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

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