The Textile Industry Is Expected To Surge At A CAGR Of 3.77% From 2022-2032

Posted on 2022-11-01 by Fact.MR in Chemicals // 0 Comments

As per Fact.MR’s report, from 2015 to 2021, the global sales of textile market experienced a CAGR of 3%, surpassing US$ 990 Bn by the end of the said historical period. A rising global population combined with increased applications of different textile grades across multiple end use industries has led to increased demand in the recent past.

While demand across several end use industries stalled, the healthcare domain experienced a spike in textile demand during the COVID-19 pandemic. Given the exponentially rising hospitalization rates, hospital staff and patients alike were required to wear clothing which would prevent transmission of the virus, including face masks, gloves and protective gear.

Penetration of online platform to sell and distribute goods made from textiles is driving demand. In addition, an increase in the demand for apparel from the fashion industry from all age groups is increasing the sales of textiles. Thus, the sales of textile are expected to exceed US$ 1,440 Bn by registering a CAGR of 3.77% in the forecast period 2022-2032.

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Smart Textiles and Sustainability Changing Face of Textile Industry?

Fast-changing fashion trends due to an increase in online fast fashion companies along with continuous changing fashion trends are driving the sales of textiles. Moreover, increasing trend of using smart textiles such as optical fibers, metals, and various conductive polymers that interact with the environment has changed the face of the textile industry.

These smart textiles help in detecting and reacting to various physical stimuli. For example: mechanical, chemical, thermal, & electric sources. Thus, the demand for smart textiles has increased from the end user industries. In addition, growing inclination towards sustainable products is forcing major companies to focus on restructuring their business and investing in manufacturing practices that target sustainable products.

Synthetic and Cellulose Fibers Positively Influencing Demand for Textiles in North America?

An increase in the sales of sports & apparel and home-furnishing textile products is expanding the demand for textiles across North America. Moreover, the consumption of textile fibers, such as synthetic and cellulose fibers that are needed for filtration in industrial applications are expected to increase the demand for textiles in countries like Canada and U.S.

Thus, North America is expected to hold more than 30% market share for the textile industry in the forecast period

Category-Wise Insights

Environment Concerns Creating Lucrative Opportunities for Natural Fibers?

An increase in environmental concerns coupled with conscious consumer shift toward sustainable products is playing a key role in the rapid adaption of natural fibers. In addition, high growth can be attributed to the wide use of natural fibers in the fashion and apparel industry.

Thus, companies are focusing on designing and weaving clothes made from plants. Moreover, the growing trend of veganism is playing a key role in influencing the fashion choices of people. Thus, natural fibers are expected to hold nearly 45% market share for textiles.

Casual and Formal Wear Driving Demand for Textiles?

An increase in demand for casual and formal wear along with fashionable clothing for all age groups across the globe is driving the sales of textile industry. In addition, growing demand for crease-free suiting & shirting fabrics and quality-dyed & printed fabrics across the globe will drive the segment growth further.

Moreover, growing population and rapid urbanization across the globe and availability of choosing clothes from different platforms are positively influencing the demand for textiles. Thus, by application, fashion and clothing is expected to hold more than 70% market share for textile market.

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Competitive Landscape

Textile manufacturers are focusing on acquiring distribution networks and launching digital collections to propel the sales of the same.

In August 2021, Donear Group acquired Mayur Suiting’s distribution network. The company is focusing on solidifying its global foot print by enriching their distribution portfolio.
In February 2021,Successori REDA S.p.A. and Cerruti collaborated to launched a platform named “Collection” through this collaboration, the company is offering a superior fabric selection experience to its consumers.

Key Market players;

Lu Thai Textile Co., Ltd
Modern Woollens Ltd.
Mayur Suitings
Shadong Jining Ruyi Woolen Textile Co. Ltd.
Sinopec Yizheng Chemical Fibre Company Ltd.
China textiles Ltd.
Paramount Textile Ltd.
Paulo de Oliveira, S.A.
Rhodia SA
Li & Fung Group
BSL Ltd.
INVISTA Srl.

Key Segments Covered in the Textile Market Industry Report

By Raw Material

Cotton Textiles
Silk Textiles
Chemical Textiles
Wool Textiles
Other Textiles

By Product

Polyester Textiles
Nylon Textiles
Natural Fiber Textiles
Other Textile Products

By Application

Fashion & Clothing Textiles
Ties & Clothing accessories
Handbags
Apparel
Others
Household Textiles
Upholstery
Towel
Bedding
Kitchen
Others
Technical Textiles
Transport
Medical
Construction
Protective
Textiles for Other Applications

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