Textiles Industry | Forecast 2030
Grand View Research’s textiles sector database is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with an agricultural statistics e-book.
The economic value generated by the textiles industry was estimated at approximately USD 1.6 trillion in 2022. This economic output is an amalgamation of businesses that are involved in the manufacturing, distribution & supply, and application of textiles.
Access the Global Textiles Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Rising disposable income, urbanization, and population growth in emerging markets including China, India, and Mexico are expected to play an important role in propelling the textile market growth. In addition, increasing penetration of retail outlets and supermarkets in the abovementioned countries is expected to ensure access to clothing products for the customers. The abovementioned trend is expected to play a key role in increasing the demand for textiles over the forecast period.
The demand for textile is concurrently to the production output of countries and their population & per capita usage. As such, China and India, home to nearly 2.8 billion people, collectively accounted for over 65% of the global textile production revenue in 2022.
Technical Textile Market Insights
The global technical textiles market size was valued at USD 188.81 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2023 to 2030. Increasing awareness regarding the benefits of technical textiles in various end-user industries is expected to drive the market over the forecast period.The global industry has experienced moderate growth as a consequence of the economic recession caused by the COVID-19 crisis. During the initial phase, the industrial activities observed setbacks, as a result, the market has also experienced a catastrophic setback. The demand for technical textiles in the U.S. is likely to grow owing to the rising demand for lightweight materials in automotive manufacturing.
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These products are found to be 15% to 30% lighter than the traditional materials, which results in reduced weight and increased fuel efficiency of vehicles. In addition, the U.S. is expected to be the largest market in North America, on account of the expansion of industries including medical, agriculture, and construction.Technical textiles majorly use man-made raw materials, such as fibers consisting of viscose, nylon, acrylic/modacrylic, and polymers, which cater to cost-intensive manufacturing techniques. Thus, the technology used for the production of the above-mentioned synthetic raw materials is likely to negatively impact the market growth.
Increasing consumer preference for protective clothing coupled with popular fashion trends is forcing major companies to focus on restructuring their business in terms of adopting new engineering technologies, such as smart textiles and nanotechnology. This, in turn, is expected to increase the overall product cost, thereby acting as a restraint for market growth. A majority of the industry players are focusing on efficient and effective distribution channels by setting up new production plants and establishing partnerships & agreements with several e-commerce portals to ensure a robust supply of products. However, the market has witnessed sluggish growth in the year 2020 due to COVID-19, which is expected to result in slow growth for the first few years over the forecasted period.
Go through the table of content of Textiles Industry Data Book to get a better understanding of the Coverage & Scope of the study
Competitive Insights
The global textile industry is moderately competitive, with companies increasing their product portfolio and expanding their production capacity to serve the growing demand, particularly in emerging markets. However, the market’s fragmented nature is expected to refrain investments by prospective companies over the forecast period. Furthermore, several companies, such as Invista and Weiqiao Textile Co., Ltd. adopted expansion strategies to strengthen their market position and have a competitive edge over others.
The market players compete based on differentiation in technology, design, product innovation, and customer-centric products. The market also possesses various strengths such as flexibility, rich heritage, mass production capabilities, capital investment capabilities, high-performance machinery, value-added textile production, and strong R&D.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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