USD 1.69 billion
Textile Market Size, Share, Growth Analysis, By Raw-material(Cotton, Chemical, Wool, Silk), By Product(Natural fibers, Polyesters, Nylon, and Others), By Application(Household, Technical, Fashion & Clothing, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25M2022 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
94
|Figures:
89
Textile Market Insights
Global Textile Market size was valued at USD 1.69 billion in 2022 and is poised to grow from USD 1.82 billion in 2023 to USD 3.27 billion by 2031, growing at a CAGR of 7.60% during the forecast period (2024-2031).
The fashion industry's expanding demand for garments and the e-commerce sector's rapid growth are expected to drive market growth throughout the course of the projected period. The three basic pillars on which the textile business is based are the design, production, and distribution of diverse flexible materials like yarn and clothing. A broad spectrum of finished and semi-finished products in bedding, clothes, apparel, medicine, and other accessories are regularly produced using a wide range of techniques, including crafting, crocheting, weaving, and others.
The greatest market for textiles in North America is expected to be the United States. It is among the biggest producers, top exporters of raw cotton, and top importers of raw textiles. The fastest-changing fashion trends and ease of embracing the same due to the quickly-emerging online fast fashion enterprises have made fashion the most popular application sector in the region.
The industry has seen an increase in the use of smart textiles, which interact with the environment through optical fibers, metals, and other various conductive polymers. These aid in identifying and responding to a wide range of physical stimuli, including mechanical, thermal, chemical, and electric sources. During the anticipated period, this is anticipated to fuel the technical application segment's growth in the textiles market.
In addition to the rapidly growing customer preference for sustainable products, major textile companies are being obliged to concentrate on corporate restructuring and investing in manufacturing processes that target sustainable products. For instance, throughout the course of the forecast period, it is anticipated that numerous substantial industrial avenues will be opened up by DuPont's plant-based faux fur for athletic fashion apparel and Eastman's usage of leftover carpet in new materials.
The consumer's lifestyle places an increasing emphasis on fashion. This can be related to the frequent exposure to marketing, that leads to impulsive purchasing. Social networking is also a significant contributor to the growing demand for stylish clothing. Social media platforms are being used by businesses like H&M and Zara to connect with prospective clients and expand their market shares.
The recent coronavirus epidemic had slowed the expansion of the global textile business. Global trade limitations brought on by a broken supply chain and a drop in demand for textile products amidst imposed lockdowns also had a detrimental impact on the market's development. Despite this, the industry is anticipated to experience a robust rebound during the projection period, helped by government backing and growing public knowledge of useful preventative measures.
US Textile Market is poised to grow at sustainable CAGR for the next forecast year
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Natural fibers
Fastest Growth
Polyesters
Growth Rate
7.60% CAGR
Global Textile Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Textile Market Segmental Analysis
The global textile market is segmented on the basis of raw-material, product, application, and region. Based on raw-material, the market is segmented into cotton, chemical, wool, silk, and others. Based on product the market is segmented into natural fibers, polyesters, nylon, and others. Based on application, the market is segmented into Household, technical, fashion & clothing, and others. Based on region, the global market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Textile Market Analysis by Product
Natural fibers led the industry and held a 44.1% share of revenue in 2023 due to their broad use in a variety of applications in the fashion & apparel sector. Because of growing environmental concerns, consumer demand for sustainable products, and a rise in the price of natural fibers, it is predicted that the global textile market will expand.
The growing demand for natural fibers from the clothing and fashion sectors is expected to cause the natural fiber segment of the textile market to grow significantly over the course of the forecast period. The fact that these fibers are more costly than synthetic fibers may act as a roadblock to the growth of the market for natural fibers.
Polyester is predicted to experience a 7.4% increase in sales between 2024 and 2031, a trend that can be linked to the material's advantageous traits like high strength, chemical and wrinkle resistance, and rapid drying. It is used to make carpets, air filters, coating fabrics, and numerous other products in addition to being utilized in homes as a cushioning and insulating substance in pillows.
Analysis by Application
The fashion category commanded a dominating 72.4% share of worldwide sales in 2023 due to growing consumer spending on textiles and clothing. The demand for high-quality colored and printed fabrics as well as crease-free suiting & shirting fabrics is also anticipated to rise significantly throughout the course of the forecast period.
The expansion of the textiles market is primarily being driven by an increase in demand for both formal and casual wear as well as other fashionable items across every age category in the global population. The need for clothes and apparel is also projected to increase due to rising urbanization and population in developing nations like Bangladesh, India, Vietnam, Brazil, and others, which would help the market expand.
Due to its high-performance qualities and end-user applications, the demand in textiles in the technological category is anticipated to increase at the fastest rate, 7.7%, in terms of value over the projected period. Additionally, the market for textiles is being driven by their rising use in industries including construction, transportation, medicine, and protective apparel.
Global Textile Market By Product
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Textile Market Regional Insights
Asia Pacific held the largest market share (53.41%) in 2023 as a result of the increasing sales of apparel as well as clothing items. Due to the expanding population, it is expected that the region would continue to grow strongly, with a compound annual growth rate of 9.7% from 2024 to 2031. The enormous number of shoppers who are making apparel and accessory purchases on online stores in nations that are developing is another factor driving the growth of the global textiles business.
North America is expected to have strong growth in the coming years as a result of rising industrial manufacturing & a rise in the number of new product releases in the sports & fashion sectors. The U.S. is expected to continue to play a prominent role in the sector as an important supplier of cotton due to the rising demand for textile products from several end-use industries. Technical textiles are in high demand from both the manufacturing sector and the residential textile business as more individuals are becoming conscious of their advantages.
