Conductive Textiles Market - Forecast(2023 - 2028)

Conductive Textiles Market Overview

The Conductive Textiles market size is estimated to reach US$5.2 billion by 2027 after growing at a CAGR of 16.1% during the forecast period 2022-2027. A conductive textile is a type of fabric that can conduct electricity. Conductive textiles are made from a variety of fabrics, including cotton, nylon and polyester. Conductive fabrics are known for providing both softness and electrical properties. Major factors expected to drive the growth of the conductive textiles market during the forecast period include increased awareness of the benefits of conductive textiles and increased demand from the military and defense sectors. Moreover, the expansion of the smart fabrics market is expected to fuel the growth of the conductive textiles market size. The covid-19 pandemic majorly impacted the conductive textiles market due to restricted production, supply chain disruption, logistics restrictions and a fall in demand. However, with robust growth and flourishing applications across major industries such as automotive, aerospace and others, the conductive textiles industry is anticipated to grow rapidly during the forecast period.

Conductive Textiles Market Report Coverage

The “Conductive Textiles Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Conductive Textiles Industry.

Key Takeaways

• Asia-Pacific dominates the Conductive Textiles market size, the increase in demand from end-user sectors, such as electronics, aerospace and medical equipment, is the main factor driving the region's growth.
• The conductive textiles market is expected to expand during the forecast period due to lower maintenance costs and rising demand from the defense & military and healthcare sectors.
• The increased use of such products for health monitoring in the medical industry is expected to bode well for industry growth.
• The high manufacturing cost of conductive textiles due to extensive research & development activities is expected to hinder overall industry growth.

Figure: Conductive Textile Market Revenue Share, By Geography, 2021 (%)

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Conductive Textile Market Segment Analysis – by Fabric Type

Polyester held a significant share in the Conductive Textiles market share in 2021 and is projected to grow at a CAGR of 15.9% during the forecast period 2022-2027, owing to increasing demand from various end-use industries and extensive characteristics provided by polyester over other fabrics such as nylon, cotton and wool. Polyester fabric is popular because it is sturdy, resistant to most chemicals and shrinks less than cotton. As a result, it is used as a raw material to create conductive wearables like jackets and sportswear, which are predicted to drive growth. Thus, owing to tremendous advantages and availability over material types such as cotton, wool and nylon, the demand for polyester is growing for application in major industries, thereby boosting the growth opportunities for the conductive textile industry in the projected years.

Conductive Textile Market Segment Analysis – by End-use Industry

Automotive held a significant share in the Conductive Textiles market share in 2021 and is expected to grow at a CAGR of 16.5% during the forecast period 2022-2027, owing to extensive demand from the automotive sector. Conductive textiles like smart fabrics are quickly gaining traction in modern vehicle engineering. They are widely used in interior ceilings, interior door panels, seat belt webbings, gear shift covers and steering wheels, which drive the conductive textile market in the automotive industry. According to the Energy Information Administration (EIA), by 2035, there will be 1.7 million automobiles worldwide. According to the International Organization of Motor Vehicle Manufacturers (OICA), automobile output increased by 10% in the first nine months of 2021, to 57.26 million vehicles, up from 52.15 million units in the same period last year. With the increasing automotive production, the demand for conductive textiles will also likely increase, as a result of which the conductive textile market will be flourished over the forecast period.

Conductive Textile Market Segment Analysis – by Geography

The Asia-Pacific held a significant share in the Conductive Textiles market share in 2021 up to 45%. The automotive sector in Asia-Pacific is rapidly growing due to a flourishing base for automotive manufacturers, demand for automotive compounds and production rise. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), automotive production and Vietnam grew by 1.2 percent and 5.5 percent from the previous year to 5,71,632 and 2,50,000 units, respectively, in 2019. In November 2020, Boeing forecasted that China's airlines would spend US$1.4 trillion on 8,600 new planes and US$1.7 trillion on commercial aircraft services over the next 20 years. According to India Brand Equity Foundation (IBEF), India’s domestic automobile production increased at a 2.36 percent CAGR from FY16 to FY20, with 26.36 million vehicles produced in FY20. Between FY16 and FY20, domestic automobile sales increased at a 1.29 percent compound annual growth rate (CAGR), with 21.55 million vehicles sold in FY20. According to the Japan Automobile Manufacturers Association (JAMA), automobile production in Japan increased in November from 6,67,462 units in October to 6,90,311 units. Thus, the growth of Conductive Textile in the region is being aided by the increasing automotive sector in APAC, thereby dominating the market in the Asia-Pacific region.

