Textile Market

Market Overview

The global textile market size was valued at USD 991.23 billion in 2021. It is projected to reach USD 1.99 Trillion by 2030, growing at a CAGR of 9.12% during the forecast period (2022–2030).

The main categories of textiles include textile and fabric finishing, fabric coating mills, fabrics, yarn, fiber, thread mills, home furnishings, and floor coverings, fabrics, and fabrics. The varied materials include cotton, jute, silk, synthetics, and wool, and the manufacturing processes include weaving and non-weaving. The growing popularity of online shopping probably drives the textile manufacturing industry.

The ability of manufacturers to sell their goods in a larger market than in the past will expand their geographic customer base and fuel the growth of the textile manufacturing industry. For instance, e-commerce platforms have increased the sales of traditional clothing in countries like India by increasing the geographic exposure of producers. Increasing demand for medical textiles in the healthcare industry due to heightened health and cleanliness awareness contributes to the market's growth potential. Moreover, rising environmental awareness drives demand for sustainable and natural fibers such as cotton, hemp, linen, silk, and others, enhancing market growth potential.

Market Dynamics

Global Textile Market Drivers

Development of Wireless Technologies and the Growing Need for Connectivity

The market for smart textiles is being driven by developments in wireless technologies and increased demand for connected devices. Fabrics capable of interacting with their surroundings are called "smart textiles." They are capable of responding to a variety of physical stimuli, including those that are thermal, mechanical, electrical, or chemical. The primary elements of smart textiles are referred to as sensors, actuators, and fibers. Smart textiles are widely used in fashion, entertainment, medicine, transportation, sports and fitness, and the armed forces. For instance, the d-shirt that Cityzen Science sells has many features, such as a heart rate monitor, integrated GPS, accelerometer, and altimeter.

Increasing Clothing Demand from the Fashion Sector

Increasing apparel demand from the fashion sector and expanding e-commerce platforms are anticipated to fuel the market growth during the forecast period. Designing, manufacturing, and distributing various flexible materials, such as yarn and clothes, are the three pillars of the industry. A wide range of finished and semi-finished products for bedding, clothing, garments, medicine, and other accessories are produced using various techniques, including knitting, crocheting, weaving, and others. Fashion is the most prominent application category in the region due to rapidly changing fashion trends and the growth of online quick fashion businesses. The market is flooded with intelligent textiles made of optical fibers, metals, and various conductive polymers. These assist in detecting and reacting to various physical stimuli, including mechanical, thermal, chemical, and electrical sources. It is anticipated that they will fuel the expansion of the market segment for technical applications during the forecast period.

Global Textile Market Restraints

Growing Industrial Waste

The availability of unmanaged industrial waste is one of the main reasons there are more laws and regulations governing the production of textile goods. This issue is particularly prevalent in developing nations still going through industrialization. The accumulation of mismanaged industrial waste, which can damage the environment in its surrounding area, is one of the most significant causes that slow down the expansion of the industry.

Global Textile Market Opportunities

Government Assistance and Heightened Public Knowledge of Effective Preventive Measures

New growth opportunities are anticipated to open during the projection period due to DuPont's plant-based faux fur for performance fashion apparel and Eastman's use of recycled carpet as new material. The market was also negatively impacted by the restrictions on international trade that the broken supply chain and the lockdown caused and the decline in demand for textile products. On the other hand, it is anticipated that the market will significantly rebound during the forecast thanks to government support and increased public awareness of effective preventative measures.

Regional Analysis

The global textile market is segmented into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

Asia-Pacific is the most prevalent region in the market due to the increased sales volume of clothing and apparel goods. Additionally, many clients on e-commerce platforms shopping for apparel and related accessories in developing countries contribute positively to the regional market's growth. It is anticipated that increased market penetration of organized retail, favorable demographics, rising levels of personal disposable income, and favorable government policies will contribute to the growth, particularly in India, Bangladesh, and Pakistan. In India, Foreign Direct Investments (FDI) is permitted in textiles at a rate of 100%, and the country intends to concentrate on fostering the tremendous market growth.

The European market is anticipated to grow at a considerable compound annual growth rate during the forecast period. This may be attributed to government initiatives and trade agreements, including free trade agreements and the Euro-Mediterranean Dialogue on the textile and apparel industry. It is anticipated that the textile market in North America, Central America, and South America will expand significantly during the forecast period due to a rise in demand for sports and apparel and textiles for home furnishings. Additionally, it is anticipated that the consumption of textile fibers, such as synthetic and cellulose fibers required for filtration in industrial applications will benefit the regional market's growth.

Segmental Analysis

The global textile market is segmented by raw material, product, and application

On the Basis of Raw Materials

Based on raw materials, the market is divided into cotton, chemical, wool, and silk.

The cotton segment dominates the global textile market. Cotton is the most significant natural fiber in the world due to its exceptional characteristics, including incredible strength, absorbency, and color retention. China, India, and the United States are the world's largest producers of cotton and cotton-based products. Despite being harmful to human health and the environment, chemicals are widely used in the textile industry as mercerizing agents, neutralizers, leveling agents, binders, thickeners, and stain removers.

Wool, primarily composed of hydrogen, carbon, sulfur, and nitrogen, is frequently used to create insulating materials like winter clothing, blankets, carpeting, and upholstery. In addition, these materials are utilized to absorb odor and noise in heavy machinery, leading to the expansion of the technical application area. Silk minerals such as glass fibers, asbestos, and other synthetic materials are also used in textile manufacturing. The widespread use of silk in the production of garments, surgical sutures, parachutes, silk comforters, and other products with high strength and elasticity is anticipated to fuel the segment's expansion during the forecast period.

On the Basis of Product

Based on product, the market is divided into natural fibers, polyesters, and nylon.

Natural fibers dominate the global textiles market due to the extensive use of natural fibers in various fashion and clothing applications. The market for natural fibers will increase at a constant CAGR due to rising environmental concerns and a shift in customer preferences toward sustainable products. The nylon segment is anticipated to grow due to its excellent resiliency, elasticity, and moisture-absorption qualities are frequently utilized in clothes and home furnishings. Additionally, it is a substitute for silk-based products, including women's stockings, parachutes, flak jackets, and others. The polyester segment is anticipated to experience a considerable growth rate, which may be attributable to the increasing demand for polyesters due to its diverse qualities, including high strength, chemical and wrinkle resistance, and quick-drying properties. It is a cushioning and insulating material in home pillows and manufacturing carpets, air-filters, coated fabrics, and other products.

On the Basis of Applications

Based on application, the market is divided into household, technical, fashion, and clothing.

The fashion application category dominates the global textile market due to rising consumer expenditure on garments and accessories. In addition, global consumer demand for wrinkle-free suiting and shirting textiles and quality-dyed and printed fabrics will fuel the segment's expansion. The market's primary development driver is an increase in demand for formal and casual wear and other attractive items among all age groups worldwide. It is anticipated that the demand for clothing and apparel will rise due to the population growth and rapid urbanization in developing nations like India, Bangladesh, Vietnam, and Brazil, positively contributing to the segment's growth.

The demand for technical textiles is anticipated to increase at a considerable CAGR during the forecast period, owing to their high-performance characteristics and end-user applications. The textiles industry has been boosted by increased use of the same materials in the building, transportation, medical, and protective apparel sectors, among others. The widespread use of textiles in various domestic spaces is one of the most critical development drivers for the domestic application category. Kitchen towels, bedding, upholstery, and other products are included in this section. The segment's growth is also fueled by the rising use of synthetic and natural fibers for domestic textile production, including cotton, linen, and other natural fibers.

Recent Developments

• June 2022- INVISTA upgrades polymer assets in South Carolina to serve the growing market.
• January 2022- INVISTA signs strategic cooperation agreements with China Pingmei Shenma Group.
• January 2022- Paulo de Oliveira, Trabalho está mais casual também em Portugal.
• January 2022- Li & Fung and Maersk form a long-term strategic partnership and announce the acquisition of LF Logistics by Maersk valued at US$3.6bn.