The global textile market is expected to post a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio.
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The global textile market is expected to post a CAGR of over 6% during the period 2019-2023 (Graphic: Business Wire)
A key factor driving the growth of the market is the increasing demand for natural fibers. Natural fibers obtained from plants and animals include cotton, silk, linen, wool, hemp, jute, and cashmere. These fibers are widely used to manufacture garments, apparel, construction materials, medical dressings, and interiors of automobiles among others. The abundance of natural fibers, especially cotton in China, India, and the US is contributing significantly to the growth of the global textile market. Silk is used in upholstery and apparels, as it is available in both variations fine as well as coarse. Wool and jute are used as textile materials for their resilience, elasticity, and softness. Therefore, the increasing consumption of natural fibers such as cotton, silk, wool, and jute will drive the global textile market during the forecast period.
As per Technavio, the innovations in textile industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global textile market 2019-2023research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global textile market: Innovations in textile industry
Major players in the global textile market are involved in product innovation to retain their positions and maintain a competitive edge in the market. For instance, several vendors are launching new heating technology to keep clothes warm during winter through infrared heat absorption. Similarly, the development of post-consumer cotton waste jeans that use waste cotton but ensure the garments’ quality and strength are being developed. Therefore, such innovations are expected to drive the global textile market during the forecast period.
“Apart from innovations in the textile industry, the growing demand for textiles in developing economies, and capacity expansions by vendors in the textile industry are some other major aspects that are expected to boost the growth of the global textile market,” says a senior analyst at Technavio.
Global textile market: Segmentation analysis
This market research report segments the global textile market by product (natural fibers, polyesters, nylon, and others), by application (fashion, technical, household, others) and geographical regions (APAC, North America, Europe, and South America, and MEA).
The APAC region led the market in 2018, followed by North America, Europe, and South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the large presence of textile vendors and a huge consumer base.
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Five Forces Analysis
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