Textile Composites Material Market To Reach US$ 6.59 Billion By 2020

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Textile Composites Material Market To Reach US$ 6.59 Billion By 2020

The textile composites market has witnessed a strong growth over the last few years. This growth is estimated to continue through 2015 to 2020. While composite textiles have already proven to be high on strength and weight-saving materials, the current challenge lies in making the composite textiles cost effective by reducing the cost of fibres.

The efforts to develop and commercialise economically beneficial composite textile components and structures have made way for several innovative production techniques, which are currently being used in the composites industry.

The glass textile composites are widely used in PCBs for a number of electronics applications. With an increase in demand for PCB in electrical and electronics market, the textile composites market has also grown in the last decade. In 2014, the wind energy market expanded by around 45% due to the adoption of green energy, globally.

Currently, Asia-Pacific is the largest consumer of composite textiles due to an increased demand from electrical and electronics, wind energy, and sporting goods industries. China, Japan, and India are important consumers of composites textiles in this region. China is estimated to have the largest share in the regional market, in terms of volume as of 2015.

The market size, in terms of volume, is comparatively low in the RoW but is estimated to register a growing CAGR between 2015 and 2020 as the demand from countries, for instance Brazil, continues to grow. Asia-Pacific and North America regions are the most active markets with regard to strategic initiatives, owing to their emerging and mature market demands, respectively. The superior end-user industry growth, increased local manufacturing and the number of domestic players in the vertical market segments, such as industrial applications. Construction, aerospace and defense and automotive applications in the Asia-Pacific region are the important drivers, in terms of consumption of the composite textiles.