Shift toward functional textiles such as antimicrobial
medical fabrics and flame-resistant fabrics will be a key factor
driving overall market growth, says Fact.MR.
ROCKVILLE, Md., June 25,
2024 /PRNewswire/ -- Fact.MR, a market research and
competitive intelligence provider, reveals in its recently updated
industry report that the global textile market size is calculated
to increase from a valuation of US$ 1,065.6
billion in 2024 to US$ 1,532.4
billion by the end of 2034.
Textiles have vast applications in the home décor, fashion,
healthcare, automotive, and military sectors, to name a few.
Advancements in manufacturing technology are leading to the
development of innovative chemical textiles, bioplastic textiles,
and biomedical textiles. The sustainability trend and strict
environmental regulations are pushing the demand for bioplastic
textiles worldwide.
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Biomedical textiles are exhibiting high demand due to their
biodegradable nature. These textiles offer high hygiene and are
non-toxic in nature. They are available in both disposable and
non-disposable forms. Manufacturers are producing biodegradable
sanitary napkins, wipes, and adult and baby diapers. Integration of
wearable electronics into textiles is one of the notable market
trends. Sensor-integrated smart fabrics are gaining high traction.
Smart textiles are already being widely used in the military and
defense sectors.
Growing demand for trendy and affordable clothing is opening up
profitable opportunities for textile manufacturers. The
customization and personalization trend is also set to push the
sales of various types of textiles. The DIY trend is further
increasing the demand for polyester textiles that can be used in
home furnishing products such as cushions and pillows.
Key Takeaways from Market Study
- Global demand for textiles is forecasted to rise at a CAGR of
3.7% from 2024 to 2034.
- The United States market is
projected to reach US$ 197.1 billion
by 2034.
- Sales of textiles in Japan are
evaluated at US$ 74.4 billion in
2024.
- Polyester textiles are calculated to capture 19.5% of the
global market share by 2034.
- Chemical textile sales are approximated at US$ 239.8 billion in 2024.
"Integration of advanced technologies such as 3D printing
and automation will complement the worldwide rise in the demand for
textiles," says a Fact.MR analyst.
Key Companies Profiled in this Report are Lu Thai Textile Co.,
Ltd; IBENA Inc.; Heytex Bramsche GmbH; Modern Woollens Ltd.;
Bahariye AS; Fratelli Balli S.p.A.; Shandong Jining Ruyi Woolen
Textile Co., Ltd.; Sinopec Yizheng Chemical Fibre Company Ltd.;
China Textiles Ltd.; Paramount Textile Ltd.; Paulo de Oliveira, S.A.; Weiqiao Textile Company
Limited; DBL Group; B.D. Textile Mills Pvt. Ltd.; Rhodia SA;
Shandong Demian Incorporated Company; Shijiazhuang Changshan
Textile Co., Ltd.; Li & Fung Group; BSL Ltd.; Successori REDA
S.p.A.; Invista Srl.
Competitive Analysis
Leading manufacturers of textiles are adopting several marketing
tactics such as innovations and R&D, regional expansion,
collaborations, and mergers to earn high profits and stay ahead of
the competition. To expand their regional footprint, industry
giants are exploring opportunities in high-potential markets such
as Latin America, Asia Pacific, and MEA.
Leading companies are also investing in research and development
efforts to create innovative textile materials. Differentiation
through innovation is one of the key tactics aiding revenue
growth.
- United States-based start-up
Bucha Bio produces Shorai, an animal- and petrochemical-free
biomaterial fiber using fermented renewable bacterial-nanocellulose
and plant-based ingredients.
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Competitive Landscape
Key competitors in the textile sector are investing extensively
in R&D to provide revolutionary garment textiles. The market is
becoming increasingly competitive due to the large number of
competitors. Branding and digital marketing are critical for
maintaining a market-leading position. Textile producers are also
looking to expand their distribution networks and introduce digital
collections to boost sales.
Schoeller Textil AG announced the introduction of its new
sustainable line in March 2023, which
will include bio-based, polyester, and spandex textiles.
Donear Group bought RSWM Ltd's Mayur
Brand and PV Suiting distribution network in August 2021. The organisation is working on
strengthening its global impact by expanding its distribution
portfolio.
Explore More Related Studies Published by Fact.MR
Research:
The global textile chemicals market is estimated
at USD 26.5
Billion in 2022 and is forecast to
surpass USD 40.6
Billion by 2032, growing at a CAGR
of 4.3% from 2022 to 2032.
The global technical textile market size is forecasted to
increase from a valuation of US$
242.2 billion in 2024 to US$ 406 billion by the end of 2034.
According to Fact.MR, the market for textile coatings is set to
grow at a CAGR of 4% until 2031
The global biomedical textiles market is expected to hold a
market value of US$ 17 Bn while
expanding at a CAGR of 5% through 2022-2032.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of
the global textile market, presenting historical demand data
(2019 to 2023) and forecast statistics for the period (2024 to
2034).
The study divulges essential insights on the market based on raw
material (cotton, silk, chemical, wool, others), product
(polyester, nylon, natural fibers, others), and application
(fashion & clothing, household, technical, others), across
seven major regions of the world (North
America, Latin America,
Western Europe, Eastern Europe, East
Asia, South Asia &
Pacific, and MEA).
About Fact.MR:
Fact.MR is a distinguished market research company renowned
for its comprehensive market reports and invaluable business
insights. As a prominent player in business intelligence, we
deliver deep analysis, uncovering market trends, growth paths, and
competitive landscapes. Renowned for its commitment to accuracy and
reliability, we empower businesses with crucial data and strategic
recommendations, facilitating informed decision-making and
enhancing market positioning. With its unwavering dedication to
providing reliable market intelligence, Fact.MR continues to assist
companies in navigating dynamic market challenges with confidence
and achieving long-term success. With a global presence and a team
of experienced analysts, Fact.MR ensures its clients receive
actionable insights to capitalize on emerging opportunities and
stay ahead in the competitive landscape.
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SOURCE Fact.MR