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Textile Market

Global Textile demand to be spearheaded by Fashion and Clothing, accumulating 70% Revenue: Fact.MR Study

Published : 23 Feb 2022 Industry: Chemical & Materials

Fact.MR predicts the global sales of textiles to surpass US$ 1,440 Bn by registering a CAGR of 3.77% in the forecast period 2022-2032. Penetration of E-commerce websites is playing a crucial role in the increasing demand for textiles. Moreover, demand for natural fibers owing to the rising environmental concerns is positively influencing the demand for textiles.

Historically, from 2015 to 2021, the global textile sales flourished at a CAGR of 3%, being valued at US$ 990 Bn by the end of the aforementioned period. The onset of the COVID-19 pandemic affected the sales and demand of various industries. Due to the restriction on movements, the purchasing of consumer goods witnessed a dip. This, in turn, affected the demand for textiles. As the world is gaining normalcy, the demand for textiles is expected to upsurge in the assessment period.

Furthermore, demand from end user sectors such as medical and households is creating lucrative opportunities for textile industries. In addition, rapid urbanization and increasing population across various countries in the globe is propelling the demand for textiles.

Key Takeaways from the Market Study

  • By application, fashion and clothing expected to gain more than 70% market share for textile market.
  • By product, natural fibres expected to hold more than 45% market share for textile market.
  • Textile industry expected to possess nearly 30% market share throughout North America.
  • Textile industry expected to possess nearly 50% market share throughout Asia Pacific.
  • U.S, Canada, India, Bangladesh and Vietnam are the top five countries driving demand for textile.

“Burgeoning population growth coupled with growth in industrial activity in the past few years has opened opportunistic doors for textile manufacturers, who are striving to introduce different categories for specific purposes,” opines a Fact.MR analyst

Competitive Landscape

  • In October 2020, Successori REDA S.p.A. acquired Lanieri. This acquisition will help the company to strengthen their portfolio by going digital and offering an online purchasing experience for their consumers.
  • In December 2021, Paramount Textile Ltd announced that the company will be investing US$ 85.45 Mn in balancing, modernisation and expansion for expanding its production capacity. Furthermore, the new unit is expected to produce 400 tonnes of fabric per month.

More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global textile market, presenting historical demand data (2015-2021) and forecast statistics for the period of 2022-2032.

The study indulges essential insights on the market on the basis of raw material (cotton, silk, chemical, wool and others), product (polyesters, nylon, natural fibres and others) and application (fashion and clothing, household, technical and others) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

About the Chemical and Material Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical and material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Yash Pathak

Fact.MR

Sr. Consultant – Chemicals and Materials

E-mail: Yash@factmr.com

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Textile Market Analysis by Raw Material (Cotton Textiles, Silk Textiles, Chemical Textiles, Wool Textiles), by Product (Polyester Textiles, Nylon Textiles, Natural Fiber Textiles), by Application, by Region - Global Forecast 2022-2032