The Textile Global Market Report 2023 by The Business Research Company, provides textile market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Textile Global Market Report 2023, the market size is expected to grow from $573.22 billion in 2022 to $610.91 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of the global textile market is expected to grow to $755.38 billion in 2027 at a CAGR of 5.5%.
Growth Of E-commerce – Increasing demand for online shopping is expected to drive the textile manufacturing market. Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically driving the growth of the textile manufacturing market. In countries such as India, for instance, e-commerce portals have boosted the sales of traditional garments by giving larger exposure to producers who were confined to one geography.
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The textile market is segmented:
1) By Type: Other Textile Product Mills, Fabrics, Yarn, Fiber And Thread, Home Furnishings And Floor Coverings, Textile and Fabric Finishing and Fabric Coating Mills
2) By Material: Cotton, Jute, Silk, Synthetics, Wool
3) By Process: Woven, Non-woven
Advancements in wireless technologies and rising demand for connectivity are driving the demand for smart textiles. Smart textiles are fabrics capable of interacting with their environment. They have the ability to react to physical stimuli such as thermal, mechanical, electrical, and chemical sources. Sensors, actuators, and fabrics are the major components of smart textiles. The materials used in smart textiles include optical fibers, metals, and conductive polymers. They are widely used in fashion, entertainment, medical, transportation, sports and fitness, and the military. For example, Cityzen Science’s, d-shirt, has a wide range of functions such as heart rate monitor, built-in GPS, accelerometer, altimeter.
The textile market report table of contents includes:
- Executive Summary
- Report Structure
- Textile Market Characteristics
- Textile Market Product Analysis
- Textile Market Supply Chain
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- Key Mergers And Acquisitions In The Textile Market
- Market Background: Paper, Plastics, Rubber, Wood And Textile Manufacturing Market
- Recommendations
- Appendix
- Copyright And Disclaimer
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