Composite Textiles Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028

Market Insights

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.

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.

The long-term outlook is expected to be rosy with healthy growth of 5.9% (CAGR) in the coming five years, pushing the market to reach a new milestone of US$ 9.5 billion in 2028. 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.

Based on the product 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.

In terms of regions, 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.

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.

• Owens Corning
• China Jushi Co. Ltd
• Nan Ya Plastics Corporation
• SAERTEX GmbH & Co KG
• Toray Industries, Inc

Research Methodology

This strategic assessment report, from the publisher, 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 the publisher'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 in the most comprehensive way. 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. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

The composite textiles market is segmented into the following categories.

Composite Textiles Market, by Textile Type

• Perform (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• CSM (Regional Analysis: North America, Europe, Asia-Pacific, and the Rest of the World)
• CFM (Regional Analysis: North America, Europe, Asia-Pacific, and the Rest of the World)
• Woven Roving (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Woven Yarn (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Multi-Axials (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Composite Textiles Market, by Material Type

• Glass Fiber Textile (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Carbon Fiber Textile (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Composite Textiles Market, by End-Use Industry Type

• Aerospace & Defense (Regional Analysis: North America, Europe, Asia-Pacific, and the Rest of the World)
• Marine (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and the Rest of the World)
• Building & Construction (Regional Analysis: North America, Europe, Asia-Pacific, and the Rest of the World)
• Consumer Goods (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Electrical & Electronics (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Pipes & Tanks (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Wind Energy (Regional Analysis: North America, Europe, Asia-Pacific, and the Rest of the World)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Composite Textiles Market, by Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, and the Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)