San Francisco, 5 November 2018: According to a report by Grand View Research, Inc.; the global textile market is predicted to value USD 193.16 billion by 2022. Textile is a flexible material formed using several processes including knitting, weaving, crocheting, or felting. It is used to manufacture a wide range of conventional and advanced finished goods used in kitchen, clothing, apparel, fashion, construction, bedding, transportation, and medical. High demand from these industries is the primary driver for the global market.
Growing population, urbanization, and disposable income in emerging economies such as India, China, and Mexico are expected to improve consumer lifestyle. This, in turn, can augment market growth during the forecast period (2014 to 2025). Growing awareness regarding protective equipment in manufacturing owing to stringent regulations aimed at worker safety can positively influence growth of market.
Increasing number of fashion retail outlets in emerging economies such as India and China attributed to support from local governments to promote investments can spur market expansion over the forecast period. Continual technological advancements in upholstery products derived from coated fabrics can also stimulate market growth in near future.
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The global textile market can be segregated on the basis of raw material, product, application, and region. Based on raw material, the market can be categorized into chemical, cotton, wool, silk, and others. In 2015, cotton was most used raw material for production of textiles and accounted for around 39.5% market share in the same year. Properties such as high strength, excellent absorbency, and color retention can positively influence demand in the forthcoming years.
On the other hand, silk is expected to witness a CAGR of 4.6% from 2016 to 2025. Growing use of spider silk in formulation of industrial textile attributed to excellent toughness and lightweight as compared to steel is the predominant driver for this segment.
Based on product, the market for textiles can be classified into polyesters, nylon, natural-fibers, and others. In 2015, natural fibers segment accounted for 45.6% of overall market share in terms of volume. It is likely to grow well over the forecast period. High market visibility of cotton derived products in garments and apparels sector can fuel demand in near future.
On the contrary, nylon segment is estimated to register a CAGR of 4.5% from 2016 to 2025. Properties of nylon such as high resilience, low moisture absorbency, and excellent elasticity are anticipated to bode well for product demand over the forecast period.
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Based on application, the market is divided into technical, household, fashion and clothing, and others. In 2015, fashion and clothing segment dominated the market and accounted for a revenue share equivalent to USD 607.6 billion. It is expected to expand at a substantial CAGR during the forecast period.
New product launches by garment manufacturers including Tommy Hilfiger and Levis in Canada and United States can impel market expansion. In addition, rising sales volume of footwear and apparels through e-commerce portals like Amazon is expected to spur market development in near future.
Household application accounted for 9.6% of overall market share in terms of volume. Properties such as stain-repellent texture, wear and tear resistance, and ability to give soft and comfortable finishing to fabric surfaces is anticipated to impel product demand.
Regional segmentation includes Asia Pacific, Europe, North America, Central and South America, and Middle East and Africa. In 2015, Asia Pacific consumed 99,005.9 kilo tons of textiles and is predicted to witness significant growth over the forecast period. Positive outlook towards garments and apparel industry in India and China can fuel regional expansion in near future. In addition, favorable government policies to promote investments in manufacturing sector can further boost market growth.
Similarly, North America is likely to register a CAGR of 2.7% from 2016 to 2025 attributed to rising production of automotive vehicles in United States. Rising number of single family houses is expected to further augment regional market growth over the forecast period.
Middle East and Africa is predicted to expand at CAGR of 3.6% in the forthcoming years. Growing investments by Islamic clothing manufacturers to produce new hijab styles in apparels can propel regional demand for textiles during the forecast period.
Some of the leading companies operating in textiles market are Asahi Kasei Fibers Corporation, INVISTA, Shandong Jining Ruyi Woolen Textile Co., Ltd., Honeywell International, and Sinopec Yizheng Chemical Fiber Company.
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