Textile Market Segment Analysis By Raw Material (Wool, Chemical, Silk), By Product (Natural Fibers, Polyester), By Application, By Region, And Segment Forecasts, 2023 - 2030
San
Francisco, 04 July 2023: The Report Textile Market Size, Share & Trends Analysis Report By Raw Material
(Wool, Chemical, Silk), By Product (Natural Fibers, Polyester), By Application,
By Region, And Segment Forecasts, 2023 - 2030
The global textile market size is
anticipated to reach USD 3,047.24 billion by 2030, registering a CAGR of 7.6%
over the forecast period, according to a new report by Grand View Research,
Inc. The rising consumer awareness levels coupled with rapidly changing trends
in the fashion industry are projected to drive market growth. The rise in the
e-commerce platforms that support sales and distribution of different types of
products manufactured by the textile industry is also expected to drive the
demand for textile-related products, thereby augmenting the market growth. In
addition, stringent regulations to ensure labor or worker safety in various
application industries are propelling the demand for Personal Protective
Equipment (PPE), which requires wool or treated cotton as a raw material.
This, in turn, will boost the market
further. In addition, technological advancements and the employment of a large
number of skilled and unskilled labor involved in the product manufacturing
from materials, such as natural fibers, polyesters, nylon, and others, are
acting as a growth driving factor for the global market. Furthermore, the increasing
concerns regarding the environment are also fueling the demand for sustainable
and natural fibers, such as cotton, hemp, linen, silk, and others, which, in
turn, is adding growth prospects to the overall market. The cotton raw material
segment is expected to grow at a significant CAGR, in terms of volume, over the
forecast period. This growth can be attributed to the high production and
availability of cotton across various prominent regions including North
America, Europe, and Asia Pacific.
The ever-increasing apparel demand
from the fashion industry, coupled with the meteoric growth of e-commerce
platforms, is expected to drive market growth over the forecast period. The
textile industry works on three major principles, namely the design, production,
and distribution of different flexible materials such as yarn and clothing. A
wide array of processes such as knitting, crocheting, weaving, and others are
largely used to manufacture a wide range of finished and semi-finished goods in
bedding, clothing, apparel, medical, and other accessories.
The U.S. is anticipated to be the
largest market in the North American region for textiles. It is one of the
largest producers, raw cotton exporters, and top raw textile importers. Fashion
is the largest application segment in the region, owing to the fast-changing
fashionable trends and ease of adoption of the same due to the rapidly-emerging
online fast fashion companies.
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Textile
Market Report Highlights
- In 2022, the fashion application segment
accounted for the maximum revenue share and is likely to ascend at a
significant CAGR during the forecast period
- Rapidly changing fashion trends coupled
with the demand for high-quality apparel in sports activities is likely to
boost the segment growth
- In 2022, Asia Pacific emerged as the
largest regional market owing to the presence of large raw
material-producing countries, such as China, India, Australia, and Japan
- In North America, the revenue for the
natural fibers product segment stood at USD 54.8 billion in 2022 and is
anticipated to gain a higher share in the coming years due to the rising
demand from the fashion, sports, and apparel industries
- Prominent players in the market are
establishing business units in the raw material-producing regions for easy
procurement as well as low-cost labor
- Moreover, supportive government policies,
such as trade agreements and investment within the countries, are expected
to influence the market
Textile Market Report Scope
Report
Attribute |
Details |
Market size
value in 2023 |
USD 1,837.27
billion |
Revenue
forecast in 2030 |
USD 3,047.24
billion |
Growth Rate |
CAGR of 7.6%
from 2023 to 2030 |
Base year for
estimation |
2022 |
Historical data |
2018 - 2021 |
Forecast period |
2023 - 2030 |
List of Key
Players of Textile Market
- BSL Ltd.
- INVISTA Srl.
- Lu Thai Textile Co., Ltd.
- Paramount Textile Ltd.
- Paulo de Oliveira, S.A.
- Successori REDA S.p.A.
- Shadong Jining Ruyi Woolen Textile Co.
Ltd.
- Sinopec Yizheng Chemical Fibre Company
Ltd.
- China textiles Ltd.
- Rhodia SA
- Li & Fung Group
- Modern Woollens Ltd.
- Mayur Suitings
- JCT Ltd.
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Press Release of Textile Market@ https://www.grandviewresearch.com/press-release/global-textile-market
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