Certified market research and consulting firm predicts the global sales of textiles to surpass $1,440 bn by registering a CAGR of 3.77 percent in the forecast period 2022-2032. Penetration of E-commerce websites is playing a crucial role in the increasing demand for textiles. Moreover, demand for natural fibers owing to the rising environmental concerns is positively influencing the demand for textiles.
Historically, from 2015 to 2021, the global textile sales flourished at a CAGR of 3 percent, being valued at $ 990 bn by the end of the aforementioned period. The onset of the COVID-19 pandemic affected the sales and demand of various industries. Due to the restriction on movements, the purchasing of consumer goods witnessed a dip. This, in turn, affected the demand for textiles. As the world is gaining normalcy, the demand for textiles is expected to upsurge in the assessment period.
Furthermore, demand from end user sectors such as medical and households is creating lucrative opportunities for textile industries. In addition, rapid urbanization and increasing population across various countries in the globe is propelling the demand for textiles.
Key Takeaways from the Market Study
By application, fashion and clothing expected to gain more than 70 percent market share for textile market.
By product, natural fibres expected to hold more than 45 percent market share for textile market.
Textile industry expected to possess nearly 30 percent market share throughout North America.
Textile industry expected to possess nearly 50 percent market share throughout Asia Pacific.
U.S, Canada, India, Bangladesh and Vietnam are the top five countries driving demand for textile.
“Burgeoning population growth coupled with growth in industrial activity in the past few years has opened opportunistic doors for textile manufacturers, who are striving to introduce different categories for specific purposes,” opines a Senior Research analyst
Competitive Landscape
In October 2020, Successori REDA S.p.A. acquired Lanieri. This acquisition will help the company to strengthen their portfolio by going digital and offering an online purchasing experience for their consumers.
In December 2021, Paramount Textile Ltd announced that the company will be investing $85.45 mn in balancing, modernisation and expansion for expanding its production capacity. Furthermore, the new unit is expected to produce 400 tonnes of fabric per month.
