Performance of the application segment in the global textile market.

The global textile market is expected to grow at a CAGR of 6.20% during the forecast period. Based on the application, the global textile market has been segmented into fashion, technical, household, and others.

By application, fashion was the leading segment of the global textile market in 2018, with a share of 72%. This segment is involved in designing and producing apparel and fashion accessories for men, women, and children. Growing consumer interest in fashion apparel due to increasing urbanization and rising middle-class income in developing economies such as China, India, and Brazil are fueling demand for garments and other fashion apparel. For instance, as per The World Bank Group, the GDP growth of China was estimated at 6.9% in 2017. It is expected that the GDP growth will increase the consumer interest in fashion apparel which will further boost the global textile market.

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Companies such as H&M, Zara, Nike, Inc, and Adidas America Inc., were the leading textile consumers in 2018. These companies use textiles for manufacturing apparel, shoes, inner wears, and other clothing materials. Increasing consumer preference for branded apparel is driving the growth of the fashion segment and consequently, that of the global textile market.