Textile Market Trends, Industry Share, Growth Drivers, Business Opportunities and Demand Forecast to 2029

The global textiles market size anticipates spiraling growth due to high demand for a myriad of application in various industries. Textile is a ductile material with qualities of also being strong, light, and flexible. It is used in automotive, construction, and medical industries and has a huge demand in industries, which is propelling the market growth. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Textiles Market, 2022-2029.”

The report elucidates the different propellants to the textiles market growth. For instance, textile finds its application in the automotive industry to manufacture carpets, sun visor, sunroofs, seat cover linings, and others. Similarly, the medical industry benefits from textile application in sutures, hard tissue implantations, soft tissue implantation, etc. Factors like these are acting as a stimulant to market growth and have been discussed along with other factors supporting the market growth.

COVID-19 Impact-

The world is facing major economic challenges due to the COVID-19 pandemic. Several industries are experiencing hindrances in their operations due to the dynamic market situations. Lockdowns, social distancing norms, and curfews have resulted in disrupted supply chain networks. The uncertain efficacy of vaccines is questionable, and thus it is unclear to comment on how long the situation may persist this way. Nonetheless, our research report’s thorough analysis will help you gain a detailed comprehension of this niche market.

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Segmentation-

Based on the product, the market segments into nylon, fiber, polyester, etc. Based on raw material, the market divides into cotton, silk, wool, chemicals, etc. Based on application, the market is organized as technical, household, fashion, and clothing, etc. Geographically, the market is categorized into North America, Asia Pacific, Europe, South America, and the Middle East & Africa.

Report Coverage-

The report follows an innovative research methodology that contains data triangulation based on bottom-up and top-down approaches. The information used to predict the forecast for multiple segments at the country, regional, and global levels is gathered through interviews with reputed stakeholders. The report also incorporates the use of Porters Five Forces Analysis for the forecast. The report focuses on the present status and future opportunities for the textiles market. The report also focuses on the recent developments in the industry, including information on new product launches, expansions, and key market trends.

Drivers & Restraints-

Booming Clothing Industry Will Favor Textiles Market

The clothing industry is witnessing spiraling growth due to rapid digitization. Whether online or offline, promotional activities and campaigns are fueling the demand for textile by clothing companies. Advertisements, collaborations with celebrities for promotion, fashion shows, etc., are acting as a stimulant to textile demand. Similarly, second-skin wear is emerging as a new trend due to the revolution of seamless wood. These innovations in clothing will open new opportunities for the textile market growth in the future.

However, textile production results in industrial waste, which, when unmanaged harms the environment. This is likely to act as a restraint in the market growth.

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Regional Insights-

Asia Pacific to Hold the Lion’s Share in Global Market

Asia Pacific has abundant natural resources, growing manufacturing industries, a rising disposable income, and the developing countries like India, Bangladesh, and Pakistan are driving the market growth due to increased activities in the clothing industry. Favorable government policies in these countries are fueling the market growth as well. For instance, India offers 100% Foreign Direct Investment in the textiles market. India is also amongst the largest contributors to textile in the region.

North America is likely to hold second place in the market growth as the fast-growing market has witnessed an increase in income levels, better living standards increased working population, etc. These factors are contributing to the market growth in the region.

Competitive Landscape-

Expansion of Bombay Dyeing’s Retail Stores to Expedite Product Sales

The textiles market experiences a dynamic demand from various industries. The market has been witnessing an increasing trend of expansions, and new product launches as several players worldwide are devising new strategies to stay at the top of the game. For instance, Bombay Dyeing opened 100 new stores to expand its franchise. This helped the company to grow at a rapid pace and enhance its reach to consumers.

Industry Developments-

  • March 2021: Gallant launched a new bed-and-bath brand named Terra Thread Home. The new range of luxurious and plush home products are manufactured in an eco-friendly way. This sustainable advancement will help the company to thrive in the future.
  • November 2020: Fabric Structure Company named Calhoun Super Structure launched two new product lines called – Gable and Side Entry. The reliable structure is available across the globe and are providing the highest quality standards.

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List of Renowned Players in the Textiles Market-

  • Aigle SAS
  • Arvind Ltd.
  • Ashworth Inc.
  • Bombay Dyeing & Manufacturing Co Ltd.
  • Bruno Banani Underwear GmbH
  • Cantebury of New Zealand Ltd.
  • Cone Mills Corporation

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