Textile Market: Global Industry Analysis and Forecast (2023-2029) by Product, Raw Material, Application, End User, Distribution Channel, and Region

Global Textile Market size was valued at USD 1534.12 Bn in 2022 and is expected to reach USD 2545.18 Bn by 2029, at a CAGR of 7.5 %.
Textile Market Overview
Textile is a material that is made from fibers that have been turned into yarn and then used to manufacture textiles, fabrics, or cloth. It includes a discrete range of materials that are activated in the production of household items, clothing, and industrial goods. Textiles have been manufactured through several processes such as weaving, knitting, crocheting, and felting. The textile industry plays a crucial role in the global economy, offering opportunities to the employee and contributing to international trade. It envelops several sectors such as home textiles, apparel, technical textiles, and industrial textiles. Textiles are used in diverse applications apart from clothing including medical supplies, geotextiles, automotive interiors, and protective gear.

The growth of the clothing industry and growing population and rapid industrialization are the driving factors of the Textile market growth. The report includes historical data, present and future trends, competitive environment of the Textile industry. The bottom-up approach was used to estimate the Textile market size. The market revenue is determined by the primary and secondary data collection methods. For a deeper knowledge of Textile market penetration, competitive structure, pricing, and demand analysis are included in the report. The market report focuses on the drivers, challenges, and major restraints of the Textile industry.



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Textile Market Dynamics
Driver
Growth of the clothing industry to boost the Textile Market Growth

As the growing expansion of the clothing industry, there is increasing demand for several types of fabrics for the production of garments. Fabrics are the primary component of clothing and their consumption directly influences the demand of the textile. This demand envelops a wide range of fabrics such as natural fibers including cotton, silk, and wool, as well as synthetic fibers including polyester and nylon. The increasing fashion trends and trends and evolution of consumer preferences drive the clothing industry. Consumers are constantly exploring designs, new styles and materials, which stimulates the consumption and production of textiles.

The textile market requires to furnish these demands by offering a diverse range of fabrics to support the creation of fashionable clothing. The growth of retail in physical stores as well as online platforms positively affects the textile market. Retailers and e-commerce platforms play a vital role in connecting manufacturers of textiles with consumers. The expansion of retail and e-commerce networks provides wider distribution channels for textiles, enabling manufacturers to reach a larger customer base and boost Textile market growth.

Rapid urbanization and growing population to boost the Textile Market Growth

As the growing population and urbanization accelerate, there is an increasing demand for clothing and textiles to meet the requirements of a larger number of people placed in urban areas. Clothing is a basic need of human beings and with more individuals living in cities, there is increasing demand for textiles significantly. With rising disposable income, urbanization leads to expands middle-class population. As people move from rural to urban areas, they usually experience improvement in job prospects and higher wages, allowing them to give more expenditure on textiles and clothing. The growing middle class becomes a significant consumer segment, driving the demand for fashionable clothing and home textiles. Rapid urbanization necessitates significant infrastructure development such as residential buildings, commercial spaces and public infrastructure.

These construction activities need a substantial amount of textiles for applications including carpets, curtains and other interior furnishings. The demand for textiles in the construction sector grows in tandem with urbanization. Urbanization is sustained by the growth of several industries such as automotive, healthcare, and hospitality. These industries need specialized textiles for purposes such as automotive interiors, medical textiles, and hotel linens. The increasing expansion of urban areas and the allied industrial growth contribute to the increased demand for industrial textiles which fuels the textile market.

Textile Market Trend

Sustainability and eco-friendly practices

There is an increasing awareness about environmental issues such as climate change and pollution among the people. Consumers have been more aware of the impact of their accepted decisions on the environment. The textile industry is a significant footprint on the environment including chemical use, water consumption and waste generation. Around the world, governments implement standards and regulations to promote sustainability in the textile industry. These regulations encourage minimizing the environmental abuse caused by processes of textile production and boost the use of sustainable materials and practices. Assent with these regulations becoming a necessity for textile manufacturers, fuelling the adoption of eco-friendly practices. Consumers are given more preference to use sustainable products. Ethical considerations including responsible sourcing and labor practices, are gaining importance.

