Textile Market Size Forecast to Reach US$374.1 Billion by 2026

Textile Market Size Forecast to Reach US$374.1 Billion by 2026
Textile Market
The Rising Demand for Apparel From the Fashion Sector, As Well as the Rise of E-Commerce Platforms Is Expected To Drive the Textile Market Growth.

Textile Market size is forecast to reach US$374.1 billion by 2026, after growing at a CAGR 4.2% during 2021-2026. Globally, the rising demand for apparel from the fashion sector, as well as the rise of e-commerce platforms is expected to drive the textile market growth. Growing customer demand for environmentally friendly products is prompting large textile companies to restructure their businesses and invest in environmentally friendly manufacturing processes. Currently, the textile industry has particularly focused on using technologically advanced enzymatic desizing for removing and is accepted as standard by the textile processing industry, leading to growth in the segment. Additionally, in future, the rising demand for special property fabrics in textiles in developed economies is expected to provide opportunities for the market growth.

Impact of Covid-19

The demand for textile products abroad and domestic sales gradually declined to a grinding halt due to the panic situation created by the COVID-19 outbreak. Due to the lockdown, all sorts of textile-related factories were shut down. Also, cash crunch, supply chain disturbance, and manpower-related issues affected the market for textiles. The fashion industry was facing calls to step in and protect the wages of over 40 million garment workers in their supply chains around the world who faced destitution as factories closed and orders dried up in the wake of the Covid-19 epidemic. Due to COVID-19 pandemic, the textile industry of various developing countries had experienced huge loss, which reduced demand of fabrics, and thus affected the growth of the market till the second quarter of 2021.

Textile Market Segment Analysis -By Fiber Type

Synthetic fiber held the largest share in the textile market in 2020. Synthetic fibers are made from chemicals that are superior to natural fibers, such as cotton or silk. Synthetic textiles are made from either inorganic products or a mixture of organic products and chemicals. Some are found to be deeply strong and durable, while others dry much faster than others, or may be more absorbent and easier to dye. Synthetic fibers are man-made fibers, most of which are made from petroleum raw materials called petrochemicals. All fabrics are produced from fibers, while the fibers are produced from artificial or man-made sources. Thus, with the growing demand for synthetic fiber it is estimated that market for textiles would also rise.

Textile Market Segment Analysis -By Application

Fashion and Clothing held the largest share with 40% in the textile market in 2020 and is anticipated to grow at a CAGR of 4.6% during the forecast period 2021-2026. Rising usage of textile and increasing government investment in the fashion and clothing sector is driving the growth of the market. According to Invest-India, the domestic textiles and apparel industry amounted to $140 billion in 2018 (including handicrafts) of which $100 billion was consumed domestically, while the remaining $40 billion was exported to the world market. Moreover, the growing demand for luxury products has driven the market for high-end designer bags all over the world. Industry producers are also expanding the product portfolio by introducing innovative quality products in different varieties to meet the needs of consumers. Rising revenues, along with increasing brand awareness in developing countries, have significantly boosted textile industry growth. Thus, the increasing usage of textile for fashion and clothing application is estimated to drive the market growth in the forecast period.

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Textile Market Segment Analysis – By Geography

Asia Pacific dominated textile market in terms of revenue with a share of 36% in 2020 and is projected to dominate the market during the forecast period (2021-2026).Increasing production of textiles in emerging economies such as China, Japan, India, and South Korea is estimated to drive the market growth. For instance, According to the India Brand Equity Foundation, the Indian textile industry contributed 13 % of industry output to the FY20. It contributed 2.3 % to India’s GDP and employed more than 45 million people in the FY20. The sector contributed 12% of India’s export earnings to the FY20. The domestic textiles and apparel market in FY19 amounted to an estimated US$ 100 billion. Also, the production of raw cotton in India has reached 36.04 million bales in FY20. In FY19, fiber production in India stood at 1.44 million tons (MT) and reached 1.60 MT in FY20 (until January 2020), while in yarn production stood at 4.762 million kg during the same period. Thus, with the growing demand for textile from various end use industries in this region will further drive the market growth in the forecast period.

Textile Market Driver

The growing demand for special property fabrics in textiles tends to increase the growth of the market

Due to its hydrophobic, high temperature resistant, lightweight & durable, air permeability, good tensile strength, and zero toxicity, the demand of textiles tends to increase. The hydrophobic feature of special fabrics implies its waterproof property, doesn’t just mean that it is purely water repellent, but that it actually helps to maintain the quality of fabrics even if the water gets inside. It also has high temperature resistant property, which means the melting point of PET/polyester spunbond fabric is around 260℃ which is dimensional stability in the high temperature conditions. It is widely and largely to be used for various bags printing. Owing to such unique properties, the demand of special fabrics tends to increase in textile industry, which leads to increase in the growth of the market.

Technical Textiles segment to boost the long-term Textiles Industry Growth 

The technical textiles industry has immense potential in the developing countries. Asia is now emerging as a powerhouse of both production as well as end-use consumption of technical textiles. In technical textiles, high tech functional finishes are utilized to make them functionally superior and relevant to the end use application such as anti-bacterial, anti-static, UV protective, thermal, or biodegradable functions which are playing an increasingly important role. The coatings used in technical textiles are all thermoplastic polymers such as Polyvinyl Chloride (PVC), Polyvinylidene Chloride (PVDC), Polytetrafluoroethylene (PTFE), and others. Globally, technical textiles account for more than one third of all textile consumption. Currently, India accounts for only 8.6% of global technical textiles consumption. Thus, the increase in demand of technical textile will increase the production rate which will parallelly upsurge the textile industry growth globally.

Textile Market Challenges

Rise in Raw Material Price

Polyester fiber is made by combining ethylene glycol and dimethyl terephthalate in a high-heat reaction. The product of this reaction is a monomer, which is subsequently reacted with dimethyl terephthalate to form a polymer. Majorly, the price of crude oil is increasing drastically, and due to this, the production of polyester tends to be expensive as compared to other raw materials, which constraints the growth of the market. In addition, due to environmental regulations, the production of man-made raw materials is getting reduced and the demand of its alternative, which is natural fibers, is getting increased. This factor is also tending to constraints the growth of the market and can be seen its effect in futuristic market period.

Textile Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the textile market. Major players in the textile market are Lenzing, Aditya Birla Group, Sanyou Chemical Industries Co., Sateri, Fulida Group, Aoyang Technology Co. Ltd., Shandong Yamei, Asahi-Kasei, Indorama, Mitsubishi Rayon Co., Ltd, Toray Industries, DuPont, and Others.

Acquisition/Product Launches

In June 2019, IntexarTM, a revolutionary version of printable electronic ink, was introduced by Dupont. IntexarTM enables the incorporation of circuits into fabric that can fold, fit, stretch, and even survive laundering.

Key Takeaways

Asia-Pacific region dominated the textile market owing to the rising market growth of domestic textiles and apparel and increasing government investments in the textile industry.

Rising demand for synthetic textiles owing to its advantageous properties over natural textiles in household, technical, fashion & clothing and other applications is estimated to drive the growth of the textile industry.

Strict government regulations and rising raw material prices are challenging the growth of the textile market.

Also, U.S. and China tariff war will affect the textile and apparel industry, including manufacturing and trade activities will affect the growth of the sector.

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