Conductive Textiles Market Drivers

Bolstering Growth of the Medical & Healthcare Industry:

Conductive Textile is widely used in the medical & healthcare industry for both clinical and non-clinical applications. It is designed to provide both comfort and functionality. Due to its ability to recognize, collect and transmit physiological signals, the conductive textiles product aids doctors and other medical personnel in keeping track of and communicating about patients' conditions, which drives the conductive textile in the medical & healthcare industry. According to Indian Equity Foundation, in 2020, the Indian health tech industry was valued at $1.9 billion. It is expected to reach $5 billion by 2023, with a CGAR of 39%. According to the Office of National Statistics, In the UK, total current healthcare spending in 2021 is expected to be £277 billion, a 7.4 percent increase over spending in 2020. With the increasing medical & healthcare industry, the demand for conductive textiles will also likely increase, as a result of which the conductive textiles industry will be flourished over the forecast period.

Rising Demand Form the Defence Industry:

Conductive textiles are lightweight and flexible, with high strength and conductivity. It provides a soldier with protection against extreme weather conditions (such as heat, cold, wind and rain), sweat management, ballistic impact, nuclear, biological, or chemical threats and so on. As a result, it has been widely adopted in the defense sector. The defense industry is the world's largest user of conductive textiles. These conductive textiles are also used in military parachutes, safety harnesses, ropes and tenting gear. Moreover, an increase in government spending will also propel market growth. According to Delhi Policy Group, Overall defense expenditure for FY 2021-2022 is Rs.3,62,345.62 Crore (US$ 49.6 billion), an increase of Rs.24,792.62 Crore (US$ 3.4 billion) over FY 2020-2021 Budget Estimates. According to the Military of Defence, UK, in 2020/21, the government spend £42.4 billion on defense, a £2.5 billion increase over the previous year. With the increasing defense industry, the demand for conductive textile will also likely increase, as a result of which the conductive textile industry will be flourished over the forecast period.

Conductive Textiles Market Challenge

High Manufacturing Costs:

High manufacturing costs to make conductive textiles are a significant concern for the global ceramic balls market. Cotton, Nylon, Polyester and Wool are conductive textile fabric types that are costly to produce. For instance, Polyester is obtained from crude oil. As a result, the price of conductive textiles raw materials is affected by crude oil price volatility. According to the BP Statistical Review of World Energy 2021 report, crude oil prices have fluctuated in recent years. For instance, the Brent crude oil price decreased from US$52.39/bbl in 2015 to US$43.73/bbl in 2016, then increased from US$54.19/bbl in 2017 to US$71.31/bbl in 2018 and then decreased to US$41.84/bbl in 2020. Furthermore, the high manufacturing cost of conductive textiles due to extensive research and developments is expected to hinder overall industry growth. Thus, owing to factors such as volatility in prices and expensive research and development, the conductive textile market faces a major challenge.

Conductive Textiles Market Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the. The Conductive Textiles Market top 10 companies in the Conductive Textiles Market are:

1. AiQ Smart Clothing
2. Arville
3. Bekaert
4. Coatex Industries
5. Hitek Electronic Materials Ltd.
6. Laird PLC
7. Seiren Co. Ltd.
8. Shieldex
9. Swift Textile Metalizing LLC
10. Toray Industries Inc.

Recent Developments

• In May 2022, Vibia introduced a lighting system comprised of conductive textile ribbons. Stefan Diez, a German designer, created a customizable lighting system for Barcelona-based lighting brand Vibia that features a flexible textile track that fastens like a belt. The Plusminus system is made of a conductive fabric belt onto which various light fittings can be clipped. Plus-minus is a programmable lighting system.
• In May 2022, Soliyarn, a material innovator, signed a US$7.7 million funding agreement with South Korean fiber producer Huvis Global and the Commonwealth of Massachusetts' M2I2 Manufacturing Grant program to scale its new method of imparting conductive and waterproof functionalities into textiles.
• In November 2021, Noble Biomaterials announced that its Circuitex fabric and foam technologies have been demonstrated to reflect high-frequency energy waves similar to those suspected in the Havana Syndrome attacks and generated by directed-energy weapons (DEW).

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