The global textile market is anticipated to grow at a CAGR of around 4.4% during the forecast period 2020 to 2027 and to reach around US$ 1,315.0 Bn by 2027.
Increasing consumer spending on clothing and rising demand for smart textile form various end use industries are major factors expected to drive the growth of global textile market. Consumers are spending high on apparel. Players are spending high on online selling with the focus to increase the customer base. Retail sales from women's clothing stores reached approximately US$ 39 Bn in 2019, with revenue for the women's apparel market in the United States reaching a total of US$ 187.8 Bn. Players are investing high in R&D activities with the focus to deliver better textile material. Their approach towards introduction of enhanced product in order to increase the customer base and enhance the product offerings is expected to impact the growth of textile market.
In 2020, NYCOA, a global manufacturer of specialty engineered nylon, launched new nylon products “NYCOSIX, NYCO66, NYCOSEAL, NYCOTUFF, NYCOFILL, NYFLEX, NXTAMID, NYCOBOND, and NYCOADAPT”. This product launch is expected to help the company to enhance the product portfolio and increase the revenue share.
In 2020, Coral Eyewear launched a new eyewear collection made with regenerated nylon. This product launch is expected to attract new customers and aid to increase the company revenue.
Chancing regulatory scenario and government of developing countries approach towards spending high on strengthening the regional manufacturing capabilities are factors expected to boost the growth of textile market. According to India Brand Equity Foundation, Defense Research and Development Organization (DRDO) is helping the Indian textile industry to produce yarns and eliminate dependence on import of Chinese and other foreign clothing for military uniforms. Favorable business policies and emergence of small & mid-size enterprises with innovative solutions are factors expected to impact the market growth. Government of India in 2020, launched production linked incentive scheme to provide incentives for manufacture and export of specific textile products made of man-made fibre. Factors such as fluctuating raw material prices and stringent government regulations related to product are factors expected to hamper the growth of global textile market. In addition, high competition on low profit ratio is expected to challenge the player’s survival in the industry further challenging the growth of target market. However, high investment by major players for R&D activities and rising demand for technical textile are factors expected to create new opportunities for players operating in the textile market over the forecast period. In addition, increasing acquisition activities by players in order to enhance the business is expected to support the revenue transaction of the target market.
Segment Analysis by Region
The market in North America is expected to account for a noticeable revenue share in the global textile market due to increasing demand for smart textile from automotive and chemical industry. In addition, presence of large number of players operating in the country and introduction of innovative solutions is expected to impact the growth of target market. Players focus on enhancing the business through strategic mergers is expected to boost the regional textile growth.
The market in Asia Pacific is expected to witness faster growth in the target market due to increasing government spending on development of textile industry. Under Union Budget 2020-21, a National Technical Textiles Mission is proposed for a period from 2020-21 to 2023-24 at an estimated outlay of US$ 211.76 Mn. In addition, major players approach towards tracking the untapped market in developing countries is expected to boost the market growth.
The global textile market is highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Textile Market Segment Analysis, 2019
The global textile market is segmented into raw material, product and application. The raw material segment is bifurcated into cotton, chemical, wool, silk, and others. Among raw material the cotton segment is expected to account for major revenue share in the global textile market. The product segment is divided into natural fibers, polyesters, nylon, and others. Among product the natural fibers segment is expected to account for a noticeable revenue share in the target market. Players operating in the global textile market are 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., Sinopec Yizheng Chemical Fibre Company Limited, China textiles Ltd., Rhodia SA, Li & Fung Group, and Modern Woollens Ltd.
Market By Raw Material
Market By Product
Market By Application
Fashion & Clothing
The global textile market in 2027 is expected to be above US$ 1,315.0 Bn.
The CAGR of the global textile market from 2020-2027 is above 4.4%.
Increasing consumer spending on clothing and rising demand for smart textile form various end use industries are major factors expected to drive the growth of global textile market.
In product the natural fibers segment is growing at faster pace.
In the global market the Asia Pacific region is expected to grow faster.
Some of the players considered in the report scope are 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.
The North America is expected to account for major revenue share in the global market.