Textiles Market to Reach Valuation of USD 3095 Billion by 2030 – Rapid Expansion of E-Commerce Platforms Drives the Market

In terms of revenue, the Global Textile Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 7.5% from 2023 to 2030.

Textile is a term used to describe a variety of cloth or woven fabric created by twisting and spinning raw fibers into lengthy strands. It encompasses any material of intertwined fibers, such as carpets, shirts, and more. The market is expanding as a result of Textiles' widespread use in important sectors like healthcare, defense, the automotive industry, and others. The demand for Textiles is also expected to increase as emerging economies experience growth in the fashion and clothing industry, driven by rising disposable income and population growth.

The growing demand for clothing in the fashion industry and the quick development of e-commerce platforms are expected to drive market expansion in the near future. The Textile industry operates based on three main principles: designing, producing, and distributing various flexible materials like yarn and clothing. A wide variety of semi-finished and finished goods in bedding, clothes, medical supplies, and other accessories are primarily made using a variety of manufacturing techniques, such as knitting, crocheting, weaving, and more. 

Key Highlights from the Report

• Based on Raw Material, the Cotton segment dominates the Textile market owing to the global presence of cotton and cotton-based products.
• Based on Product, the Natural Fibers segment accounted for the substantial growth of the market in 2022 owing to their extensive use in diverse applications of the fashion and apparel industry.
• Based on region, Asia Pacific holds the significant market share within the Textile market in 2022 owing to the rising sales volume of clothing and apparel goods. 

Market Dynamics

The importance of fashion in consumers' lives is growing, which can be attributed to increased exposure to advertisements and impulsive buying. The growing desire for stylish apparel is also greatly influenced by social media, which retailers like Zara and H&M use to expand their consumer bases and market shares.

However, the coronavirus pandemic has hindered global market growth for Textiles. Trade restrictions, disrupted supply chains, and a decline in Textile consumption during lockdowns have harmed the market. Nevertheless, the industry is expected to recover strongly in the forecast period, thanks to government support and the growing public awareness of effective preventive measures.

Asia Pacific led the Textile market in 2022 owing to the region's large and growing population. With over 4.5 billion people, Asia Pacific is the most populous region in the world. This large population creates a strong demand for clothing, homes, and industrial Textiles. As the population grows, the demand for Textiles will increase further.

A further important factor fuelling the Textile market's expansion in Asia Pacific is rising disposable income. As economies in the region continue to develop, the average income of people is also increasing. This higher disposable income allows consumers to spend more on clothing and other Textile products. Moreover, the growing middle class in countries like China and India has significantly increased their purchasing power, further boosting the demand for Textiles. 

The Global Textile Market is Segmented as follows

• Raw Material
  • Cotton
  • Chemical
  • Wool
  • Silk
  • Other Raw Materials
• Product
  • Natural Fibers
  • Polyesters
  • Nylon
  • Others
• Application
  • Household
  • Technical
  • Others
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Textile Market is

INVISTA S.R.L., Lu Thai Textile Co., Ltd., Paramount Textile Limited, Paulo de Oliveira, S.A., Shadong Jining Ruyi Woolen Textile Co. Ltd., Shandong Demian Incorporated Company, Weiqiao Textile Company Limited, DBL Group, B.D. Textile Mills Pvt. Ltd., IBENA Inc., Heytex Bramsche GmbH, Yünsa Yünlü Sanayi ve Ticaret A.Ş., Wuxi Xiexin Group Co., Ltd., The Bombay Dyeing & Mfg. Co., Ltd., Huafu Top Dyed Melange Yarn Co., Ltd., Mayur Fabrics, Sinopec Yizheng Chemical Fibre Company Limited, Li & Fung Group, JCT Limited. 

The Global Textile Market Scope can be Tabulated as below