July 27, 2020
According to the research report titled ‘Global Textile Market Size study with COVID-19 Impact, by Type (Cotton, Chemical, Wool, Silk, Others) by Application (Household, Technical, Fashion & Clothing, Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global textile market is projected to expand with a CAGR of 4.4% during 2020-2026.
Global textile market is driven by extensive use of textiles for various end-use applications, growing fashion industry, and continuously changing clothing preferences among consumers. Additionally, surging disposable income, rapid urbanization, and burgeoning population are influencing the market size. Besides, the evolution of e-commerce portals is further adding momentum to the sales of various textile products and apparels, cites the report.
For those unfamiliar, textile is a pliable material composed of a web of artificial or natural yarns. These yarns are manufactured by spinning raw fibers of wool, hemp flax, wool, or other materials to form long strands. Weaving, felting, crocheting, tatting, knotting, knitting, and braiding are some of the techniques employed to produce textiles. These textiles are utilized for producing containers like baskets and bags, and for clothing. In addition, these can be used in households as towels, window shades, furnishing, carpeting, and more.
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Although global textile market is showing promising growth, the COVID-19 pandemic has negatively impacted the business landscape. Temporary shutdown of textile manufacturing facilities is hampering textile stock. Further, e-commerce platforms are facing issues with delivery as several governments have barred distribution of goods and imposed strict travel restrictions to curb the spread of the coronavirus, which in turn is plummeting the textile sales. However, the emergence of new & advanced materials like smart fabrics is expected to create lucrative growth opportunities over the anticipated timeline.
Citing the regional landscape, global textile market is fragmented into Latin America, Europe, North America, Asia Pacific, and Rest of the World. Asia Pacific holds significant market share currently as it is the largest producer and exporter of garments & raw materials. Increasing per capita income, continuous urbanization, and investments in textile industries in developing economies like Bangladesh and India are the other rationales contributing to the regional market growth.
Major contenders in global textile market are BSL Limited, JCT Limited, Mayur Suitings Fabrics (Brand of RSWM Ltd.), Modern Woolens Ltd., Shandong Jining Ruyi Woolen Textile Co. Ltd., Successori Reda S.p.A, Paulo de Oliveira S.A., Paramount Textile Mills Limited, Lu Thai Textile Co. Ltd., and Invista.