The new report by Expert Market Research titled, ‘Global Textile Market Size, Share, Growth, Trends, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global textile market, assessing the market based on its segments like material, product type, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 1094.65 billion
- Forecast CAGR (2023-2028): 4.5%
- Forecast Market Size (2028): USD 1425.53 billion
Natural fibres account for a considerable proportion of the market by product type and are expected to rise significantly during the projected period. This is due to the fact that natural fibre clothing is skin-friendly, comfy, and environmentally friendly. The increased awareness of the product’s skin-friendly characteristics is expected to boost market growth over the forecast period.
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Furthermore, the changing customer taste for pricey and high-quality apparel is predicted to help the market. Meanwhile, due to the product’s durability and lightweight, the polyester category is expected to grow in popularity throughout the projected period.
Because of the thriving fashion and apparel industries in countries like India, China, and Vietnam, among others, the textile industry in the Asia Pacific is predicted to grow significantly.
Increasing trade agreements between various countries to promote the textile sector are expected to help the market in the area over the forecast period. In India, for example, 100 per cent foreign direct investment (FDI) is permitted in the textile industry.
Furthermore, the industry is likely to benefit from the rising demand for medical textiles, particularly in the aftermath of the COVID-19 epidemic.
Textile Industry Definition and Major Segments
A textile is a form of cloth or woven fabric created by spinning raw fibres into long, twisted lengths. It can also refer to any material made out of interlacing fibres, such as carpets, shirts, and other textiles.
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Based on material, the market is divided into:
On the basis of product type, the industry is segmented into:
- Natural Fibres
The market is categorised based on application into:
- Fashion and Clothing
- Ties and Clothing Accessories
The regional markets for the product include:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
Textile Market Trends
The growing use of textiles in numerous industries is propelling the global textile industry forward. Textiles’ broad application in key end-use industries such as healthcare, defence, automobiles, and others is fueling the market growth.
The booming fashion and clothing industry in emerging nations is expected to drive demand for textiles, thanks to rising disposable income and a growing population.
Additionally, the market is expected to benefit from rising demand for technical textiles as a result of the industrial sector’s expansion, technological developments, and increased innovation by key industry players. During the forecast period, this is expected to help the market develop.
Key Market Players
The major players in the market are BSL Limited, Lu Thai Textile Co., Ltd., Paramount Textile Limited, Paulo de Oliveira, S.A., Successori Reda SpA, Shandong Jining Ruyi Woolen Textile Co., Ltd., and Sinopec Yizheng Chemical Fibre LLC.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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