Global Textile Market 2019–2023 | Innovations in Textile Industry to Boost Growth | Technavio
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. Request a free sample report
The increasing consumption of natural fibers such as cotton, silk, wool, hemp, cashmere and jute will drive the global textile market during the forecast period. 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. In addition, silk is being used in upholstery and apparels, as it is available in both variations fine as well as coarse. Similarly, wool and jute are used as textile materials for their resilience, elasticity, and softness, in turn, driving the market growth during the forecast period.
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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 research 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. Such innovations are expected to drive the global textile market during the forecast period.
“Capacity expansions by vendors in the textile industry and increasing demand for textile in developing economies are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Textile Market: Segmentation Analysis
This market report segments the global textile market by product (natural fibers, polyesters, nylon, and others) and application (fashion, technical, household, and others) and geography (APAC, Europe, MEA, North America, and South America).
APAC led the market in 2018, followed by North America, Europe, South America, and MEA respectively. APAC has been dominating the textile market share as it has a large presence of textile vendors and a significant consumer base. In addition, availability of low-cost labor, rural population depended on farming, and favorable climatic conditions are other key factors leading APAC to contribute the highest growth during the forecast period.
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