Textile market value expected to reach US $ 1.315 billion
LOS ANGELES, May 17, 2021 (GLOBE NEWSWIRE) – The World Textile Market is expected to grow at a CAGR of approximately 4.4% during the forecast period 2020 to 2027 and reach approximately $ 1,315.0 billion by 2027.
Rising demand for smart textiles from various end-use industries across the globe and high government spending are aspects that are driving the growth of the global textile market.
The North American market is expected to account for a significant share of the revenue in the global textile market due to the increasing demand for the fashion industry. Lifestyle change and high purchasing ability lead to high consumer spending on clothing. Retail sales of women’s clothing stores reached approximately US $ 39 billion in 2019, with sales for the women’s clothing market in the United States totaling US $ 187.8 billion.
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The availability of the e-commerce platform allows consumers to easily order the required design in the required material. The major players are focused on selling clothing online, which helps them reach a wider customer base and increase their income. Players invest a lot in R&D activities with emphasis on providing better textile materials. Their approach of introducing improved products in order to increase customer base and improve product offerings is expected to impact the growth of the regional market.
In 2020, NYCOA, a global specialist technical nylon manufacturer, launched new nylon products âNYCOSIX, NYCO66, NYCOSEAL, NYCOTUFF, NYCOFILL, NYFLEX, NXTAMID, NYCOBOND and NYCOADAPTâ. This product launch is expected to help the company improve the product portfolio and increase revenue share.
The Asia-Pacific region market is expected to grow faster in the target market due to the presence of a large number of manufacturers operating in the region. The changing regulatory scenario and the government of developing countries spending a lot to enhance regional manufacturing capabilities are factors that are expected to boost the growth of the regional textile market.
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According to the India Brand Equity Foundation, the Defense Research and Development Organization (DRDO) is helping the Indian textile industry produce yarns and eliminate dependence on imported Chinese clothing and foreigners for military uniforms. Favorable trade policies and the emergence of small and medium-sized enterprises with innovative solutions should have an impact on regional growth. The Indian government launched a Production Incentive Program in 2020 to provide incentives for the manufacture and export of specific textile products made from synthetic fibers.
The high purchasing capacity of consumers in clothing and the increasing demand for smart textiles from the defense industry are major factors that are expected to drive the growth of the global textile market. High expenditure on R&D activities and a tendency to introduce environmentally friendly products in order to attract customers are factors that are expected to drive the growth of the target market.
In 2020, Coral Eyewear launched a new collection of regenerated nylon eyewear. This product launch is expected to attract new customers and help increase the company’s revenue. Factors such as fluctuating raw material prices and strict government regulations related to the product are expected to hamper the growth of the global textile market.
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In addition, high competition on low profit ratio is expected to challenge the survival of the player in the industry, which will further challenge the growth of the target market. However, the high investments of the major players in the R&D activities and the increasing demand for technical textiles are expected to create new opportunities for the players operating in the textile market during the forecast period. In addition, the increase in acquisition activity by the players to improve the business is expected to support the target market revenue transaction.
The global textile market is segmented into raw materials, products and applications. The raw materials segment is divided into cotton, chemicals, wool, silk and others. Among raw materials, the cotton segment is expected to account for a significant share of revenue in the global textile market. The product segment is divided into natural fibers, polyesters, nylon and others. Among products, the natural fibers segment is expected to account for a notable share of revenue in the target market.
The players operating in the global textile market are BSL Limited, INVISTA SRL, Lu Thai Textile Co., Ltd., Paramount Textile Limited, Paulo de Oliveira, SA, Successori REDA SpA, Shandong Jining Ruyi Woolen Textile Co. Ltd., Sinopec Yizheng Chemical Fiber Company Limited, China textiles Ltd., Rhodia SA, Li & Fung Group and Modern Woollens Ltd. The market is very competitive due to the presence of a large number of players operating globally.
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