Composite Textiles Market is Forecast to Reach US$ 9.5 Billion in 2028, Says Stratview Research

The composite textiles market is likely to rise at a CAGR of 5.9% during 2023-2028, to reach US$ 9.5 billion in 2028, states Stratview Research.

DETROIT, Dec. 15, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the global composite textiles market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.

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Report Highlights

Segment Insights on Composite Textiles Market

The global Composite Textiles Market is segmented based on textile type, material type, end-user type, and region.

Based on textile type - 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.

Based on the material type - 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.

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Which Region Offers the Best Opportunity and Growth?

The report suggests that Asia-Pacific is expected to remain the largest market for composite textiles during the forecast period. This growth is majorly attributed to the following – 

-  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.

Likewise, 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.

Composite Textiles Market Drivers

Some of the key drivers listed in the report are given below.

-  Increasing penetration of composite materials in various end-use markets, increasing demand for lightweight materials.

-  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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Top 5 Companies in the Composite Textiles Market?

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:

-  Owens Corning

-  China Jushi Co. Ltd.

-  Nan Ya Plastics Corporation

-  SAERTEX GmbH & Co. KG

-  Toray Industries, Inc.

What Deliverables Will You Get in this Report?

Related reports which might be useful:

•  Carbon Fiber Textiles Market

•  Glass Fiber Textiles Market

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