The global textile market size is anticipated to reach USD 1,350.2 billion by 2027, registering a CAGR of 4.3% over the forecast period, according to a new report published by Grand View Research, Inc. Rising disposable income, population, and urbanization in emerging economies such as India, China, and Mexico are projected to drive the market growth.
Rising awareness about personal protective equipment in the manufacturing sector owing to stringent regulations to ensure worker safety is expected to drive the demand for protective clothing. Furthermore, emergence of e-commerce portals which offer added advantages such as convenience, discounts, and free delivery services is expected to increase the consumption of apparel, subsequently driving the demand for textiles.
The rising application of smart textile products owing to the miniaturization of electronic components and the use of conductive materials is expected to drive the product demand. Furthermore, technological innovation in terms of the development of new upholstery products derived from coated fabrics and spider silk is expected to open new industry avenues over the forecast period.
The market is highly fragmented in light of high visibility of product forms in the fashion, industrial, and household application segments. Textile manufacturers focus on forming strategic partnerships with buyers for the development of tailored product forms, which has a positive impact on market growth.
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Further key findings from the report suggest:
On the basis of raw material, cotton dominated the textile market with a value of USD 378.6 billion in 2019 owing to its properties such as high absorbency and strength
In terms of volume, polyester accounted for a share of 28.0% in 2019 and is expected to register a significant growth rate over the forecast period owing to properties such as excellent shrink resistance and high strength
Fashion and clothing emerged as the largest application segment with a value of USD 712.3 billion in 2019 owing to the rapid rise in consumer spending on apparels and clothing
Asia Pacific is expected to remain the largest market through the forecast period in light of increasing sales volume of clothing and apparel goods through e-commerce portals including eBay, Amazon, and Flipkart in China, Bangladesh, India, and Thailand
Demand for silk fabrics for household and fashion and clothing applications is considered to provide substantial scope for market growth in Europe over the forecast period
Textile manufacturing companies are expected to increase expenditure toward establishing strategic partnerships with e-commerce portals in order to expand their market share.
Grand View Research has segmented the global textile market on the basis of raw material, product, application, and region:
Textile Raw Material Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 - 2027)
Textile Product Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 - 2027)
Textile Application Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 - 2027)
Fashion & Clothing
Ties & Clothing Accessories
Textile Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 - 2027)
Central & South America
Middle East & Africa
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