Global Textile Market Report and Forecast 2024-2032

Global Textile Market Outlook

The global textile market size attained a value of USD 987.95 billion in 2023. The market is expected to grow at a CAGR of 3.6% between 2024 and 2032, reaching almost USD 1,354.27 billion by 2032.

Key Takeaways

• Asia is a major producer of silk globally, accounting for 90% of mulberry and almost 100% of non-mulberry silk.

• The textile sector constitutes about 2% of the global GDP every year.

• Australia produces about a quarter of the world’s wool annually.

Consumers are looking for unique, personalised products that align with their ideas, preferences, and values. As a result, the textile sector is adopting trends such as customisation and personalisation. Innovative technological advancements such as 3D printing, digital textile printing, and computer-aided design (CAD) are allowing manufacturers to produce fabrics upon demand, according to customer requirements. This further minimizes the waste produced by the production units.

Some of the factors driving the textile market growth are the growing fashion clothing market, demand for customised products, sustainability in production processes, and adoption of technical textiles.

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Key Trends and Developments

Rising demand for technical textiles, fashion clothing, and availability of low-cost labour in Asia are factors propelling the textile market development

Global Textile Market Trends

The rapid industrialisation in developed and developing countries and the adoption of computerised methods of textile production drive textile market growth, especially in the United States, the European Union, and the Asia Pacific.

The fastest-growing Asian textile markets include China and India. While China is the leading producer and exporter of both raw textiles and garments, India is positioned among the top five textile manufacturing countries, globally. The success of Asian markets is due to the abundant availability of low-wage labour and raw materials. As a result, developed economies are increasingly importing textiles from Asia or outsourcing manufacturing to meet their textile needs.

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Market Segmentation  

Global Textile Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Household is further divided into bedding, kitchen, upholstery, towel, and others whereas technical segment is categorised into construction, transport, protective, medical, and others. Additionally, fashion and clothing are divided into apparel, ties and clothing accessories, handbags, and others.

Wool is expected to hold a significant textile market share as it is widely used in producing winter wear

The wool segment accounts for a prominent share of the textile market. Wool’s impressive thermo-regulating and insulation properties drive its use in winter wear. Wool acts as an insulator and is widely consumed to produce home furnishings, such as carpets and rugs that essentially keep homes warm during winter. Australian sheep flock is largely Merino and a vast majority of this high-quality wool finds use in premium apparel and fashion garments.

As per the textile market analysis, cotton is among the most widely used textile fibres globally. Around 75% of the clothing products manufactured worldwide contain some amount of cotton. Cotton is a versatile material that finds application in different clothing, including denim, sarees, and home furnishing, as well as for making ropes and thick yarns.

Silk’s lightweight nature, shiny appearance, and luxurious feel support its popularity in the textile market. Additionally, silk is comfortable to wear in summer owing to its high absorbance quality, while its low conductivity makes it suitable for winter climates. China dominates the silk market as the largest producer and supplier of silk in the world.

According to the textile market report, chemical materials, like polyester are cost-effective textile materials. They are usually blended with cotton to improve their shrinkage, durability, and wrinkling profile. Polyester fabric is highly resistant to environmental conditions, which makes it ideal for long-term outdoor use.

Figure: Top 10 Cotton Producing Countries in the World, 2022 (Tons)

Polyester is expected to hold a significant textile market share owing to its rising use in technical textile production

According to textile market insights, polyester’s remarkable durability, lightweight nature, and resistance to wrinkling make it well-suited for applications within the domain of clothing and textile manufacturing.

Additionally, polyester’s affordability, long life, flexibility, strength, moisture resistance, and ease of maintenance are driving its use in technical textiles, including upholstered furniture for households, dielectric films and film insulation for the electrical sector, and safety belts for automobiles.

Natural fibres include fabrics like cotton, silk, linen, hemp, modal, banana, and bamboo, among others. These fibres are low-cost, lightweight textile materials that are renewable and biodegradable. With a growing focus on sustainable fashion, natural fibres are rising in importance to help consumers replace non-biodegradable synthetic materials, there by impacting the textile market growth.

The studies on the development of more sustainable types of nylon are increasing, globally. Manufacturers are focussing on developing plant-based nylon. For instance, in April 2023, Lululemon, a Canadian athleticwear brand launched its first line of plant-based nylon shirts in collaboration with biotechnology company Geno. The launch was aimed at helping the company achieve its goal of selling 100% sustainable products by 2030.

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Competitive Landscape

Companies distinguish themselves by utilising high-quality raw materials, building strong customer relationships and partnerships, and increasingly emphasizing sustainability.

Other key players in the textile market report include Shandong Ruyi Woolen Garment Group Co., Ltd. And Toray Industries, Inc., among others.

Global Textile Market Analysis by Region

Asia Pacific is a prominent region for textile production due to its low-cost labour and raw material availability

Asia is termed as the garment factory of the world, with China, India, Bangladesh, and Vietnam leading in the textile manufacturing sector. The low production costs and labour in the region are intensifying investments in the textile market. Asia Pacific is witnessing a significant demand for high-value fabrics such as viscose, silk, and hemp and home textiles.

In North America, the USA is a leading country engaged in textile research and development, pioneering advancements such as conductive fabrics with antistatic properties, electronic textiles for health monitoring, antimicrobial fibres, and adaptive climate-responsive fabrics. The United States textile market supplies over 8,000 different textile products to the country’s military. These include uniforms, protective clothing, parachutes, socks, gloves, sandbags, blankets, and hospital supplies.

According to the textile market, the European market specialises in the production of intermediate textile products, such as technical fibres and high-quality fabrics. France’s textile market is a well-established and mature market, with a large number of companies manufacturing yarns, fabrics and textiles for clothing, furniture and technical use. According to the Data Privacy Framework (DPF) Program, apparel comprises 43.9% of the French textile market's total value, followed by fabrics around 30%.

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