Textile Composites Market to Reach $14.2 Billion, Globally, by 2032 at 6.9% CAGR: Allied Market Research

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Feb 01, 2024, 04:56 ET

The global textile composites market is driven by increase in demand for lightweight and high-strength materials across various end-user industries. Industries such as aerospace, automotive, and sports and leisure are constantly seeking materials that offer a high strength-to-weight ratio. Textile composites, incorporating fibers such as carbon, glass, or aramid, provide an effective solution. The lightweight nature of these composites helps reduce overall weight, contributing to fuel efficiency in transportation and improving performance in sports equipment

WILMINGTON, Del., Feb. 1, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Textile Composites Market by Fiber Type (Carbon Fiber, Glass Fiber, Aramid Fiber, Polyethylene Fiber (UHMWPE), Basalt Fiber, and Others), Textile Type (Woven and Non-Woven), and Application (Automotive, Aerospace, Construction, Marine, Sports Equipment, Industrial Insulation, and Others): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the textile composites market valued for $7.3 billion in 2022 and is estimated to reach $14.2 billion by 2032, exhibiting a CAGR of 6.9% from 2023 to 2032.

Prime determinants of growth

The global textile composites market is driven by advancements in material technologies. Ongoing R&D efforts focus on enhancing the properties of textile composites, including mechanical strength, durability, and resistance to environmental factors. Innovations such as nanocomposites, which involve incorporating nanoparticles into textile structures create new possibilities for improving overall performance. These technological advancements contribute to the market growth by expanding the application areas of textile composites. However, high costs of textile composites is expected to restrain the growth of the textile composites market.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$7.3 billion
Market Size in 2032	$14.2 billion
CAGR	6.9 %
No. of Pages in Report	405
Segments covered	Fiber Type, Textile Type, Application, and Region.
Drivers	Robust demand from automotive industry Increase in demand from aerospace industry
Opportunities	Increasing adoption of lightweight materials across numerous end-use industries Innovative applications of textile composites
Restraints	High costs of textile composites

The carbon fiber segment to maintain its lead position during the forecast period.

By fiber type, the carbon fiber segment accounted for the largest share in 2022, contributing to three-seventh of the global textile composites market revenue. Carbon fiber is known for its exceptional strength-to-weight ratio. It is significantly lighter than traditional materials such as steel and aluminum while offering comparable or even superior strength. This makes it highly attractive in industries where weight reduction is critical, such as aerospace and automotive.

The woven segment to maintain its lead position during the forecast period.

By textile type, the woven segment accounted for the largest share in 2022, contributing to more than four-seventh of the global textile composites market revenue. Woven textile composites combine the strength of fibers with the flexibility of weaving patterns, resulting in materials that are both strong and lightweight. This makes them ideal for applications where weight reduction without compromising structural integrity is crucial, such as in aerospace and automotive industries.

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The aerospace segment to maintain its lead position during the forecast period.

By application, the aerospace segment accounted for the largest share in 2022, contributing to more than two-seventh of the global textile composites market revenue. Textile composites, particularly those reinforced with high-strength fibers such as carbon or aramid, provide significant weight reduction compared to traditional metallic materials. This weight savings is crucial in aerospace applications, as it directly contributes to fuel efficiency, increased payload capacity, and overall performance.

Asia-Pacific to maintain its dominance by 2032

Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global textile composites market and is projected to register the highest CAGR of 7.6% during the forecast period. The Asia-Pacific region has seen a significant increase in demand for aircraft, for both commercial and defense purposes. Textile composites, with their lightweight and high-strength properties, are increasingly being used in aerospace applications, contributing to the market growth.

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Leading Market Players: -

Chomarat
SAERTEX Group
BGF Industries
Sigmatex,
TORAY INDUSTRIES, INC.
HYOSUNG TNC
TEIJIN LIMITED
Owens Corning
Hexcel Corporation
Composite Fabrics of America

The report provides a detailed analysis of these key players in the global textile composites market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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