and save time. 

We’ve covered the most important aspects in the statistics below for the US and global markets. Keep on reading to find out more. 

 

leadership style
Archives, Executive Education, Global Trade Daily

How to Change Your Leadership Style and Adapt to the Changing World

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A scholar in Nova Southeastern University by the name of Chien presented executives with a correlation between leadership effectiveness of different leadership styles adopted by executives in international companies. Although this empirical study was primarily designed to investigate global leaders and in this case Taiwan, there are kernels for all executives to learn from. For example, there was a strong positive correlation between the effectiveness of leaders and adopting a transformational leadership style at the highest organizational levels.

Executives began to listen and respond to the plethora of information in the form of articles and books attempting to provide transformational leadership as an adaptable and applicable leadership style to help impact not only the productivity and profitability of the organization but also the competitive advantage. One example is the concept of intellectual stimulation which is another important aspect of transformational leadership. Intellectual stimulation positively impacts the effectiveness of leadership in building learning through facilitating knowledge sharing by all leaders and followers of the organization. Executives require people who are engaged and inspired to meet the demands of day-to-day operations.

Transformational leadership also suggests that executives inspire their followers. Ergo, transformational leadership is a suitable leadership style to analyze leadership in international companies. By adopting a transformational leadership style, executives are able to answer the questions necessary to apply leadership without having to delve through all the leadership styles to find what works well for them and what does not. To prove the correlations between transformational leadership and the effectiveness of leadership in global environments today, I take a further look at new industry researches so that executives can see the correlation and application.

An Industry Task Force on Leadership and Management Skills found relevant information that may help leaders embrace transformational leadership. The task force first critiqued top managers and found them to be inadequate effective leaders. The report illustrates the weaknesses of leaders, such as failing to develop a clear vision for the future of their organization. Similarly, a more recent report on Management Matters illustrated that top managers in the manufacturing sector scored the least in the very important organizational behavior tenet of people management when compared to two other areas of operations- and performance management. This particular report highlighted that companies need to enhance leverage on human assets in order to achieve sustained competitiveness.

In both cases, companies have been ranked low in almost all dimensions of people management. After careful review of these findings for both case studies, the scholars recommend that companies must improve their human resource-related practices with a target of attracting, retaining, and promoting their human resources. This article goes further and suggests that the way for these managers and leaders, and leaders across the globe, to make the effective changes that are posited in the transformational leadership. The recommendations of transformational leadership are to focus on developing a strategic vision for their future strategic initiatives. When transformational leaders can generate a shared and inspiring vision for the future expansion into the global business environment, they will secure a foothold in the ever-expansive global marketplace. Thus, executives that act as transformational leaders are capable to overcome their deficiencies and lead better in our hypercompetitive environment of today.

These industry researches also identify the transformational leadership style as a primary driver of organizational competitiveness. Unfortunately, while the characteristics of transformational leaders are positively associated with the competitiveness of international companies, it is somewhat underutilized in organizations worldwide. This is suspect and alarming because numerous empirical studies have found that there is a direct correlation between transformational leadership and organizational competitiveness. Scholars highlighted transformational leadership as an enabler of organizational competitiveness. Therefore, leaders that may not be utilizing the transformational leadership style which has been posited as a managerial-based competency for organizations operating in today’s innovative business environment can now explore the virtues of using this leadership style to improve competitive advantage.

In conclusion, executives in international companies can now take a new view of managerial decision-making and leading – transformational leadership. Transformational leadership lies at the focal point of executive success. Therefore, I suggest that these executives embrace transformational leadership. This leadership style influences some of the spans of control of executive responsibility. For the scholar’s corner, I place a great deal of emphasis on the literature on transformational leadership as a significant indicator for business success. Scholars see that I expand upon the subject matter of transformational leadership. Through articulating the impacts of transformational leadership on the competitiveness of international companies, I add to the current and extant literature. Organizational competitiveness is essential for business growth and prosperity in today’s global business environments.

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References

[1] Chien, HJ 2001, A comparison of leadership characteristics in public and large and small private organizations in Taiwan, Nova Southeastern University.

[2] Report of the Industry Task Force on Leadership and Management Skills 1995, Renewing Australian’s managers to meet the challenges of the Asia-pacific century.

[3] Management Matters in Australia: Just how productive are we? 2012, Department of Innovation, Industry, Science and Research, Australia.