Textile Market

Global Textile Market Outlook (2022-2032)

The global textile market size was valued at US$ 995 Billion in 2022, and is projected to reach US$ 1,440 Billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 3.77% during the forecast period from 2023 to 2032.

The textile industry mainly functions on designing, production, and distribution of materials such as yarn and clothing. Knitting, crocheting and weaving are largely used to produce a wide range of finished and semi-finished goods for different end user industries such as bedding, clothing, apparel and medical.

Report Attributes	Details
Market Size Value in 2022	US$ 995 Billion
Project Market Forecast Value in 2032	US$ 1,440 Billion
Global Growth Rate (2022-2032)	3.77%
Market Share of Asia Pacific	50%
Key Companies Profiled	Lu Thai Textile Co., Ltd Modern Woollens Ltd. Mayur Suitings Shadong Jining Ruyi Woolen Textile Co. Ltd. Sinopec Yizheng Chemical Fibre Company Ltd. China textiles Ltd. Paramount Textile Ltd. Paulo de Oliveira, S.A. Rhodia SA Li & Fung Group BSL Ltd. INVISTA Srl.

Demand Analysis of Textile from 2015 to 2021 Vs Market Projections for 2022 to 2032

As per Fact.MR’s report, from 2015 to 2021, the global sales of textile market experienced a CAGR of 3%, surpassing US$ 990 Billion by the end of the said historical period. A rising global population combined with increased applications of different textile grades across multiple end use industries has led to increased demand in the recent past.

While demand across several end use industries stalled, the healthcare domain experienced a spike in textile demand during the COVID-19 pandemic. Given the exponentially rising hospitalization rates, hospital staff and patients alike were required to wear clothing which would prevent transmission of the virus, including face masks, gloves and protective gear.

Penetration of online platform to sell and distribute goods made from textiles is driving demand. In addition, an increase in the demand for apparel from the fashion industry from all age groups is increasing the sales of textiles. Thus, the sales of textile are expected to exceed US$ 1,440 Billion by registering a CAGR of 3.77% in the forecast period 2022-2032.

Smart Textiles and Sustainability Changing Face of Textile Industry?

Fast-changing fashion trends due to an increase in online fast fashion companies along with continuous changing fashion trends are driving the sales of textiles. Moreover, increasing trend of using smart textiles such as optical fibers, metals, and various conductive polymers that interact with the environment has changed the face of the textile industry.

These smart textiles help in detecting and reacting to various physical stimuli. For example: mechanical, chemical, thermal, & electric sources. Thus, the demand for smart textiles has increased from the end user industries. In addition, growing inclination towards sustainable products is forcing major companies to focus on restructuring their business and investing in manufacturing practices that target sustainable products.

Country-wise Analysis

E-Commerce Platforms Augmenting the Demand for Textiles in Asia Pacific?

Growing inclination of purchasing clothes from e-commerce platforms along with buying related accessories in developing economies is bolstering the demand for textiles in countries like India, Vietnam and Bangladesh.

In addition, penetration of favorable demographics, organized retail, rising disposable income levels, and favorable government policies are expected to boost the demand for textile in the Asia Pacific region. Thus, Asia Pacific is expected to possess nearly 50% of global textile market share.

Synthetic and Cellulose Fibers Positively Influencing Demand for Textiles in North America?

An increase in the sales of sports & apparel and home-furnishing textile products is expanding the demand for textiles across North America. Moreover, the consumption of textile fibers, such as synthetic and cellulose fibers that are needed for filtration in industrial applications are expected to increase the demand for textiles in countries like Canada and U.S.

Thus, North America is expected to hold more than 30% market share for the textile industry in the forecast period

Category-Wise Insights

Environment Concerns Creating Lucrative Opportunities for Natural Fibers?

An increase in environmental concerns coupled with conscious consumer shift toward sustainable products is playing a key role in the rapid adaption of natural fibers. In addition, high growth can be attributed to the wide use of natural fibers in the fashion and apparel industry.

Thus, companies are focusing on designing and weaving clothes made from plants. Moreover, the growing trend of veganism is playing a key role in influencing the fashion choices of people. Thus, natural fibers are expected to hold nearly 45% market share for textiles.

Casual and Formal Wear Driving Demand for Textiles?

An increase in demand for casual and formal wear along with fashionable clothing for all age groups across the globe is driving the sales of textile industry. In addition, growing demand for crease-free suiting & shirting fabrics and quality-dyed & printed fabrics across the globe will drive the segment growth further.

Moreover, growing population and rapid urbanization across the globe and availability of choosing clothes from different platforms are positively influencing the demand for textiles. Thus, by application, fashion and clothing is expected to hold more than 70% market share for textile market.

Competitive Landscape

Textile manufacturers are focusing on acquiring distribution networks and launching digital collections to propel the sales of the same.

• In August 2021, Donear Group acquired Mayur Suiting’s distribution network. The company is focusing on solidifying its global foot print by enriching their distribution portfolio.
• In February 2021, Successori REDA S.p.A. and Cerruti collaborated to launched a platform named “Collection” through this collaboration, the company is offering a superior fabric selection experience to its consumers.

Key Segments Covered in the Industry Report

• By Raw Material

  • Cotton Textiles
  • Silk Textiles
  • Chemical Textiles
  • Wool Textiles
  • Other Textiles

• By Product

  • Polyester Textiles
  • Nylon Textiles
  • Natural Fiber Textiles
  • Other Textile Products

• By Application

  • Fashion & Clothing Textiles
    • Ties & Clothing accessories
    • Handbags
    • Apparel
    • Others
  • Household Textiles
    • Upholstery
    • Towel
    • Bedding
    • Kitchen
    • Others
  • Technical Textiles
    • Transport
    • Medical
    • Construction
    • Protective
  • Textiles for Other Applications