Textile Market Size, Share & Trends Analysis Report 2020-2027 (PDF)
The global textile market was calculated at USD 955.7 billion by the end of 2019, which is estimated to grow at a CAGR of 4.5% over the period of 2020 to 2027. The increasing demand for apparel and a variety of clothing especially from developing countries like India, China, and Mexico are expected to boost the demand of this market. The increasing per capita income and rise of urbanization which is leading to the opening of malls, factory outlets, and retail stores are expected to further boost the demand in the upcoming period.
The textile material is a fabric which is formed by various processes like knitting, weaving, and felting and is extensively used to make a number of finished goods like bedding, clothing, protective equipment, handbags, apparel, and kitchen materials, etc. North American markets are expected to grow rapidly in the upcoming years owing to its research and developments in natural fibers to manufacture niche products. The companies are also focused on restructuring the textile business processes and developing effective work processes. The market in the NA region is also largely dependent on the evolving fashion industry and apparel clothing which is competitive in nature.
With the rising global pandemic, COVID – 19, the demand for personal protection equipment (PPE) kits is on the rise which has given an enormous boost to the textile market and is also expected to boom for the next 2-3 years. The PPE Kit is also largely used in the manufacturing industry to safeguard worker health and safety. With stringent regulations by the government, the manufacturing firms are taking extra care by providing PPE kits to workers which are expected to further boost the demand. This is also expected to increase the demand for an engineered product such as Nylon.
An upward surge in demand for Smart Textiles is also observed recently which are mostly used in making sophisticated products like military equipment and clothing for protection and safety purposes. This upward surge is owing to the rise in popularity of sophisticated gadgets with upgraded technological advancements like sensing and surrounding reactive clothing. These are expected to further boost the demand for the textile market.
Textiles are widely used in outdoor sports, due to its capabilities of light in weight, high strength, and durability, these fabrics are called Waterproof Breathable Textiles (WBT). Due to rigid properties, these are widely used in tents, footwear, backpacks, and other fabric-based garments. Increasing demand for lightweight and durable fabrics for the sportswear industry vertical, the demand for WBT is expected to increase in the upcoming period.
Raw Material Dynamics:
The textile market is segmented on the basis of raw material into cotton, wool, chemical, silk, and others. The cotton segment is expected to be the largest segment in terms of volume by a market share of 38.6% by the end of 2019. Owing to varied properties of cotton-like high strength, absorbency, and color retention the growth is higher as compared to other segments. Major cotton producers of the world are India, China, and the US. These countries have the highest market share of the cotton segment ad compared to others.
The chemicals segment plays an important role in the textile market. Oxalic acid, Acetic acid, and sulfuric acid are some of the basic chemicals which are largely used in Textile manufacturing. These are used as dyeing agents for a finished textile cloth and are often improves its properties. The proper physical appearance and increased demand are expected to drive the market growth of textile markets in the upcoming years. In terms of volume, the wool-based segment accounted for around 12.8% market share owing to the high utilization due to the presence of wool fiber which comprises carbon, nitrogen, hydrogen, and sulfur. Wool is mainly used to manufacture winter wear which possesses qualities like high durability, high strength, and is recyclable and renewable.
Based on the products, the textile market is segmented into polyesters, natural fibers, nylons, and others. Owing to the growing demand in the fashion and apparel industry, natural fiber was the dominant segment by the end of 2019. The natural fiber is mainly comprised of silk, hemp, wool, linen, and cotton. All these categories are renewable and hence are biodegradable. On the other hand, polyester fibers are best known for their properties like quick-drying, durability, high strength, and wrinkle-free which finds its best way in products like nets, curtains, carpets, ropes, etc. Growing demand for these products is expected to boost the textile market in the upcoming years.
Nylons segment is expected to grow a steady CAGR during the upcoming years owing to its properties like elasticity, luster and low moisture-absorbent content. These properties make nylons suitable for not only the apparel industry but also in-home décor and furnishing. Hence, owing to the wide application scope for nylon, it is expected to boost the textile market in the upcoming years.
On the basis of applications of textiles, the market is largely segmented into clothing, technical, fashion, and household. Fashion and clothing are anticipated to be the largest segment in the terms of revenue and market share both owing to the rising consumer preference for fashion trends and clothing variety, specifically in North American and European regions. These two segments (fashion and clothing) accounted for more than 72% of the total revenue by the end of 2019 and is expected to grow at a steady rate. Textiles are used largely in household applications such as kitchen products, bed sheets, towels, etc. Natural fibers such as linen and cotton are expected to rise in the upcoming years, leading to the rise of the textile market.
Due to emerging e-commerce portals and growing trends in the apparel and clothing industry, the Asia-Pacific region is the fastest-growing region and is expected to register a CAGR of 6.4% over the upcoming years. Moreover, increasing manufacturing capabilities in developing hubs of China, India, and Bangladesh for the apparel industry is expected to be the prime driver of the growth of the textile market in this region. Due to the growing sports industry in the North American region, the textile market is anticipated to grow at a healthy CAGR of 3.4% over the next few years.
As per the data of 2019, Europe was the second-largest region in terms of revenue for the textile market. Stringent regulations of the European Union (EU) for maintaining the quality of fabric and texture, the growth is limited for this region and is expected to grow at a steady rate.
Key Market Players:
The major players are adopting strategic partnerships in order to evolve in the market. Some of the key players are Honeywell International, China Textile Co. Ltd., INVISTA, Sinopec Yizheng Chemical Fibre Company, Asahi Kasei Fibres Corporation, and Shandong Jining Woolen Textile Co. Ltd. Etc. Apart from these, the market experiences a lot of local players which play a dominant role in the growth of the market and are largely located in India and China. Low cost of labor and easy availability of raw materials are the favorable parameters which are responsible for the growth of this market.
The textile market report forecasts revenue, volume, and market share growth at the local, regional, and global level and provides in-depth analysis, trends, and forecasting for the segments and subsegments of this market. For the purpose of a detailed study, UpGraph Research has segmented the textile market report into the below-mentioned segments.
Raw Material Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 – 2027)
Product Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 – 2027)
Application Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 – 2027)
Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 – 2027)
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