According to MarketsandMarkets’ latest market report, the global textile composites market, which was worth US $ 4,770 million last year, is expected to touch US $ 6,597 million mark by the year 2020. The market will grow at a CAGR of 6.7 per cent from 2015 to 2020.
Asia-Pacific (APAC) region has emerged as the main market of textile composites, followed by North America. In terms of volume, both the regions together accounted for more than 76 per cent of the textile composites in the year 2014. APAC is expected to grow at the highest CAGR in the aforementioned period, with rapid increase in demand from electrical & electronics, sporting goods, among other markets.
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As per the report, in North America, the use of textiles composites continues to augment in aerospace & defence and automotive industries to replace the other conventional textile composites that reduce the weight of the vehicles and increases their strength. Moreover, it is used in high performance fabrics which offer increased strength, stiffness and temperature resistance, therefore used in applications such as ballistic armour protection, aerospace, rotor blades and high performance sporting goods.