Driven by increasing demand for natural fibers and performance fabrics, the global textile market is expected to register a compounded annual growth rate (CAGR) in excess of 6 percent from 2019 to 2023, according to a market research report from Technavio.
A separate new report from Research and Markets projected the global textile market to reach at $1.23 trillion by 2025, expanding at a CAGR of 4.24 percent.
The abundance of natural fibers, especially cotton in the U.S., China and India, is contributing significantly to the growth of the global textile market, Technavio said. Natural fibers include those obtained from plants and animals, like cotton, silk, linen, wool, hemp, jute and cashmere. These fibers are widely used to manufacture apparel, construction materials, medical dressings and automobile interiors. Silk is used in upholstery and apparel, and is available in fine and course varieties. Wool and jute are used as textiles for their resilience, elasticity and softness.
“The increasing consumption of natural fibers such as cotton, silk, wool and jute will drive the global textile market during the forecast period,” the report said.
According to Research and Markets, cotton is the most widely used raw material in the global textile industry, “owing to its excellent durability.” In terms of volume, polyester held a market share of 28.04 percent in 2018 and will grow further thanks to properties such as high strength and shrink resistance.
Technavio said innovations in textile industry will also have a positive impact on the market and contribute to its growth. For example, several companies are launching heating technology to keep clothes warm during winter through infrared heat absorption. Another impactful innovation is the development of jeans made from post-consumer cotton waste, according to the report.
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“Apart from innovations in the textile industry, the growing demand for textiles in developing economies and capacity expansions by vendors in the textile industry are some other major aspects that are expected to boost the growth of the global textile market,” a senior analyst at Technavio said.
Research and Markets cited population growth, rising disposable income levels and rapid urbanization in developing countries like China, India and Mexico as “likely to boost the product demand.”
In addition, it development of technical textiles that are offer protection against high temperatures, electric arc flash discharge, molten metal impact and acid environment is seen fueling the textile market.
Geographically, the Asia-Pacific (APAC) region led the textile market in 2018, followed by North America, Europe, South America and the Middle East-Africa. Technavio said. During the forecast period, the APAC region is expected to register the highest incremental growth due to the large presence of textile vendors and a huge consumer base.