Global Textile Composites Market is Projected to Reach USD 6,597.0 Million by 2020

Date: 2015-11-02

The global textile composites market is estimated at USD 4,770.0 million in 2015 and is projected to reach USD 6,597.0 million by 2020, at a CAGR of 6.7% from 2015 to 2020. The key strategies adopted by the major players include new product development, mergers & acquisitions, expansion, partnerships, agreements, and collaborations with other players in the textile composite landscape to meet the demand of their end users. 

Major players operating in the global textile composite market are Hexcel Corporation (U.S.), Owens Corning (U.S.), Toray Industries (Japan), Sigmatex Ltd (U.K.)., Saertex GmbH Co. KG (Germany), BGF Industries(U.S.)  and so on.

Toray Industries (Japan) contributed the largest share to the global textile composites market in 2014. The company has been focusing on expansions to maintain its leading position in the market. For instance, Toray expanded its production capacity of the subsidiary company Zoltek, in  Mexico. This new plant will manufacture carbon fiber and fabrics.  This development will help the company to increase the sales of its large toe carbon fibers. The company has witnessed a rapid growth over the past few decades. It had an employee count of over 45,881 people in 2014.

Owens Corning (U.S.) is another major player operational in the global textile composites market. The company has been focusing on new product launches, partnerships and expansions. For instance, in March 2014, Owens Corning (U.S.) launched Ultrablade G3 and Ultrablade Triax fabric solutions for wind blade. This launch will help the company achieve economical manufacturing of wind blades. In March 2013, the company signed a partnership deal with TenCate Advanced Composites (The Netherlands) to develop optimal solutions in thermoplastic composites. This alliance will allow the company to develop tailor made glass fabrics and reinforcement solutions.

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