The global textile market size is estimated to touch USD 1,350.2 billion by 2027. The market is expected to register the CAGR of 4.3 % over the forecast duration, according to a new report by Million Insights, Growing disposable income and rapid urbanization in emerging countries such as India, Mexico, Brazil and China are anticipated to propel the market growth over the next few years.
Growing demand for personal protective equipment to ensure work safety and rising demand from the healthcare sector is bolstering the product demand. Further, the emergence of e-commerce sectors that led to wide penetration of clothing and related materials are driving the growth of textiles market.
Technical advancement in electronic industry and the growing use of materials for conductivity have led to a rise in demand for smart textile. Further, development of upholstery products obtained from spider silk and coated fabrics is estimated to positively affect the market growth.
Owing to the presence of several local and international players, the market is competitive in nature. Major players in collaboration with several e-commerce giants are focusing on increasing the penetration of their products. Moreover, the growing trend of offering tailor-made products are supplementing the market growth.
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Further key findings from the report suggest:
• Based on raw materials, cotton accounted for USD 378.6 billion of market revenue in 2019.
• Polyester held 28.0% of the textile market share in 2019 and projected to register the significant growth owing to its properties such as high resistance and shrink resistance.
• Fashion & clothing accounted for 712.3 billion by value in 2019 owing to growing consumer spending on clothing and apparel.
• Asia Pacific is projected to remain the largest market primarily because of growing demand from countries such as India, Bangladesh, Pakistan and China.
Million Insights has textile market on the basis of raw material, product, application, and region:
Textile Raw Material Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 - 2027)
Textile Product Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 - 2027)
• Natural Fibers
Textile Application Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 - 2027)
• Fashion & Clothing
• Ties & Clothing Accessories
Textile Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 - 2027)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia