Textile Market Is Likely To Boost The Segment Growth Due To Demand For High-Quality Apparel In Sports Activities
Textile Industry Overview
The global textile market size is anticipated to reach USD 1,420.3 billion by 2030, registering a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. The rising consumer awareness levels coupled with rapidly changing trends in the fashion industry are projected to drive market growth. The rise in the e-commerce platforms that support sales and distribution of different types of products manufactured by the textile industry is also expected to drive the demand for textile-related products, thereby augmenting the market growth. In addition, stringent regulations to ensure labor or worker safety in various application industries are propelling the demand for Personal Protective Equipment (PPE), which requires wool or treated cotton as a raw material.
Textile Market Segmentation
Grand View Research has segmented the global textile market on the basis of raw material, product, application, and region:
Based on the Raw Material Insights, the market is segmented into Cotton, Chemical, Wool, Silk, and Others.
- Cotton led the market and accounted for more than 39% share of the global textile revenue in 2021. Cotton being the world’s most important natural fiberis attributed due to its superior property such as high strength, absorption, and color retention.
- China, India, and the U.S. are the major producer of cotton and cotton-based products in the world. Chemical-based textile is estimated to account for 97,075.9 kilotons in 2021, as they play an important role in the entire textile manufacturing industry.
- Wool-based textile accounted for 13.3% of the market in terms of revenue in 2021. Wool primarily composed of hydrogen, carbon, sulfur, and nitrogen, is extensively used to manufacture insulation products such as winter wears, blankets, carpeting, upholstery, and others. In addition, the products made from the same are used to absorb odor and noise in heavy machinery, thereby contributing growth to the technical application segment.
Based on the Product Insights, the market is segmented into Natural Fibers, Polyester, Nylon, and Others.
- Natural fibers led the market in 2021 accounting for the maximum revenue share of more than 44.5%. This high growth was attributed to the wide use of natural fibers in diverse applications of the fashion and apparel industry. The segment will expand further at a steady CAGR from 2022 to 2030 due to the increasing environmental concerns coupled with the consumer shift toward sustainable products, which will drive the demand for natural fibers.
- The nylon segment is estimated to register the fastest CAGR, in terms of revenue, over the forecast period. It is widely used in apparel and home-furnishing applications owing to its high resilience, elasticity, and moisture-absorbing properties. In addition, it acts as a substitute for silk-based products, such as women’s stockings, parachutes, flak vests, and various others.
- The polyester segment is expected to witness a significant growth rate from 2022 to 2030, which can be attributed to the rising demand for polyesters due to different properties, such as high strength, chemical & wrinkle resistance, and quick-drying properties.
- The others product segment includes Polyethylene(PE), Polypropylene (PP), aramid, and polyamide. Properties, such as high resistance against acids & alkalis at high temperatures and minimum moisture retention, have increased the demand for PE in the market. Moreover, the use of PP is adding positive growth to the others segment.
Based on the Application Insights, the market is segmented into Household, Technical, Fashion & Clothing, and Others.
- The fashion application segment led the market and accounted for more than 73% of the global revenue share in 2021 owing to the increased consumer spending on clothing and apparel. In addition, high consumer demand for crease-free suiting & shirting fabrics, as well as quality-dyed & printed fabrics across the globe will drive the segment growth further.
- The demand for textiles in the technical segment is expected to grow at a significant CAGR, in terms of volume, over the projected period, owing to its high-performance properties and end-user applications. In addition, increasing application in the construction, transportation, medical, and protective clothing applications have boosted the use of the same, which is consequently driving the textiles market.
- The segment includes bedding, upholstery, carpets, kitchen cloths, towel, and others. In addition, the high consumption of natural fibers, such as linen and cotton, along with synthetic fibers for manufacturing household textiles is further propelling the segment growth.
Textile Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market has been witnessing rapid growth due to growing expansion and mergers & acquisitions activities. The companies are trying to increase their sales through various government trade agreements along with partnerships with e-commerce portals, such as Amazon, Flipkart, e-Bay, and others. The market is fragmented due to the presence of several small- and medium-scale manufacturers, especially in countries, such as China and India. Moreover, the easy availability of low-cost labor coupled with the government support to establish various big players’ business units in the aforementioned countries is expected to add positive growth to the market. Some prominent players in the global textile market include:
- BSL Ltd.
- INVISTA Srl.
- Lu Thai Textile Co., Ltd.
- Paramount Textile Ltd.
- Paulo de Oliveira, S.A.
- Successori REDA S.p.A.
- Shadong Jining Ruyi Woolen Textile Co. Ltd.
- Sinopec Yizheng Chemical Fibre Company Ltd.
- China textiles Ltd.
- Rhodia SA
- Li & Fung Group
- Modern Woollens Ltd.
- Mayur Suitings
- JCT Ltd.
Order a free sample PDF of the Textile Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Grand View Research, Inc.
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