As consumers prioritize sustainable choices, Eco-friendly textiles including organic cotton, recycled polyester, and natural dyes, are gaining popularity and this drives the Textile Market growth.

Sustainability practices in the textile industry has been resulting in cost savings and resource optimization. The adoption of eco-friendly technologies including water recycling systems or energy-efficient machinery, minimizes operational expenses and improves the overall efficiency of the process of textile production. By reducing waste, conserving resources, and optimizing production, textile manufacturers have been achieving long-term cost benefits.

Textile Market Restraint

Volatility in raw material prices

The fluctuation in the raw material prices recommends uncertainty in the cost structure of textile manufacturers. When the prices of key raw materials including cotton, polyester, or wool have significant fluctuations, it becomes a challenge for the textile companies to accurately plan and forecast their production cost. This has resulted to create problems in pricing decisions, budgeting and overall financial stability.

Volatile raw material prices have been impeding the profit margins of textile manufacturers. When raw material prices quickly increase, the companies have been struggling to pass on the increased costs to customers due to price sensitivity and market competitiveness. This results in a negative effect on their profit, particularly if they are unfit to adjust the product prices. There is an increase in the volatility of raw material prices for textile manufacturers. Companies need to actively manage price risks associated with raw materials through several strategies including forward contracts. As a result, Volatility in raw material prices hampers the textile market’s growth.
Textile Market Segment Analysis
Based on Product: On the basis of product, the market is segmented into Natural Fiber, Nylon, Polyester and Others. Polyester held the largest Textile Market share in 2022 and is expected to have the highest CAGR during the forecast period. Polyester has been manufactured in several forms such as filament yarns, staple fibers, and microfibers. It has been blended with other fibers, allowing for a wide range of applications across various industries.

It has excellent resistance to stretching wrinkles, shrinking, abrasion, and most chemicals. These properties make polyester fabrics highly durable and long-lasting. Polyester fabrics are low maintenance and simple to care for. They are wrinkle-resistant and thus they do not bend easily, and they have to combat repeated washing and drying without stretching. Polyester also has quick-drying properties, which is advantageous for garments and products that need fast moisture evaporation.

Polyester has inherent moisture-wicking characteristics, meaning it has drawn moisture away from the skin and allows it to evaporate instantly. This makes polyester fabrics suitable for activewear, sportswear and outdoor clothing, where moisture management and comfort are needed. Polyester is generally a low-cost product compared with natural fibers. It has been mass-produced at a lower cost and making them a cost-effective product for consumers and manufacturers. This affordability of polyester resulted in to increase in the use of polyester in several industries and gained popularity in polyester. Thus polyester segment contributes to the Textile Market growth.



Based on Application: On the basis of Application, the textile market is segmented into Household, Fashion and Clothing, Technical, Industrial, and Others. Fashion and Clothing are expected to dominate the textile market during the forecast period. The fashion and clothing industry provisions to a massive consumer base worldwide. There is an increasing demand for apparel and fashion products including clothing, accessories, and footwear.

Fashion and clothing allow for innovation and creativity in design, materials, and styles. Textiles are primarily used in the creation of garments. They are also used to determine the aesthetics, comfort and functionality of clothing. Fabrics of several types and qualities are used to meet the diverse fashion preferences and trends of consumers. The fashion industry act on seasonal collections and ever-changing trends.

Textile manufacturers and fashion designers continuously introduce new fabrics, prints, patterns, and finishes to align with the latest fashion trends. This nature of the fashion and clothing segment has been creating a constant demand for textiles. Fashion and clothing envelope a wide range of products such as outerwear, innerwear, sportswear, formalwear, accessories, and footwear. Each category needs different types of textiles and fabrics, providing a diverse market for textile manufacturers and suppliers which fuels the Textile Market.


