Global Textile Market Forecast to 2030 - Covid-19 Impact Analysis (By Product: Natural fibers, Polyesters, Nylon, Others; By Application: Household, Raw Material, Fashion & Clothing, Others; and By Raw Material: Cotton, Chemical, Wool, Silk, Others) - Global Market Size, Industry Trends, Competitive Landscape, and Opportunities
The global textile market size accounted for US$ 1,068 Bn in 2021 and is anticipated to reach US$ 1,527 Bn by 2030 with a CAGR of 4.4% from 2022 to 2030.
Materials made from fibres, thin threads, or filaments, whether natural, synthetic, or a combination of the two, are referred to as textiles. These yarns are interlaced in particular patterns to produce textiles, which are lengths of cloth. Textile fibres can be manufactured and transformed into fabric using a variety of techniques, including knitting, felting, and weaving. The second most basic need for humans is textiles. Everyone needs to be aware of them because they have such a significant impact on our daily lives. People have used textiles of all kinds since the dawn of time for warmth, personal adornment, covering, and even as a means of displaying wealth. All people are the ultimate consumers today, and textiles are still used for these purposes. We use it every day even though we don't buy it directly. As an illustration, consumers might purchase a product from a manufacturer, have it displayed in a mall, and then purchase it for our own use.
Textiles in various forms are used by many industries, including the auto and Polyesters sector. Homemakers, clothing designers, and interior decorators are some additional consumers. As well as students who are preparing for these and numerous other jobs and professions where a strong background in textiles is essential.
Major factors anticipated to propel the growth of the global textile market include rising consumer spending on clothing and growing preference for smart textile from various end use industries. An estimated 2,032,403.47 million U.S. dollars will be spent on clothing and footwear by consumers worldwide in 2021. It is anticipated that amount will increase to $2,571,939.42 million by 2025.
Changes in the regulatory environment and the approach taken by governments in developing nations to invest heavily in bolstering local manufacturing capacity are anticipated to support the growth of the textile market. Defense Research and Development Organization (DRDO), according to India Brand Equity Foundation, is assisting the Indian textile industry in producing yarns and reducing reliance on the import of Chinese and other international clothing for military uniforms.
The global textile industry can be divided into three categories: product, application, raw material, and region. Natural fibres, polyesters, nylon, and other materials are included in the segmentation based on the product sector. Our research indicates that the market for textiles will be dominated by natural fibres in the upcoming years.
The market is segmented into cotton, chemicals, wool, silk, and other products based on the raw materials used. The cotton market is anticipated to account for a significant revenue share in the global textile market.
The application segment is further divided into the following subcategories: household, raw materials, apparel, and others.
Global Textile Market Geographical Competition
The global Textile industry is divided into North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa.
India is one of the world's top producers of jute and cotton. 95 percent of the hand-woven fabric in the world originates from India, which is also the world's second-largest producer of silk. The Raw Material textiles market in India is thought to be worth $16 billion, or about 6% of the global market. The second-largest employer in India, the textile and apparel sector employs 100 million people in supporting industries in addition to 45 million people directly. India is now the world's second-largest producer of personal protective equipment. PPEs, whose global market value is anticipated to reach over $92.5 billion by 2025, up from $52.7 billion in 2019, are currently produced by more than 600 companies in India.
Global Textile Industry Segment Analysis
Market By Product
· Natural fibers
Market By Application
· Raw Material
· Fashion & Clothing
o Ties & Clothing accessories
Market By Raw Material
Textile Market Leading Companies
This section of the study honors the market's top vendors 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. are the key companies mentioned in the research.
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