Textile Market Growth Opportunities and Forecast till 2032
The global Textile Market size accounted for USD 1,105.6 Billion in 2022 and is anticipated to reach USD 1,696.8 Billion by 2032 with a CAGR of 4.5% from 2023 to 2032.
Textiles refer to materials made from fibers, thin threads, or filaments, whether natural, synthetic, or a combination of the two. These fibers are interlaced in specific patterns to create textiles, which are lengths of cloth. Various techniques, such as knitting, felting, and weaving, can be employed to manufacture and transform textile fibers into fabric.
Textiles are considered the second most basic need for humans, impacting our daily lives significantly. Throughout history, people have utilized textiles for warmth, personal adornment, covering, and even as a display of wealth. In contemporary society, textiles remain an essential part of our lives, and although we may not directly purchase them, we use them daily. For instance, consumers might buy a product from a manufacturer, see it displayed in a mall, and then acquire it for personal use.
Textiles find applications in diverse industries, including the automotive and polyester sectors. They cater to a wide range of consumers, including homemakers, clothing designers, interior decorators, and students preparing for careers where a strong background in textiles is crucial.
Textile Market Size in 2022
US$ 1,105.6 Billion
Textile Market Forecast By 2032
US$ 1,696.8 Billion
Textile Market CAGR During 2023 – 2032
Textile Market Analysis Period
2020 - 2032
Textile Market Base Year
Textile Market Forecast Data
2023 - 2032
By Raw Material, By Product, By Application, and By Region
Textile Market Regional Scope
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled
INVISTA S.R.L., BSL Limited, Lu Thai Textile Co., Ltd., China textiles Ltd., Rhodia SA, Li & Fung Group, Paramount Textile Limited, Shandong Jining Ruyi Woolen Textile Co. Ltd., Successori REDA S.p.A., Sinopec Yizheng Chemical Fibre Company Limited, Paulo de Oliveira, S.A., and Modern Woollens Ltd.
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Textile Market Dynamics
The global textile market is expected to experience significant growth, driven by factors such as increased consumer spending on clothing and a growing preference for smart textiles across various end-use industries. In 2021, consumers worldwide were estimated to spend approximately 2,032,403.47 million U.S. dollars on clothing and footwear, and this figure is projected to rise to $2,571,939.42 million by 2025.
Anticipated changes in the regulatory environment, coupled with the proactive approach of governments in developing nations investing heavily to bolster local manufacturing capacity, are poised to further support the textile market's growth. Notably, the Defense Research and Development Organization (DRDO), as reported by the India Brand Equity Foundation, is actively assisting the Indian textile industry in yarn production, aiming to reduce dependence on imports, particularly from China and other international sources, for military uniforms.
Rapid technological breakthroughs have a critical role in altering the dynamics of the textile market. Manufacturing process innovations, such as the creation of sustainable and eco-friendly textiles, smart fabrics, and digital printing techniques, are propelling market change. Furthermore, automation and digitization in textile production have increased productivity, cut costs, and allowed for greater customization, in response to changing consumer expectations.
Global economic variables have a substantial influence on the dynamics of the textile market. Raw material price fluctuations, trade policies, and geopolitical events can all have an impact on textile production and pricing. Furthermore, shifting customer tastes, driven by issues such as fashion trends, environmental concerns, and lifestyle adjustments, add to the textile market's dynamic nature. It is critical for industry participants to adapt to these ever-changing dynamics in order to remain competitive and fulfill the needs of a broad and demanding consumer base.
Textile Market Insights
The worldwide textile business, which is critical to many industries, is elaborately split into products, applications, raw materials, and regions. The industry produces a wide range of materials, including natural fibers like cotton, polyester, nylon, and various synthetics. Notably, our study predicts natural fiber domination in the future years, demonstrating a rising desire in the textile industry for eco-friendly and sustainable solutions.
A comprehensive examination of the raw material section includes categories such as cotton, chemicals, wool, silk, and others. Among them, the cotton market is expected to play a key role, accounting for a considerable portion of the global textile market's revenue. Cotton's lasting appeal stems from its adaptability, softness, and extensive usage in a variety of textile applications.
A thorough analysis of the raw material area covers cotton, chemicals, wool, silk, and other categories. The cotton market, which accounts for a significant amount of the global textile market's income, is likely to play a crucial role among them. Cotton's long-term popularity originates from its versatility, softness, and widespread use in a wide range of textile applications.
Textile Market Geographical Competition
The global textile industry is geographically segmented into key regions, including North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. Each region contributes uniquely to the overall dynamics of the market, with Asia-Pacific emerging as a significant player.
India, within the Asia-Pacific region, stands out as a major powerhouse in the global textile market. Renowned as one of the world's top producers of jute and cotton, India holds a pivotal position in the industry. Impressively, 95 percent of the world's hand-woven fabric originates from India, showcasing the country's rich textile heritage and craftsmanship. Additionally, India is the world's second-largest producer of silk, further solidifying its influence on the global textile landscape.
The Raw Material textiles market in India is estimated to be worth around $16 billion, representing approximately 6% of the global market. This underscores the substantial role India plays in supplying essential raw materials to the global textile industry. The impact of the textile and apparel sector on employment is noteworthy, with the industry employing 100 million people in supporting roles, in addition to 45 million people directly engaged in the sector. Beyond traditional textiles, India has diversified into manufacturing personal protective equipment (PPE), making it the world's second-largest producer. With the global market for PPEs expected to exceed $92.5 billion by 2025, India's role in this critical segment is poised for further expansion. Presently, over 600 companies in India contribute to the production of PPE, reflecting the country's adaptability and contribution to global safety and healthcare needs.
Textile Industry Segment Analysis
Textile Market By Product
· Natural fibers
Textile Market By Application
· Fashion & Clothing
o Ties & Clothing accessories
Textile Market By Raw Material
Textile Market Leading Companies
This section of the study honors the textile market's top vendors such as INVISTA S.R.L., BSL Limited, Lu Thai Textile Co., Ltd., China textiles Ltd., Rhodia SA, Li & Fung Group, Paramount Textile Limited, Shandong Jining Ruyi Woolen Textile Co. Ltd., Successori REDA S.p.A., Sinopec Yizheng Chemical Fibre Company Limited, Paulo de Oliveira, S.A., and Modern Woollens Ltd.
Textile Market Regions
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa