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The global textile market size is expected to be worth USD 1420.3 billion by 2030 and reveal a CAGR of 4%. Factors driving the growth include the development of e-commerce platforms coupled with a surge in the demand for apparel from the fashion sector. The sector operates on three essential principles- distribution, production, and design of different materials through processes of weaving, knitting, crocheting, and others. These processes are useful for the manufacture of finished and semi-finished products, all of which are likely to boost the industry during the forecast period.
The COVID-19 outbreak resulted in restrictions on global trade owing to supply chain disruptions, and the devaluation of textile product consumption in between lockdowns negatively affected the industry globally. However, the industry is expected to recover from this situation owing to an increase in governmental support and public awareness regarding precautionary measures. Besides, the producers of non-woven textiles stood out from the negative impact, as there was a huge demand for masks across the world, which paved the way for the industry to recover and constitute huge growth in the coming years.
An increase in the trend of using smart textiles is expected to boost the industry with the use of conductive polymers, metals, and optical fibers to maintain environmental sustainability in the forecast period. These are intended to detect physical stimuli such as electric, chemical, thermal, and mechanical sources. Besides, consumer demand for sustainable products is compelling various organizations to focus on reshaping their investment plans and business practices. For instance, DuPont's combination of plant-based faux fur and discarded carpet material from Eastman is projected to create growth opportunities for the industry during the forecast period.
In terms of segment, the fashion application segment dominated the textile market mainly due to the increase in spending by consumers on apparel and clothing. Additionally, a high surge in consumer demand for shirt fabrics and cease-free suiting, casual and formal wear, and printed and quality-dyed fabrics are likely to drive the industry growth during the forecast period. Besides, the rapid urbanization and emerging population in economies such as Bangladesh, Brazil, India, and Vietnam are projected to escalate the demand for apparel and clothing, thus positively affecting the industry growth in the forecast period.
In terms of regional growth, Asia Pacific dominated the market on the account of the increased volume of sales for apparel and clothing products. Additionally, increased consumers on e-commerce platforms, the inflow of organized retail, suitable demographics, a rise in disposable income, and government policies, especially in Bangladesh, Pakistan, and India are expected to uplift the industry during the forecast period. For instance, there is an allowance of 100% foreign direct investment (FDI) in textiles in India, which contributes towards industry growth.
Key players are focused on the expansion of their sales in the form of government trade agreements, and partnerships with e-commerce platforms such as Flipkart, e-Bay, Amazon, and others. Owing to the existence of small and medium manufacturers in countries like India and China, the industry is regarded to be fragmented. Besides, the accessibility of low-cost labor along with government support for the establishment of business units is constituted to propel the industry in the forecast period.
Research Support Specialist, USA