Regional Insights
Asia Pacific held the largest Textile Market in 2022 and is expected to dominate the market during the forecast period. The region has vast textile manufacturing capabilities and is known as a manufacturing powerhouse for the global textile industry. Developing economies such as China, India, Bangladesh, and Vietnam have a strong presence in textile production, with established supply chains, and cost-effective labor. The region supplies textiles to markets worldwide, meeting the demand for several applications including apparel, home furnishings, technical textiles and others.

The lower labor costs, extensive availability of raw materials including cotton and synthetic fibers, favorable government policies supporting the textile industry, and the presence of well-developed infrastructure and logistics networks are the influencing factors for the regional market growth. The increasing middle class and rising disposable incomes in the countries such as China and India contribute to the high demand for textiles, helping the textile market growth.

North America is expected to have significant growth for the Textile Market over the forecast period. The well-established textile industry in particularly in the United States and Canada is the key driver for the market growth. Advanced manufacturing technologies, product innovation, and high-quality textiles help to contribute the regional market growth.

The region has a strong presence in the fashion and clothing industry, with innovative fashion brands. The growing focus on sustainable and eco-friendly practices, technical textiles for industries such as automotive and aerospace industries and increasing demand for luxury fabrics are driving factors of the regional textile industry
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Textile Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
USD 1534.12 Bn


Forecast Period 2023 to 2029 CAGR:
7.5 %
Market Size in 2029:
USD 2545.18 Bn


 Segments Covered:
by Product
Polyester
Natural Fiber
Nylon
Others


by Raw Material
Cotton
Wool
Silk
Chemicals
Others


by Application
Fashion and Clothing
Household
Technical
Industrial
Others


by End User
Automotive
Healthcare and Medical
Sports and Recreation
Aerospace and Defense
Agriculture and Horticulture
Construction and Infrastructure
Others


by Distribution Channel
Online Retail
Offline Retail
Others



Textile Market Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and the Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and the Rest of APAC)
South America (Brazil, Argentina Rest of South America)
Middle East & Africa (South Africa, GCC, Egypt, Nigeria and the Rest of ME&A)
Textile Key Player
1. Aigle SAS
2. Arvind Ltd
3. Ashworth Inc
4. Canterbury of New Zealand Ltd.
5. Cone Mills Corporation
6. BSL Limited, INVISTA S.R.L.
7. Lu Thai Textile Co., Ltd.
8. Paramount Textile Limited
9. Bombay Dyeing and Manufacturing Co Ltd
10. Paulo de Oliveira, S.A.
11. Successori REDA S.p.A.
12. Shandong Demian Incorporated Company
13. Shijiazhuang Changshan Textile Co., Ltd
14. Weiqiao Textile Company Limited.
15. Nike, Inc.
16. Puma SE
17. Adidas AG
18. PVH Corp.
19. Reliance Industries Limited
20. Raymond Ltd.
21. Toray Industries, Inc.
22. Vardhman Textiles Ltd.
23. China National Textile and Apparel Council

Frequently Asked Questions:

1] What is the growth rate of the Global Textile Market?
Ans. The Global Textile Market is growing at a significant rate of 7.5 % during the forecast period.

2] Which region is expected to dominate the Global Textile Market?
Ans. Asia Pacific is expected to dominate the Textile Market during the forecast period.

3] What is the expected Global Textile Market size by 2029?
Ans. The Textile Market size is expected to reach USD 2545.18 Bn by 2029.

4] Which are the top players in the Global Textile Market?
Ans. The major top players in the Global Textile Market are Aigle SAS, Arvind Ltd, Ashworth Inc , Canterbury of New Zealand Ltd., Cone Mills Corporation, BSL Limited, INVISTA S.R.L., Lu Thai Textile Co., Ltd., Paramount Textile Limited, Bombay Dyeing and Manufacturing Co Ltd, Paulo de Oliveira, S.A. and Others.

5] What are the factors driving the Global Textile Market growth?
Ans. The growth of clothing industry and growing population and rapid industrialization are expected to drive market growth during the forecast period.