Global Textile Market By Region
- Largest
- Fastest
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Textile Market Dynamics
Textile Market Drivers
Growing Population and Urbanization
- The increasing global population and rapid urbanization are driving the demand for textiles. As more people move to urban areas, the need for clothing, home textiles, and other textile products increases, stimulating market growth.
Textile Market Restraints
Intense Competition
- The textile market is highly competitive, with numerous manufacturers and suppliers worldwide. Intense competition can lead to price pressures and lower profit margins, especially for commoditized textile products.
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Textile Market Competitive Landscape
Through tactics like geographic expansions and mergers and acquisitions, the market for textile has seen a rising trend. Through numerous government trade agreements, collaborations with e-commerce websites like Amazon, Flipkart, eBay, and others, businesses are attempting to boost their sales.
Due to the existence of several small- & medium-sized manufacturers, particularly in nations like China and India, the market is fragmented. Furthermore, the market is anticipated to see healthy growth as a result of the simple accessibility of cheap labor and the strengthening of government assistance for the establishment of commercial units of various key firms in these nations.
Textile Market Top Player’s Company Profiles
- BSL Limited
- INVISTA S.R.L.
- Lu Thai Textile Co., Ltd.
- Paramount Textile Limited
- Paulo de Oliveira, S.A.
- Successori REDA S.p.A.
- Shandong Jining Ruyi Woolen Textile Co., Ltd.
- Shandong Demian Incorporated Company
- Shijiazhuang Changshan Textile Co., Ltd
- Weiqiao Textile Company Limited
- DBL Group
- B.D. Textile Mills Pvt. Ltd.
- IBENA Inc.
- Heytex Bramsche GmbH
- Bahariye AS
- Fratelli Balli S.p.A.
- İpekiş Mensucat Türk A.Ş
- Lakhmi Woollen Mills
- Wilh. Wülfing GmbH & Co. KG
- Lanificio F.lli Cerruti
- Özlem Kumaş, Ltd.
- Trabaldo Togna S.p.A.
- Yünsa Yünlü Sanayi ve Ticaret A.Ş.
- Xinhui Woollen Textile Co., Ltd.
- O'Formula Co., Ltd.
- Wuxi Xiexin Group Co., Ltd.
- The Bombay Dyeing & Mfg. Co., Ltd
- Huafu Top Dyed Melange Yarn Co., Ltd.
- Mayur Fabrics
- Solvay S.A.
- Sinopec Yizheng Chemical Fibre Company Limited
- Li & Fung Group
- JCT Limited
Textile Market Recent Development
-
In January 2024, Fibroline, a technology company specializing in eco-friendly dry impregnation solutions, is pleased to announce its strategic partnership with Navis TubeTex, a leading provider of finishing machinery for the global textile industry based in Lexington, US. Under this partnership, Navis TubeTex and Fibroline will introduce "Fibroline USA," a pioneering Innovation Center focused on promoting Fibroline's state-of-the-art dry impregnation solutions in the U.S. market.
-
In January 2024, Archroma, a worldwide leader in colors and special chemicals, happily confirmed its ongoing partnership with SANITIZED AG. This partnership has been successful in the textile industry for a long time. Together, they've been at the forefront of innovation, especially in managing odors and hygiene in home textiles and apparel.
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In January 2024, Bharat Tex 2024 proudly announces Uttar Pradesh as the 'Partner State' and Madhya Pradesh as the 'Supporting Partner State'. These partnerships aim to boost the textile industry by showcasing the heritage and initiatives of these states. Bharat Tex 2024 also welcomes several companies as partners, including Aditya Birla Group, Reliance Industries Limited, Arvind Ltd, Indorama Ventures, Trident Group, Welspun Living, PDS Limited, Shahi, Chargeurs PCC, and WGSN.
Textile Key Market Trends
- Sustainable and Eco-friendly Textiles: There is a growing demand for sustainable and eco-friendly textiles driven by increasing consumer awareness and concerns about the environmental impact of the industry. Consumers are seeking textiles made from organic fibers, recycled materials, and low-impact dyes. Manufacturers are responding by adopting sustainable practices, implementing recycling initiatives, and offering eco-friendly textile options.
- Digitalization and Automation: The textile industry is embracing digitalization and automation to improve efficiency, productivity, and supply chain management. Technologies such as artificial intelligence (AI), Internet of Things (IoT), and robotics are being used to optimize processes, enhance product design and development, and enable real-time tracking and traceability.
- Customization and Personalization: Consumers are seeking unique and personalized textile products, driving the demand for customization and personalization options. Digital printing technologies, such as direct-to-garment printing, enable cost-effective and on-demand production of customized textiles, allowing manufacturers to cater to individual preferences and niche markets.
- Rise of Athleisure and Performance Textiles: The athleisure trend, characterized by the fusion of activewear and casualwear, has gained significant popularity. This has led to increased demand for performance textiles that offer comfort, functionality, and style. Manufacturers are developing innovative fabrics with moisture-wicking properties, stretchability, and enhanced breathability to meet the demands of the athleisure market.
Textile Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global textile market analysis, the fashion industry's expanding demand for garments and the e-commerce sector's rapid growth are expected to drive market growth throughout the course of the projected period. The three basic pillars on which the textile business is based are the design, production, and distribution of diverse flexible materials like yarn and clothing. A broad spectrum of finished and semi-finished products in bedding, clothes, apparel, medicine, and other accessories are regularly produced using a wide range of techniques, including crafting, crocheting, weaving, and others.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.69 billion |
| Market size value in 2031 | USD 3.27 billion |
| Growth Rate | 7.60% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Textile Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Textile Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Textile Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Textile Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Textile Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Textile Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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