Textile Market Synopsis

The global market for Textile estimated at USD 1.03 trillion in the year 2023, is anticipated to reach a revised size of USD 1.34 trillion by 2032, growing at a CAGR of 2.98% over the period 2024-2032.

The textile industry is an industry that involves the sections like research, design, development, manufacturing and distribution of textiles, fabrics, and clothing. The textile market is a vast and dynamic industry that encompasses the production, distribution, and sale of textiles, fabrics, and related products.

Textiles (textiles, textile materials) are not only daily necessities but also basic materials or accessories that other industries need to use in some capacity. They are also one of the manifestations of history and culture. The textile industry is a light industry that contributes to people's livelihood.

The textile industry has a very broad scope. According to the combination of raw materials, processes, products, management, and information, it is estimated that there are more than 15,000 textile-related industries. According to key processes and products, the entire textile industry can be divided into six groups: the textile fiber industry, the textile yarn industry, the textile fabric and nonwoven industry, the textile dyeing, printing, and finishing industry, and the textile final product industry.

Depending on the type and characteristics of textile fibers, each has its own unique production method. For example, cotton needs to be rolled to remove cotton seeds, silkworm cocoons need to be selected, wool needs to be washed to remove sand and grease, and linen needs to be processed. Degumming, etc., can proceed to the next spinning process.

The Above Graph Shows the Share in world exports of the leading clothing exporters in 2021 where, China has reported highest number in export than other countries.

The Textile Market Trend Analysis

The Rising Growth of the Clothing Industry

• The expansion and development of the textile market have been significantly fuelled by the clothing industry's rising growth. One of the biggest and most important subsectors within the textile market is the clothing industry, also referred to as the apparel or fashion industry. Changing fashion trends, consumer preferences, and population growth all contribute to the demand for clothing, which in turn drives the demand for textiles and fabrics used in the manufacture of clothing.
• The clothing industry is highly responsive to changing fashion trends and consumer demands. As consumers seek new styles and designs, clothing manufacturers and retailers require a steady supply of innovative and diverse textiles to create trendy and appealing garments.
• As the world's population continues to grow, so too does the demand for clothing. Because of the rising demand for clothing due to an expanding global population, there is an increase in the demand for textiles and fabrics. The clothing industry has undergone a revolution thanks to fast fashion, which has resulted in short production cycles and frequent updates to fashion collections. Textile producers must deliver fabrics quickly and effectively if they want to keep up with the fast-moving fashion industry.
• The clothing industry experiences seasonal peaks during holidays and special occasions, such as festivals and vacations. These seasonal sales spur higher demand for clothing, which, in turn, drives the need for increased textile production.

Rising Adoption of Digital Printing Technology

• The rising adoption of digital printing technology presents significant opportunities for the textile market, revolutionizing the way fabrics are designed, produced, and consumed. Digital printing has emerged as a game-changer in the textile industry, offering several advantages over traditional printing methods.
• Precision-based intricate and detailed designs are possible with digital printing. Customers can choose from a variety of customization options thanks to the ease with which designers and manufacturers can produce distinctive patterns, colors, and textures. This design adaptability creates new market niches and draws clients looking for unique and expensive textiles.
• Digital printing speeds up and improves efficiency by doing away with the need for expensive and time-consuming screen preparation. As a result, textile businesses can react quickly to shifting consumer preferences and fashion trends, shortening the time it takes to market fresh collections and designs.
• Digital printing technology can be integrated with other technologies, such as data-driven designs, augmented reality (AR), and wearable tech. This integration enhances product offerings and opens up possibilities for interactive and smart textiles.

Segmentation Analysis of the Textile Market

Textile market segments cover the Raw Material, Product, and Application, By Raw Material, the cotton segment is Anticipated to Dominate the Market Over the Forecast period.

