The global textile market size is anticipated to reach USD 1412.5 billion by 2028, according to a new report by Grand View Research Inc. The market is expected to expand at a CAGR of 4.4% from 2021 to 2028. Rising consumer awareness coupled with fast pace changing trends in the fashion industry is projected to drive the market.
The rise in the e-commerce platforms that support sales and distribution of different types of products manufactured by the industry is expected to drive the demand. In addition, stringent government regulations to ensure labor safety is compelling the demand for personal protective clothing that requires wool or treated cotton as raw material, which is fueling the market growth.
Increasing demand for medical textiles in the healthcare industry due to the rise in awareness towards health and hygiene is adding growth prospects to the industry. Moreover, increased concern towards the environment is propelling the demand for sustainable and natural-fibers such as cotton, hemp, linen, silk, and others, which, in turn, is adding growth prospects to the market.
The rising adoption of technological components in fabrics to monitor external stimuli and translate them into data is propelling the growth of smart textiles. These products have a wide range of applications in fashion, entertainment, transportation, medical, and other industries, which are expected to open new technological avenues required in the production of textile products over the forecast period.
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Cotton raw-material-based textile products are expected to witness a CAGR of 4.4% over the forecast period on account of their high production and availability across various prominent regions including North America, Europe, and Asia Pacific
In 2020, fashion emerged as the largest application segment with a revenue share of 74.3% and is likely to ascend at a significant rate during the forecast period owing to rapidly changing fashion trends, coupled with the demand for high-quality apparel required in sports activities
In 2020, Asia Pacific emerged as the largest market that accounted for over 47.0% of the total revenue, owing to the presence of highly populated economies such as China, India, Australia, and Japan
In North America, the natural-fibers product segment accounted for revenue share equivalent to USD 57.7 billion in 2020 and is anticipated to gain higher shares in the upcoming period on account of rising demand from the fashion, sports, and apparel industries
Prominent players in the market are establishing business units in the raw-material producing regions for easy raw-material procurement and economical labor. Moreover, government support and policies such as trade agreements and investment within the countries are expected to influence the market
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, 2017 - 2028)
Textile Product Outlook (Volume, Kilotons; Revenue, USD Billion, 2017 - 2028)
Textile Application Outlook (Volume, Kilotons; Revenue, USD Billion, 2017 - 2028)
Fashion & clothing
Ties & Clothing accessories
Textile Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2017 - 2028)
Central & South America
Middle East & Africa (MEA)
List of Key Players of Textile Market
Lu Thai Textile Co., Ltd.
Paramount Textile Limited
Paulo de Oliveira, S.A.
Successori REDA S.p.A.
Shandong Jining Ruyi Woolen Textile Co. Ltd.
Sinopec Yizheng Chemical Fibre Company Limited
China textiles Ltd.
Li & Fung Group
Modern Woollens Ltd.
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