The global conductive textile market is estimated to be valued at $2.6 billion in 2023 and it is anticipated to grow at a CAGR of 12.0% to reach $8.2 billion by the end of 2033.
Conductive textiles are fabrics that are made using metal strands that are woven with fabric fibers or coating the fabric fiber with conductive metals such as carbon, gold, silver, copper, nickel, or titanium. These are gaining much attention due to their electrical, optical, and magnetic properties other than being lightweight, durable, and flexible. They are employed in various industries such as automotive, defense, aerospace, healthcare, and others.
The global conductive textiles market is driven by the high demand from the military and defense sectors, followed by healthcare products. The expansion of the healthcare industry in developing markets, the growing medical needs of the elderly population, and the demand for advanced treatments and technologies will propel the need for conductive textiles in healthcare.
The healthcare industry is set to create substantial opportunities, as there is a significant growth of wearable tech devices in recent years. Rising demand for smart fabrics and wearable devices, and increasing demand from several end-use industries like the military, healthcare, sports and fitness will boost the demand for conductive textiles over the forecast period.
Prominent conductive textile manufacturers are 3M Company, Eeonyx Corporation, Laird PLC, Metal Textiles Corporation, Parker Hannifin Corporation, Seiren Co. Ltd, Avient Corporation, Swift Textile Metallizing LLC and Toray Industries Inc.
Manufacturers are inclined toward winning the government tenders regarding the military and defense to increase their revenue. Innovation is a key strategy in the conductive textile market. Players are investing heavily in research and development to develop products that offer better and enhanced properties. Owing to increasing demand from various end-use sectors, market leaders are increasing their manufacturing capacities.
Further, in 2021, Toray Industries created a high thermal conductivity polymer technology to improve the carbon fiber-reinforced plastic’s capacity to dissipate heat. The company claims that the conductive polymer has the potential to be employed in enhanced mobility solutions, mobile electrical gadgets, and smart wearables.