Textiles Market

The global Textiles Market is valued at USD 1684.6 Billion in 2022 and is projected to reach a value of USD 3095 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 7.9% between 2023 and 2030.

Premium Insights

Growing customer demand for eco-friendly and sustainable products is causing a major shift in the global Textiles sector. A World Trade Organization (WTO) report states that the Textiles sector employs millions of people globally and contributes around 2% of the world's GDP. Environmental concerns are currently receiving a lot of attention in this industry, which is driving up the manufacturing of recycled and organic fabrics. In addition, the COVID-19 epidemic has expedited the uptake of e-commerce platforms for Textiles purchases, providing customers with a practical means of accessing an extensive array of goods. Changing fashion trends, which favor cozy and adaptable attire, also have an impact on the market. These elements are influencing the direction the Textiles industry will go, together with technological developments in Textiles manufacturing.

• The increasing consumer focus on preventive healthcare and wellness is a key driver for the Textiles market's growth.
• Cotton will continue to assert its dominance by raw material, capturing the largest market share globally throughout the forecast period 2023 to 2030.
• In 2022, North America exhibited its market prowess, achieving the highest revenue share of over 40%.
• The Asia Pacific region is poised for remarkable growth, displaying a noteworthy Compound Annual Growth Rate (CAGR) between 2023 and 2030.

Top Market Trends

1. Sustainability trends continue to rule the Textiles industry as more and more companies use organic and recycled materials in their products and implement eco-friendly manufacturing techniques. This change is in line with customer preferences for eco-friendly products, which presents potential for businesses that place a high priority on sustainability.
2. With the incorporation of technology into the design, production, and distribution processes, the industry is going through a digital revolution. This covers the application of blockchain, artificial intelligence, and 3D printing to improve supply chain efficiency and transparency.
3. Fast fashion is changing to become a more ethical and circular business. Reducing waste, enhancing the quality of clothing, and embracing shorter fashion cycles are the brands' main priorities. This shift is indicative of a greater understanding of how disposable fashion affects the environment.
4. The COVID-19 epidemic brought attention to weak points in international supply networks, which made businesses reevaluate their sourcing plans. Reshoring or nearshoring production is becoming popular as a way to shorten lead times and maintain supply chain resiliency.
5. Customized and personalized Textiles and apparel are becoming more and more popular among consumers. Businesses are using technology and data analytics to provide customized items, such as bespoke designs and well-fitting clothing, which increases consumer engagement and loyalty.

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Economic Insights

The Textiles industry has been significantly impacted by the state of the economy, especially in the wake of the COVID-19 pandemic. The World Trade Organization (WTO) estimates that the pandemic first caused supply chain disruptions, which reduced worldwide exports of Textiles and apparel by about 22% in 2020. The industry as a whole saw numerous manufacturing closures and job losses as a result of this crisis. But it also sparked important transformations. Positively, the problem hastened the Textiles industry's adoption of digital technologies, allowing businesses to shift their focus to e-commerce and digital marketing tactics. It also brought attention to the necessity of diversifying the supply chain and putting more of an emphasis on local and sustainable production. Despite being brought about by hardship, these changes have put the Textiles industry in a position to endure over the long run and adjust to changing economic conditions.

Market Segmentation

The Global Textiles Market is categorized into the segments as mentioned below:

The global Textiles market can be categorized into Raw Material, Product, Region. The Textiles market can be categorized into Cotton, Chemical, Wool, Silk, Other Raw Materials based on Raw Material. The Textiles market can be categorized into Natural Fibers, Polyesters, Nylon, Other Products based on Product. The Textiles market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Raw Material

Cotton-based Textiles to Dominate Sales due to the Latter being a Naturally Occurring Fiber

In 2022, the most popular product in the Textiles industry is undoubtedly cotton. Numerous causes contribute to its dominance. First of all, cotton is a naturally occurring fiber that is used for a variety of apparel products, from t-shirts to jeans, due to its breathability, softness, and comfort. Second, because of its extreme versatility, it may be utilized in a wide range of Textiles applications, such as industrial and home furnishings. Thirdly, cotton is a cost-effective material for both makers and consumers because of its accessibility and affordability. Cotton's appeal has also increased because of the recent emphasis on sustainability; it can be cultivated organically and biodegrade, matching eco-friendly tendencies. Cotton is positioned as the main product of choice in the Textiles business due to these attributes.

Based on Product

Natural Textiles to Dominate Global Outlook Due to Increasing Utilizing in Apparels

In 2022, within the Textiles market, natural fibers are the most popular product. There are a few important variables that contribute to this prominence. First and foremost, people prefer natural fibers like cotton, silk, and wool because of their softness, breathability, and comfort—factors that make them perfect for a variety of Textiles applications and articles of apparel. They also meet the increasing demand from consumers for environmentally friendly and sustainable products. Natural fibers have a lower environmental impact than their synthetic counterparts, such as nylon and polyester, which are known to contribute to the contamination of microplastics. Natural fibers are biodegradable. Their adaptability and favorable environmental character cement the Textiles industry's preference for natural fibers.

Based on Region

Asia Pacific Textiles Market to Flourish Due to a Developing Demand from Textile Sector

The Textiles market in Asia Pacific had the largest share in 2022 and is presumed to expand quickly over the coming years. The region's growing middle class, rising rate of urbanization, and the existence of important centers for Textiles manufacturing—particularly in Bangladesh, China, and India—are the main drivers of this growth. With customers in these nations still appreciating fashion and Western-style apparel, the Asia-Pacific market is expected to grow significantly.

Because of its well-established fashion sector, high consumer demand, and extensive industrial infrastructure, North America had a considerable share in Textiles sales in 2022. The benefits of a highly developed retail industry and a populace with substantial purchasing power are particularly seen in the United States. Furthermore, the region's emphasis on environmentally friendly and sustainable products is in line with customers' changing demands.

Competitive Landscape

The Textiles industry has a dynamic and varied competitive environment. Reputable international brands with large supply chains and well-known names, like Nike, H&M, and Zara, nevertheless have a big impact. Emerging sustainable businesses like Everlane and Patagonia are gaining popularity at the same time, drawing in eco-aware customers. Distribution channels are also changing as a result of e-commerce behemoths like Amazon. Regional and local businesses prosper as well, providing distinctive products to niche consumers. This complex competitive landscape demonstrates how the sector may adjust to shifting consumer tastes and market conditions.

The key players in the global Textiles market include - BSL Limited (India), INVISTA S.R.L. (U.S.), Lu Thai Textile Co. Ltd. (China), Paramount Textile Limited (India), Paulo de Oliveira S.A. (Portugal), Successori REDA S.P.A. (Italy), Shandong Jining Ruyi Woolen Textile Co. Ltd. (China), Shandong Demian Incorporated Company (China), Shijiazhuang Changshan Textile Co. Ltd. (China), Weiqiao Textile Company Limited (China), DBL Group (Bangladesh), B.D. Textile Mills Pvt. Ltd. (India), IBENA Inc. (U.S.), Heytex Bramsche GmbH (Germany), Bahariye AS (Turkey), Fratelli Balli S.P.A. (Italy), İpekiş Mensucat Türk AS (Turkey), Lakhmi Woollen Mills (India), Wilh. Wülfing GmbH & Co. KG (Germany), Lanificio F.lli Cerruti (Italy), Özlem Kumaş Ltd. (Turkey), Trabaldo Togna S.P.A. (Italy), Yünsa Yünlü Sanayi ve Ticaret AS (Turkey), Xinhui Woollen Textile Co. Ltd. (China), O'Formula Co. Ltd. (China), Wuxi Xiexin Group Co. Ltd. (China), The Bombay Dyeing & Mfg. Co. Ltd. (India), Huafu Top Dyed Melange Yarn Co. Ltd. (China), Mayur Fabrics (India), Solvay S.A. (Belgium), Sinopec Yizheng Chemical Fibre Company Limited (China), Li & Fung Group (Hong Kong), JCT Limited (India) among others.

Recent Market Developments

• Berry Global said in May 2020 that it would be adding an asset to satisfy the increasing demand for face masks during COVID-19, hence expanding its Meltex melt-blown capacity. The production of nonwoven protective materials and filter materials for premium FFP2 (N95) and FFP3 (N99) grade filter media will be the main emphasis of the new line.
• In response to COVID-19, Ahlstrom-Munksjo boosted the production of nonwovens across the board for its protective materials portfolio in April 2020. The business has increased the range of protective materials it offers for the three types of face masks it makes: respiratory, surgical, and civil.

Segmentation of the Global Textiles Market