Global Textiles Market Size & Share to Surpass $3095 Billion by 2030 | Vantage Market Research
WASHINGTON, Oct. 30, 2023 (GLOBE NEWSWIRE) — According to Vantage Market Research, the Global Textiles Market is estimated to be valued at USD 3095 Billion by 2030 at an exponential growth of 7.9% in the next seven years.
Population growth, rising disposable income, and changing fashion trends drive the global Textiles market. Emerging economies, particularly in Asia-Pacific, have witnessed significant Textiles production and consumption growth over the years. Countries like China, India, and Bangladesh are the leading Textiles manufacturers and exporters globally.
The Report Provides Insights on the Following Pointers
- Market Penetration: Provides comprehensive information on the market offered by the key players.
- Market Development: Provides in-depth information about lucrative emerging markets and analyses penetration across mature segments of the markets.
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments.
- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation.
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The Textiles market plays a crucial role in the global economy, supplying essential materials for clothing, home furnishings, and industrial applications. The Textiles business has seen a major transformation as a result of technological improvements. Adopting automation, robotics, and digital printing has enhanced productivity and improved quality control. Sustainable and eco-friendly Textiless have also gained popularity recently as consumers become more conscious of environmental impact.
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Factors Affecting the Growth of the Textiles Industry
Many factors impact the development of the Textiles Market. Some of these factors include:
- Higher disposable incomes increase purchasing power for clothing and Textiless, driving greater demand for fashionable and quality garments. The growing middle class in nations like China and India is a major factor in the Textiles market’s expansion.
- Fashion drives the Textiles market by constantly changing consumer preferences and creating demand for trendy clothing. Fast-fashion retailers like Zara and H&M utilize changing fashion trends to grow their Textiles businesses.
- The rising global population drives increased demand for clothing and Textiless, especially in developing countries like Nigeria and Indonesia.
- Growing awareness of environmental issues has boosted demand for sustainable Textiless, with consumers favoring organic or recycled materials and promoting the growth of sustainable Textiles companies such as Patagonia.
- The rising athleisure trend has driven the Textiles market, with increased demand for performance fabrics and comfortable sportswear benefiting companies like Lululemon and Nike.
- By Raw Material, the Cotton segment is accounted to express the most considerable growth of the market in 2022.
- By Product, Natural Fibers segment led the market in 2022.
- The market was ruled by Asia Pacific in 2022 with a revenue share of 52.9% and is expected to witness maximum market growth during the forecast period.
Prominent Players in The Global Textiles Market Report Scope:
- BSL Limited (India)
- INVISTA S.R.L. (U.S.)
- Lu Thai Textiles Co. Ltd. (China)
- Paramount Textiles Limited (India)
- Paulo de Oliveira S.A. (Portugal)
- Successori REDA S.P.A. (Italy)
- Shandong Jining Ruyi Woolen Textiles Co. Ltd. (China)
- Shandong Demian Incorporated Company (China)
- Shijiazhuang Changshan Textiles Co. Ltd. (China)
- Weiqiao Textiles Company Limited (China)
- DBL Group (Bangladesh)
- B.D. Textiles Mills Pvt. Ltd. (India)
- IBENA Inc. (U.S.)
- Heytex Bramsche GmbH (Germany)
- Bahariye AS (Turkey)
- Fratelli Balli S.P.A. (Italy)
- İpekiş Mensucat Türk AS (Turkey)
- Lakhmi Woollen Mills (India)
- Wilh. Wülfing GmbH & Co. KG (Germany)
- Lanificio F.lli Cerruti (Italy)
- Özlem Kumaş Ltd. (Turkey)
- Trabaldo Togna S.P.A. (Italy)
- Yünsa Yünlü Sanayi ve Ticaret AS (Turkey)
- Xinhui Woollen Textiles Co. Ltd. (China)
- O’Formula Co. Ltd. (China)
- Wuxi Xiexin Group Co. Ltd. (China)
- The Bombay Dyeing & Mfg. Co. Ltd. (India)
- Huafu Top Dyed Melange Yarn Co. Ltd. (China)
- Mayur Fabrics (India)
- Solvay S.A. (Belgium)
- Sinopec Yizheng Chemical Fibre Company Limited (China)
- Li & Fung Group (Hong Kong)
- JCT Limited (India)
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- Customization and personalization are rising in the Textiles market as consumers crave unique and personalized products, prompting companies like Nike and Adidas to offer customization options for footwear and clothing.
