Textile Composites Market Study with Competitive Landscape, Market Insights, and Growth Prospects to 2027
Stratview Research delivers key insights on the global Textile Composites Market. According to Stratview Research, the market is estimated to grow at a decent CAGR of 5.1% during the forecast period to reach a value of US$ 310 Million in 2027.
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The present report can be of high utility for the key decision-makers and growth strategists in terms of precise market insights, forthcoming growth opportunities, and key success factors. Especially, the report also analyses and mentions the possible impact of COVID-19 on the market dynamics. This will not only help in mitigating the uncertain business environment, but also help in rearranging the strategies and future- decisions in a fruitful manner.
Key Players
The following are some of the key players in the Textile Composites Market:
Owens Corning
Hexcel Corporation
Saertex GmbH & Co. KG
BGF Industries Inc.
Chomarat Textile Industries
Sigmatex Ltd.
Toray Industries Inc.
Growth drivers and Market Value:
This report, from Stratview Research, studies the Textile Composites Market value and growth drivers over the trend period of 2022-27. According to the report -
Textile Composites market is likely to witness an impressive CAGR of 6.7% during the forecast period. Increasing usage of lightweight materials in the transportation industry, such as automotive and aerospace, is driving the market for textile composites, globally.
Segment Analysis:
Based on Application Type:
Based on the application type, the textile composites market is segmented as aerospace & defense, electrical & electronics, construction, sporting goods, railways, marine, wind energy, and others. The electrical & electronics application segment dominates the market. The growth of the segment is owing to excellent insulating properties and high-modulus of elasticity, on account of which, textile composites are majorly used in fiber optic cables and protective enclosures for electrical parts. They offer great flexibility, lightweight property, dimensional stability, and high strength in electrical cables and fine gauge cables for electronic device applications, such as computer power cords, mobile phone cables, earphone cables, and USB cords.
Based on Region:
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing market for textile composites during the forecast period, with China, Japan, and India being the major countries with lucrative growth opportunities. The growth of the market is majorly driven by the increasing demand for textile composites from electrical & electronics, wind energy, aerospace & defense, automotive, and sporting goods industries of the region. Increasing demand for wind energy as growing part of clean energy and increasing penetration of composite textiles in prepreg form in the aerospace industry are one of the major factors driving the region’s market. Textile composites are used in various aerospace applications for fuselage skins, floor panels, and fire walls to reduce the weight of airplanes. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
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FREQUENTLY ASKED QUESTIONS
The report answers several questions related to the market. The user can get to know the answers to the following questions…
- What is the global demand for Textile Composites Market in terms of revenue?
- Which are the prominent players in the market?
- At what CAGR is the market projected to grow within the forecast period?
- What are the driving factors fuelling the growth of the market?
- Which region accounted for the largest share in the market?
- How did the Covid19 impacted the market?
- How long will it take to recover from the Covid impact?
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