Textile Industry Overview
The global textile market size was valued at USD 993.6 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.0% from 2022 to 2030.
Increasing demand for apparel from the fashion industry coupled with the growth of e-commerce platforms is expected to drive the market growth over the forecast period. The industry works on three major principles, designing, production, and distribution of different flexible materials, such as yarn and clothing. Several processes, such as knitting, crocheting, weaving, and others, are largely used to manufacture a wide range of finished and semi-finished goods in bedding, clothing, apparel, medical, and other accessories.
Gather more insights about the market drivers, restraints, and growth of the Global Textile market
The U.S. is anticipated to be the largest market in the North America region for textiles. It is one of the largest producers, raw cotton exporters, and top raw textile importers. Fashion is the largest application segment in the region owing to the fast-changing fashion trends due to increasing online fast fashion companies. There has been an increasing trend of smart textiles in the market that use optical fibers, metals, and various conductive polymers to interact with the environment. These help in detecting and reacting to various physical stimuli, such as mechanical, thermal, or chemical & electric sources. This is expected to propel the growth of the technical application segment in the market during the forecast period. Increasing consumer preference for sustainable products is forcing major companies to focus on restructuring their business and investing in manufacturing practices that target sustainable products.
For instance, DuPont’s plant-based faux fur for performance fashion apparel and Eastman’s usage of discarded carpet into new material is expected to open new growth avenues over the forecast period. The recent outbreak of coronavirus disease had acted as a restraint to the global market. Global trade restrictions due to disrupted supply chain and decline in textile product consumption amid lockdown had further negatively impacted the market. However, the market is expected to witness a strong recovery during the forecast period due to government support and increasing public awareness about effective precautionary measures.
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Natural Fibers Market - The global natural fibers market size is expected to register high growth over the forecast period of 2019 to 2025. These fibers act as a substitute for synthetic fiber composites and offer superior properties, such as biodegradability and abrasion resistance, which increases their demand in various applications supporting market growth.
Glass Fiber Market - The global glass fiber market is anticipated to grow significantly over the forecast period. Glass fibers are thin strands of silica-based or other glass that is extruded into fibers which can be further processed based on applications.
Market Share Insights
Feb 2021 - The Indian Government has announced the setting up of seven mega textile parks in the next three years. The government has also decided to rationalize the duties on raw material inputs to manmade textiles by reducing the customs duty rate on caprolactam, nylon chips, and nylon fiber and yarn to 5 %.
Feb 2021 - Paraguay’s Ministry of Industry and Commerce announced that it will be investing USD 1.1 million in the manufacturing sector, mainly benefiting the clothing, textiles, and footwear industries, among other areas related to assembly operations.
Key Companies profiled:
Some prominent players in the global textile market include:
- BSL Ltd.
- INVISTA Srl.
- Lu Thai Textile Co., Ltd.
- Paramount Textile Ltd.
- Paulo de Oliveira, S.A.
- Successori REDA S.p.A.
- Shadong Jining Ruyi Woolen Textile Co. Ltd.
- Sinopec Yizheng Chemical Fibre Company Ltd.
- China textiles Ltd.
- Rhodia SA
- Li & Fung Group
- Modern Woollens Ltd.
- Mayur Suitings
- JCT Ltd.
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