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December 9, 2015 | PRNewswireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Textile Composites Market - Global Forecast to 2020" report to their offering.
The textile composites market has witnessed a strong growth in the past few years. This growth is estimated to continue during the forecast period. While composites textiles are already proven to be high strength and weight-saving materials, the current challenge is to make the composites textiles cost effective by reducing the cost of fibers.
The efforts to develop and commercialize economically beneficial composite textile components and structures have resulted in several innovative production techniques, currently being used in the composites industry.
There are the drivers that are expected to help the composite textiles market grow at a high CAGR, in the coming five years. Electrical & electronics, wind energy, marine, sporting goods, and aerospace & defense industry are the major industries driving the composites textile market in prepreg form.
The glass textile composites are widely used in PCBs for a number of electronics applications. With an increase in demand for PCB in electrical & 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 composites textiles due to increased demand from electrical & 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 the largest share in the regional market, in terms of volume, in 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 & defense, and automotive applications in the Asia-Pacific region are the important drivers, in terms of consumption, of the composites textiles.
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