Conductive Textiles to Find Maximum Application across Military & Defense Equipment, Finds Fact.MR
Published : 30 Sep 2021 Industry: Chemical & Materials
Fact.MR- a market research and competitive intelligence provider- projects the global conductive textiles market to register a 12% CAGR, reaching US$ 6.5 Bn by the end of the 2021-2031 forecast period. As of 2021, the industry is poised to reach US$ 2.1 Bn, according to the report.
From 2016 to 2020, conductive textiles sales grew at a CAGR of 15.5%, and was valued at US$ 1.8 Bn by the end of the historical period. Extensive applications across the aviation and military sectors mainly sustained demand. Prospects undertook a significant plunge in the first half of 2020, attributed to the recessionary effects of COVID-19.
The intensity of global political uncertainty continues to rise, prompting countries to rev up their military budgets to confront security threats. As per a 2019 report published by SIPRI, global military spending was estimated at around US$ 1.8 trillion. A significant portion of this budget is directed towards procuring safety equipment for military personnel. For instance, procuring robust army suits endowed with lightweight yet sturdy material is thus augmenting demand for conductive textiles. Other similar developments will keep the market on an elevated trajectory.
Key Takeaways from the Market Study
- Knitted conductive textiles to register a CAGR of 8% in value terms until 2031
- 45% of conductive textile applications to abound across the military & defense sector
- U.S to be a promising market, clocking a 7% CAGR and reaching US$ 800 Mn by 2031
- Europe to be one of the fastest expanding landscapes, growing at a rate of 10% until 2031
- Asia to be the dominant conductive textiles market, registering an impressive 12% CAGR
- Sales of conductive textiles to surge over 3x from 2021 to 2031
“Technological advances in each field will encourage demand for smart wearables, sensors, and communication, as well as electrostatic discharge apparel and heating textiles,” says the Fact.MR analyst.
Strategic collaborations can increase the revenue and market share of conductive textile. New technologies and products allow manufacturers to expand into new markets.
- In September 2021, the Donear group acquired the global distribution network of Mayur Fabrics and PV Suits. As a result of this deal, Donear Group's product portfolio will be bolstered and their global footprint will be enhanced.
- In July 2021, Marabu purchased ICON Inks to increase its textile printing presence in the market. The acquisition will help Marabu expand its product portfolio and enhance customer service.
More Insights Available
Fact.MR's, in its new offering, presents an unbiased analysis of the autoclaved aerated concrete market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on product (woven, non-woven, knitted, wool and other products), fabric (cotton, nylon, polyester, wool, other fabrics) and end use industry (healthcare, military & defense, sports & fitness, consumer electronics, aviation and automotive) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Chemical and Material Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical and material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the chemical industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Sr. Consultant – Chemicals and Materials