According to the latest report by IMARC Group, titled "Textile Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global textile market reached a value of US$ 936.9 Billion in 2021. Textile refers to the materials that are composed of woven natural or synthetic fibers derived from various materials, such as cotton, linen, silk, denim, flannel, hemp, leather, and wool. The thin threads of fibers that are required for weaving, felting or knitting are commonly obtained from natural, artificial or combination sources. These materials involve interlocking the yarns in a specific pattern until the desired length of the cloth is produced. They are further used for manufacturing a vast array of clothing items and fashion accessories, along with materials required for household and medical applications.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Textile Market Trends:
The global market is majorly driven by considerable growth in the apparel industry across the globe. With the abundant availability of raw materials, such as jute, silk and cotton, and the changing lifestyle patterns of the masses, there has been a significant increase in the sales of textiles. Moreover, the increasing penetration of high-speed internet connectivity has led to the rapid expansion of online organized textile retailing on the global level. Coupled with the inflating disposable income levels of individuals, these online portals offer enhanced convenience to the users, including flexible payment modes and a vast collection at affordable rates, which is creating a positive outlook for the market. The market is further driven by the shifting purchasing patterns of the masses and the rising trend of fast fashion on the global level. Also, continual product innovations, including the introduction of smart textiles that are commonly embedded with electronic components, conductive threads, and advanced technologies for sensing mechanical, chemical, electrical or magnetic stimuli, are providing an impetus to the market growth. Some of the other factors contributing to the market growth include the increasing demand for e-textile patches in the medical sector and the growing adoption of natural and sustainable textile products. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 4.37% during 2022-2027.
- On the basis of the raw material, the market has been divided into cotton, chemical, wool, silk, and others.
- Based on the product, the market has been classified into natural fibers, polyesters, nylon, and others.
- On the basis of the application, the market has been categorized into household, technical, fashion and clothing, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Aditya Birla Ltd., Arvind Limited, Asahi Kasei Corporation, BSL Limited, China Petroleum & Chemical Corporation, DuPont de Nemours Inc., Honeywell International Inc., INVISTA (Koch Industries Inc.), Paramount Textile Mills (P) Ltd, Solvay and Toray Industries Inc.
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