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    Composite Textiles Market Growth Analysis

    Composite Textiles Market Growth Analysis
    Report code - SR2578 Published On : Feb,2023 No. of Pages: 180
    Composite Textiles Market Size, Share, Trends, Forecast, Competitive Analysis, and Growth See more...

    Market Insights

    The Composite Textiles Market is estimated to grow at a moderate CAGR of 5.9% over the next five years to reach US$ 9.5 billion in 2028.

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    What are Composite Textiles?

    Composite textiles are becoming an inherent part of the textiles industry with their growing eminence across major end-use industries. Composite textiles are responsible for the strength and stiffness of composite products. Woven yarn, woven roving, continuous filament mat, chopped strand mat, multiaxial fabrics, or preforms are the types of composite textiles. There are more than 50 global and regional players, engaged in supplying composite textiles with a few players holding a distinct position in the market. Key market participants have a wide-geographical presence and also gained excellent brand identity after dedicating eons of market presence and efforts to research & development. Composite textiles have gained significant interest as structural materials in many end-use industries owing to their value proposition and their unique combination of damage tolerance, delamination, and free and complex shape formability.

    Covid-19 Impact

    During the pandemic, when most industries were registering a huge decline, composite textiles got efficacious in dodging its impact. In the year 2020, the composite textiles market witnessed a mere decline of -1.7% amid the pandemic. The impact of the pandemic varied from industry to industry; however, a sharp rise in wind turbine installations ultimately helped the industry stakeholders to mark a low plunge, keeping other composite materials in mind.

    Market Drivers

    Several factors are driving the demand for composite textiles out of which increasing penetration of composite materials in various end-use markets, increasing demand for lightweight materials, and increasing preference for composite textiles in large-sized applications such as boat hulls and wind turbine blades are expected to fuel the demand for composite textiles during the forecast period.

    Recent Market JVs and Acquisitions:

    • In 2019, Saertex GmbH & Co. KG acquired TK Industries GmbH. TK Industries GmbH processes carbon fibers with the latest multiaxial production technology.
    • In 2018, Owens Corning entered into a strategic cooperation and supply agreement with CPIC for joint investment in technology, and the construction and operation of a new facility, dedicated to manufacturing -modulus glass fiber products in China. 

    Segment Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Textile-Type

    Perform, CSM, CFM, Woven Roving, Woven Yarn, and Multi-Axials

    Woven yarn is expected to remain the largest textile type in the market during the forecast period.

    Material-Type

    Glass fiber textile, carbon fiber textile, and others

    Carbon fiber textiles will likely be the fastest-growing segment in the next five years.

    End-Use Type

    Aerospace & Defense, Marine, Transportation, Building & Construction, Consumer Goods, Electrical & Electronics, Pipes & Tanks, Wind Energy, and Others

    Wind energy is likely to be the biggest demand generator of composite textiles during the forecast period.

    Regional Analysis

    North America, Europe, Asia-Pacific, and the Rest of the World

    Asia-Pacific is expected to remain the largest market over the next five years.

    Textile Trends

    The composite textiles market is segmented into perform, CSM, CFM, woven roving, woven yarn, and multi-axials. Woven yarn is expected to remain the largest textile type in the market during the forecast period. There is a huge dominance of woven yarn in the electrical and electronics (E&E) industry, primarily used for making PCB laminates. Furthermore, the demand for carbon fiber textiles (usually sold in the form of woven yarn) is accelerating in most of the major markets including aerospace and wind energy.

    Material Trends

    The market is segmented into glass fiber textile, carbon fiber textile, and others. Carbon fiber textile is expected to be the fastest-growing material type during the forecast period. Major factors driving the growth of carbon fiber textiles are the increasing demand for carbon composites from aerospace and wind turbine blades. Carbon fiber textiles offer a multitude of advantages compared with their competing materials including glass fiber textiles and metals in which weight reduction is the biggest one.

    Regional Analysis

    Asia-Pacific is expected to remain the largest market for composite textiles during the forecast period. This region has the presence of major composite textile manufacturers, such as China Jushi Co. Ltd.; Nan Ya Plastics Corp.; Toray Industries; Inc.; and Chongqing Polycomp International Corp. China alone registers more than one-third of the global sales in 2022. The high penetration of the wind energy industry in China has partially offset the overall market decline in the country. Europe is estimated to be the fastest-growing region during the forecast period, driven by an increased focus on wind energy and strong demand for lightweight parts for the automobile industry.

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    Key Players

    The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the composite textiles market:

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s composite textiles market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 12 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the Composite Textiles Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    The composite textiles market is estimated to grow at a CAGR of 5.9% by 2028.

    The composite textiles market will reach US$ 9.5 billion in 2028.

    Owens Corning, China Jushi Co. Ltd., Nan Ya Plastics Corporation, SAERTEX GmbH & Co. KG, Toray Industries, Inc., Chongqing Polycomp International Corp. (CPIC), Nippon Electric Glass Co. Ltd., Porcher Industries SA, Hexcel Corporation, Chomarat Group, and Sigmatex Limited are the leading players in the composite textiles market.

    Asia-Pacific is estimated to remain dominant in the composite textiles market in the foreseeable future. China and India are key economies driving the regions demand for composite textiles.

    Europe is estimated to remain the fastest-growing market in the coming years due to an increased focus on wind energy and strong demand for lightweight parts from the automobile industry.

    Woven yarn is expected to remain the largest textile type in the market during the forecast period. There is a huge dominance of woven yarn in the electrical and electronics (E&E) industry, primarily used for making PCB laminates.

    Several factors are driving the demand for composite textiles out of which increasing penetration of composite materials in various end-use markets, increasing demand for lightweight materials, and increasing preference for composite textiles in large-sized applications such as boat hulls and wind turbine blades are expected to fuel the demand for composite textiles during the forecast period.

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