- Integrating technology in Textiless has led to the development of smart Textiless, which have embedded sensors and conductive threads to track vital signs or provide other functionalities, such as Sensoria Fitness Socks and Nadi X yoga pants.
- Fast fashion has become popular, leading to environmental and ethical concerns. H&M and Zara are examples of well-known fast-fashion brands.
Key Strategies in the Textiles Market
Several key strategies are employed in the Textiles market to gain a competitive edge and maximize profitability. These include:
- Textiles companies provide distinctive and inventive products utilizing novel materials, stylish designs, and advanced technologies.
- Textiles companies focus on maintaining high-quality products, excellent service, ethical practices, and responsible operations to establish a strong brand image and reputation, resulting in customer loyalty and trust.
- Textiles companies are embracing sustainable practices, such as using eco-friendly materials, efficient waste management, reducing carbon footprint, and promoting fair trade and labor to stand in the market.
- Textiles companies use advanced technologies to improve production, enhance quality, and develop innovative products.
- Textiles companies form partnerships to boost market presence and broaden customer reach, collaborating with fashion brands, retailers, or social enterprises for exclusive collections and co-branding ventures.
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Recent Development of the Global Textiles Market
- In May 2020, Berry Global said that it would be adding an asset to satisfy the increasing demand for face masks during COVID-19, hence expanding its Meltex melt-blown capacity. The production of nonwoven protective materials and filter materials for premium FFP2 (N95) and FFP3 (N99) grade filter media will be the main emphasis of the new line.
- In April 2020, in response to COVID-19, Ahlstrom-Munksjo boosted the production of nonwovens across the board for its protective materials portfolio. The business has increased the range of protective materials it offers for the three types of face masks it makes: respiratory, surgical, and civil.
Textiles Market Segmentation
By Raw Material
- Other Raw Materials
- Natural Fibers
- Other Products
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Browse market data Tables and Figures spread through 250 Pages and in-depth TOC on Textiles Market Forecast Report (2023-2030).
Highlights from Segments
- The Cotton segment accounted for the most significant market growth in 2022.
- Cotton’s desirable properties make it a highly demanded natural fiber in the Textiles industry for clothes, home furnishings, and industrial Textiless.
- Major cotton producers such as China, India, and the United States consistently supply cotton to meet global Textiles market demand.
- Natural Fibers accounted to have the potential market growth in 2022 owing to the mounting environmental concerns and the ongoing consumer shift towards sustainable products.
- Because the demand from the garment and fashion industries is so high, it is expected that the natural fibers section of the Textiles industry would rise significantly.
- Asia Pacific led the Textiles market growth in 2022 due to rising consumer expenditure on clothing and apparel.
- There is a strong demand worldwide for high-quality crease-free suiting & shirting fabrics and well-dyed & printed fabrics, which further bolster the market’s growth prospects.
- Furthermore, the increasing desire for formal & casual wear and fashionable clothing from people across all ages and demographics globally is a significant factor driving the expansion of the Textiles market.
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Scope of the Report:
|Market Size in 2022||USD 1684.6 Billion|
|Revenue Forecast by 2030||USD 3095 Billion|
|CAGR||7.9% from 2023 to 2030|
|Forecast Year||2023 to 2030|
|Key Players||BSL Limited, INVISTA S.R.L., Lu Thai Textiles Co. Ltd., Paramount Textiles Limited, Paulo de Oliveira S.A., Successori REDA S.P.A., Shandong Jining Ruyi Woolen Textiles Co. Ltd., Shandong Demian Incorporated Company, Shijiazhuang Changshan Textiles Co. Ltd., Weiqiao Textiles Company Limited, DBL Group, B.D. Textiles Mills Pvt. Ltd., IBENA Inc., Heytex Bramsche GmbH, Bahariye AS, Fratelli Balli S.P.A., İpekiş Mensucat Türk AS, Lakhmi Woollen Mills, Wilh. Wülfing GmbH & Co. KG, Lanificio F.lli Cerruti, Özlem Kumaş Ltd., Trabaldo Togna S.P.A., Yünsa Yünlü Sanayi ve Ticaret AS, Xinhui Woollen Textiles Co. Ltd., O’Formula Co. Ltd., Wuxi Xiexin Group Co. Ltd., The Bombay Dyeing & Mfg. Co. Ltd., Huafu Top Dyed Melange Yarn Co. Ltd., Mayur Fabrics, Solvay S.A., Sinopec Yizheng Chemical Fibre Company Limited, Li & Fung Group, JCT Limited|
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