Global Textile Market: Rising consumer awareness coupled with fast pace changing trends in the fashion industry is projected to drive the market.

Published Date: 16/05/2021

The global textile market is valued USD 923.4 billion in 2020 and is expected to grow at a CAGR of 4.1% during forecast period by 2027. Natural fibre composites are relatively lighter and have more strength than conventional fibres, and therefore, find extensive application in the automotive industry for interior and exterior applications. Natural fibres obtained from plants and animals include cotton, silk, linen, wool, hemp, jute, and cashmere. These fibres are widely used to manufacture garments, apparel, construction materials, medical dressings, and interiors of automobiles, among others. The abundance of natural fibres, especially cotton, in China, India, and the United States, is contributing significantly to the growth of the global textile market. Silk is used in upholstery and apparel, as it is available in both variations fine as well as coarse. Wool and jute are used as textile materials for their resilience, elasticity, and softness. The increasing consumption of natural fibres, such as cotton, silk, wool, and jute, will drive the global textile market during the forecast period.

Increasing birth rate and aging population has contributed to the growing demand for hygiene products, such as baby diapers, sanitary napkins, and adult incontinence products, which, in turn, is expected to fuel the demand for non-woven fabrics. Nonwovens are used in road construction in the form of geotextiles to increase the durability of roads. Low maintenance costs associated with nonwovens are expected to fuel its demand in construction applications. The positive outlook of the automobile and transportation industry, globally, is further expected to propel growth for the non-woven fabric market over the next six years. The automobile industry manufactures a large number of exterior and interior parts using non-woven fabrics owing to its durability. Rapid industrialization and recent innovations in the field of textile technology are other factors fuelling demand for non-woven fabrics, globally.

The market is highly fragmented in light of high visibility of product forms in the fashion, industrial, and household application segments. Textile manufacturers focus on forming strategic partnerships with buyers for the development of tailored product forms, which has a positive impact on market growth.