The global textile composites market is expected to grow at with a CAGR greater than 6% during the forecast period. One of the major factors driving the market is the growing demand from aerospace sector. However, textile composites’ low resistance to impact is likely to hinder the growth of the market studied.
- Emerging Applications in the Optical Fiber Industry are expected to provide a major growth opportunity for the market studied.
- Asia-Pacific is expected to witness the highest growth rate during the forecast period owing to the growing defense expenditure in the region.
- Among the application areas, electrical & electronics application dominated the market studied and is expected to dominate the market studied during the forecast period.
Key Market Trends
Electrical & Electronics Application to Dominate the Market
- Textile composites are used in the electrical & electronics industry for their excellent insulating properties. Because of their high-modulus of elasticity, they are used primarily in fiber optic cables and protective enclosures for electrical parts in marine and aerospace applications.
- Textile composites offer flexibility, lightweight, dimensional stability, and increased strength in electro-mechanical cables and fine gauge cables for personal electronic device applications, such as computer power cords, mobile phone cables, MP3 earphone cables, and USB cords.
- The growing demand for personal electronic devices across the world is boosting the demand for textile composites.
- Hence, according to the above-mentioned trends, the electrical & electronic application is expected to dominate the forecast period.
Asia-Pacific to Witness the Highest Growth Rate
- Asia-pacific is witnessing a significant growth in the demand for textile composites majorly from the aerospace & defense and electrical & electronics industries.
- China currently has the highest defense spending after the United States. Also, the defense spending of countries like India and Japan are witnessing consistent growth over the past few years. This growth is boosting the demand for textile composites in the region.
- Additionally, the growing sports industry too has facilitated the consumption of textile composites in the Asia-Pacific region.
- Hence, owing to the above-mentioned trends is likely to dominate the market studied during the forecast period.
The textile composites market is moderately fragmented as the market share is divided between many players. Key players in the market include, Teijin Limited, Toray Advanced Composites, Composite Fabrics of America, DowDuPont, and Hyosung Corporation, amongst others.
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