• Cotton enjoys widespread consumer acceptance and demand, with many individuals preferring cotton clothing and textiles for everyday use due to its comfortless. This strong demand drives the need for continuous cotton production and processing in the textile market.
• Cotton is a natural fiber and biodegradable, aligning with sustainability trends and environmentally conscious consumer preferences. Its biodegradability helps reduce the environmental impact of textile waste, and hence is the main reason for use widely in the textile industry.
• The cotton market segment supports a significant number of jobs across its supply chain, from cotton farmers to textile manufacturers and retailers. It plays a vital role in the economic development of countries involved in cotton production. Cotton textiles are generally affordable and cost-effective for consumers, making them accessible to a wide range of income groups. The cost-effectiveness of cotton contributes to its popularity in the textile market.

Regional Analysis of the Textile Market

Asia Pacific is Expected to Dominate the Market Over the Forecast Period.

• Asia Pacific is dominating the textile market on a global scale, playing a pivotal role in the production, consumption, and export of textiles and textile products. This region encompasses diverse countries with varied strengths and capabilities, collectively contributing to the textile industry's dominance.
• Asia Pacific is home to some of the world's largest textile-manufacturing countries, including China, India, Bangladesh, Vietnam, Pakistan, and Indonesia. These nations have established themselves as major players in the industry, boasting significant production capacities and extensive supply chains.
• The area enjoys access to a sizable pool of skilled and reasonably priced labor, which gives it a significant competitive advantage in the production of textiles. The availability of inexpensive labor enables producers to keep the prices of a variety of textile products competitive.
• The Asia Pacific region has easy access to a variety of synthetic fibers, cotton, silk, jute, and other abundant raw materials. The production of a wide variety of textiles that serve various market segments is made possible by the accessibility of a variety of raw materials.

COVID-19 Impact Analysis on Textile Market

The COVID-19 pandemic has had a significant impact on the textile market, causing disruptions in production, supply chains, and consumer demand. The textile industry, which includes apparel, home textiles, technical textiles, and more, faced numerous challenges as countries implemented lockdowns and social distancing measures to curb the spread of the virus. Due to temporary closures and restrictions, manufacturing facilities and logistics experienced the pandemic, which caused disruptions in the world supply chain.

This had an impact on the availability of fabric, raw materials, and other inputs for the textile industry. Consumer spending on non-essential items like clothing and home textiles decreased as a result of the general economic unrest and job losses. Many consumers gave priority to buying necessities, which resulted in a decline in the demand for textile goods. Consumer preferences for practical clothing like loungewear and athleisure changed as a result of the pandemic. As a result, less formal and fashionable clothing was purchased, which had an effect on the textile industry.

Top Key Players Covered in the Textile Market

• BSL Limited (India)
• Shandong Ruyi Technology Group Co., Ltd. (China)
• Indorama Ventures Public Company Limited (Thailand)
• Aditya Birla Group (India)
• Luthai Textile Co., Ltd. (China)
• Welspun India Ltd. (India)
• Lenzing AG (Austria)
• ALBIS PLASTIC GmbH (Germany)
• Grasim Industries Limited (India)
• Toray Industries, Inc. (Japan)
• Teijin Limited (Japan)
• Milliken & Company(USA)
• Fibre2Fashion Pvt. Ltd. (India) and Other Major Players

Key Industry Developments in the Textile Market

• In December 2023, RSWM announced the acquisition of Ginni Filaments, an India-based producer of combed cotton & open-end yarns. This acquisition will help RSWN to enhance its productivity and product diversity to cater to its premium customers.
• In May 2023, Aditya Birla Fashion and Retail (ABFRL) entered into definitive agreements to acquire TCNS Clothing, the owner of ethnic brands, including W, Aurelia, Wishful, Folksong, and Elleven.
• In August 2019, Bombay Dyeing announced to open 100 new franchise stores to propel its expansion and growth of its business.
• In August 2017, Jeans giant Levi’s has collaborated with EVRNU to come up with eco-friendly jeans into the market.