Textile Market Size, Trends, Share, Growth, and Opportunity Forecast, 2024 - 2031 Global Industry Analysis By Raw Material (Cotton, Chemical, Wool, Silk, Others), By Product (Natural Fibers, Polyesters, Nylon, and Others), By Application (Household, Technical, Fashion & Clothing, Others), By Manufacturing Process (Weaving, Knitting, Non-woven), and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

Textile Market Size and Forecast 2024 to 2031

The Global Textile Market was valued at USD 1850.23 Billion in 2023 and is anticipated to reach a value of USD 3,250.81 Billion by 2031 expanding at a CAGR of 7.4% between 2024 and 2031.

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The textile industry is one of the largest and oldest industries in the world, with a long history. This industry involved in the designing, production, and distribution of materials. A textile is any material made from fibers, either natural or synthetic. It is used in various applications such as clothing, medical, household textiles, upholstery, and industrial products. The textile market has been experiencing significant growth influenced by factors such as growing demand from fashion industry, increasing applications in various industries, rising disposable incomes, and expanding global population. The textile industry is crucial for the global economy, creating jobs and facilitating trade. This industry also focusing on sustainability, innovation, and adapting to changing consumer expectations. The applications of the textile industry are clothing, fashion, and home textiles. Fashion and clothing sector heavily rely on various textiles for functionality and aesthetics meeting diverse consumer needs.

Textile Market Major Driving Forces

·         Growing Demand from Fashion Industry: The ever-increasing apparel demand from the fashion industry is the major factor driving the growth of textile market. Increased consumer buying behavior and spending power in many countries across the world contributes to the textile market growth.  

·         Increasing Applications in Various Industries: The growing textile applications in various industries, such as healthcare, defense, and automobile is significantly contributing to the market growth. The growing fashion and clothing industry in emerging economies is fueling the demand for textiles.  

·         Rising Disposable Incomes: With the growing population, and rising disposable incomes, there is a greater demand for clothing. The overall economic conditions and changing fashion trends positively impacts the demand for luxury and high-quality textile products.  

·         Expanding Global Population: As the population is continuously growing, there is a greater demand for textiles and clothing. With the growing population, particularly in developing countries create a high demand for textile products.  

Textile Market Key Opportunities

·         Focus on Sustainability: The rising preference for eco-friendly fabrics, organic materials, and functional textiles has influenced manufacturers to adapt their product offerings. Increasing awareness among consumers about ethical and sustainable practices in the industry has pushed textile companies to adopt more responsible manufacturing processes.

·         Technological Advancements: Technological advancements, such as automation, 3D printing, and smart textiles are driving innovations in the textile industry. The integration of digital printing and sophisticated weaving techniques are increasing productivity and efficiency in textile manufacturing.

·         Growing Demand for Natural Fibers: The changing consumer preference for natural fibers due to rising environmental concerns creates a significant opportunity for market players. The natural fibers are gaining attention of the consumers, as fabrics made from these fibers are not only soothing, but also result in less chemical waste.

Textile Market Key Trends

·         A rise in demand for natural fibers as consumers are increasingly aware of sustainability

·         Growing popularity of smart fabrics or e-textiles, which has electronic components that allow them to perform additional functions

·         The integration of artificial intelligence, robotics, and the Internet of Things (IoT) could improve efficiency and productivity while reducing costs

·         Technical textiles are gaining significant prominence as they are made from natural and synthetic fibers

·         The increasing demand for medical textiles for healthcare sector as they promoting health and hygiene  

·         Automation, 3D printing, and smart textiles are increasing productivity and efficiency in textile manufacturing

·         The growing popularity of online shopping, particularly among younger consumers is boosting textile market growth

Region-wise Market Insights

Asia Pacific accounted for the largest market share at 36.7% in 2023 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 7.7% between 2024 and 2031.

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Asia-Pacific is a rapidly growing region in the textile industry and is predicted to be maintain its positon throughout forecast period.The market growth in this region is attributed to factors such as large population, rising disposable incomes, increasing urbanization, its strong manufacturing capabilities. Furthermore, rising consumer affluence and shifting lifestyle are fueling demand for textiles in the Asia Pacific region. In North America, the demand is driven by the consumer preferences for sustainable and natural fibers, well-established textile industry, robust consumer base, and its advanced technological infrastructure. In Europe, the market is driven by the rising demand for high-tech textiles, digitization of manufacturing and supply chains, and focus on sustainability. The Middle East and Africa has been witnessing a growing demand for textile driven by increasing urbanization and rising disposable incomes whereas, in South America, the market is influenced by economic factors, with increasing consumer spending and a growing middle class.

Market Competition Landscape

The global textile market is characterized by high degree of competition among a large number of manufacturers. Key players in the textile market engage in strategies aimed at gaining a competitive edge. These strategies include product innovation, design differentiation, and the incorporation of sustainable and eco-friendly materials to meet evolving consumer preferences. Established brands leverage their reputation for quality and reliability to maintain market share, while newer entrants focus on disruptive innovations and unique selling propositions.

Key players in the global textile market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

·         BSL Limited

·         Toray Industries Inc.

·         Zalando SE

·         TJX Companies

·         V.F. Corporation

·         INVISTA S.R.L.

·         Paramount Textile Limited

·         Paulo de Oliveira, S.A.

·         Aditya Birla Ltd.

·         Shadong Jining Ruyi Woolen Textile Co. Ltd.

·         IBENA Inc.

·         Heytex Bramsche GmbH

·         Fratelli Balli S.p.A.

·         Lakhmi Woollen Mills

·         Paula de Oliveira S.A.