Global Textile Market: By Raw Material (Wool, Chemical, Silk), By Product (Natural Fibers, Polyester), By Application, By Region, And Segment Forecasts, 2024 – 2030

Description

Market Overview:

Global Textile Market size was valued at USD 1.65 billion in 2022 and is projected to rise from USD 1.79 billion in 2023 to USD 3.36 billion by 2031, increasing at a CAGR of 7.60% in the forecast period (2024-2031).The key types of textiles include textile and fabric finishing, floor coverings,fabric coating mills, thread mills, yarn, fiber, home furnishings,and different other fabrics. These textiles are manufactured from different materials including cotton, jute, silk, synthetics, and wool, using both weaving and non-weaving producingapproaches. The growing trend of online shopping is probably a significant driver for the textile manufacturing sector. Producers can now reach a wider market than ever before, which will expand their geographical consumer base and propel the growth of the textile manufacturing industry.

Market Size for Global Textile Market on the Basis of Revenues in USD Bn , 2018-2023

Source: Maven Market Research

 

What Factors are Leading to the Growth of the Global Textile Market:

• Throughout the anticipated period, market growth is projected to be driven by the growingrequirement for garments in the fashion industry and the speedy expansion of the e-commerce sector.
• There has been an increase in the implementation of smart textiles within the industry, containing connections with the environment facilitated by optical fibers, metals, and different conductive polymers.
• Market growth is considerablydriven by shifting customer preferences and developing lifestyle trends. As customersconsiderably prioritize comfort, sustainability, and fashion-forward options, there has been a notable increase in the requirement for textiles.
• Additionally, the growing awareness of environmental problems is growing demand for sustainable and natural fibersincluding cotton, hemp, linen, silk, and other others, thereby accelerating the market’s growth potential.

 

Which Industry Trends have been Fueling the Growth?

Shifting Customer Choices: In the contemporary period, customers prioritize comfort, sustainability, and style, encouraging a prominent rise in the requirement for textiles personalized to these preferences. This trend towards eco-conscious fabrics, organic materials, and multipurpose textiles has acceleratedproducers to adjust their product varies accordingly. Furthermore, increased consumer awareness concerning ethical and sustainable practices in the industry has encouraged textile companies to grip more accountable manufacturing methods. Adapting to these evolving choices is important for businesses to retain competitiveness and effectively address shifting market requirements.

Expansion in Global Population: As the global population continues to expand, the growing requirement for clothing and textile production sees a steady acceleration. Concurrently, as buying power increases, the market observesincreased consumer spending on textiles. Additionally, the growth of developing economies, along with the increase in disposable incomes, serves to further foster the need for textiles. This population-driven boast in demand presents opportunities for textile producers, thereby driving market growth.

 

What is the Current Structure for Global Textile Market?

By Product Type, Natural Fibers Segment Projected to Register the Largest Market Share

Natural fibers dominate the global textiles market, propelled by their widespread utilization in fashion and clothing. This segment is projected to increase steadily owing to growing environmental concerns and a preference for eco-friendly products. Nylon is set to expand owing to its resilience and versatility, serving as a replacement for silk and finding application in different garments and furnishings. Similarly, polyester is projected to witness significant growth due to its strength, compatible properties, and different applications in home goods, carpets, and fabrics.

By Raw Material, Cotton Segment is Anticipated to Dominate the Highest Market Share in the Global Market

The cotton segment led the textile market, propelled by growingrequirements from the apparel, medical dressings, and garment industries. High accessibility in countries including the U.S., India, and China also fosters market growth. Additionally, growing cotton exports for uses such as diapers and home furnishings, along with improved research and development to assist cotton production, have further drivem the market’s growth.

By Region, Asia Pacific is Expected to Register the Largest Market Size

The Asia-Pacific region leads the market owing to high sales volumes of clothing and apparel. The increasing number of e-commerce shoppers in emerging countries also fosters regional market growth. Factors including increased market penetration of organized retail, favorable demographics, growing disposable incomes, and supportive government rules are projected to propel growth, especially in India, Bangladesh, and Pakistan. In India, 100% Foreign Direct Investment (FDI) is allowed in textiles, and the country is aimingto drive noteworthy market expansion.

 

Competitive Analysis

The textile market has been moving upwards through strategies including geographic expansions and mergers and acquisitions. Organizations are propelling sales through government trade agreements and partnerships with e-commerce platforms including Amazon, Flipkart, and eBay. The market is fragmented owing to the existence of different small and medium-sized manufacturers, especially in countries including China and India. Additionally, the market is projected to rise healthily owing to the accessibility of cheap labor and increased government assistance for establishing commercial units for different key firms in these countries. Some of the major player includes BSL Limited, INVISTA S.R.L., Lu Thai Textile Co., Ltd., Paramount Textile Limited, Paulo de Oliveira, S.A., Successori REDA S.p.A., Shadong 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., HeytexBramsche GmbH, Bahariye AS, Fratelli Balli S.p.A., İpekişMensucat Türk A.Ş, Lakhmi Woollen Mills, Wilh. Wülfing GmbH & Co. KG, LanificioF.lli Cerruti, Özlem Kumaş, Ltd., TrabaldoTogna S.p.A., YünsaYünlü Sanayi veTicaret 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

 

Market Segmentation

Global Textile Market, by Product Type

• Natural fibers
• Polyesters
• Nylon

Global Textile Market, by Raw Material

• Cotton
• Chemical
• Wool
• Silk
• Others

Global Textile Market, by Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • Russia
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Rest of Asia-Pacific
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • Turkey
  • South Africa
  • Rest of Middle East & Africa

Market Players Included

• BSL Limited
• INVISTA S.R.L.
• Lu Thai Textile Co., Ltd.
• Paramount Textile Limited
• Paulo de Oliveira, S.A.
• Successori REDA S.p.A.
• Shadong Jining Ruyi Woolen Textile Co. Ltd.
• Shandong Demian Incorporated Company
• Shijiazhuang Changshan Textile Co., Ltd
• Weiqiao Textile Company Limited
• DBL Group
• D. Textile Mills Pvt. Ltd.
• IBENA Inc.
• HeytexBramsche GmbH
• Bahariye AS
• Fratelli Balli S.p.A.
• İpekişMensucat Türk A.Ş
• Lakhmi Woollen Mills
• Wülfing GmbH & Co. KG