As per the findings of a report by Grand View Research, Inc.; the global textiles market is projected to rise to approximately USD 1,237.1 billion by the end of 2025. Textiles find application in manufacturing a wide range of traditional as well as advanced finished goods used for kitchen, construction, handbags, medical, apparel, bedding, clothing accessories, fashion, upholstery, and transportation. Rising funding to expand textile production capacities will drive the market throughout the forecast period (2016 to 2025).
The market in emerging economies holds immense potential. Burgeoning consumption of apparel in these countries is likely to escalate the growth of the market. Improving economic conditions, rapid urbanization, and high population growth rates in countries, including Mexico, India, and China are also expected to positively influence the overall market. In addition, growing investments in the fashion and clothing industry in developing countries are leading to an increase in the number of supermarkets and fashion retail outlets, which can propel the market. In 2015, demand for textiles from the global fashion and clothing industry amounted to USD 607.6 billion.
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Germany textiles market, by product, 2014 – 2024 (Kilo Tons)
The market stood at a valuation of USD 830.0 billion in 2015. Implementation of several passenger safety norms such as Euro VI petrol and diesel standard regulations for light-duty and heavy-duty vehicles are anticipated to fuel the uptake of textiles in automotive filters. Demand for textiles from the transportation sector is estimated to increase at a CAGR of 3.4% during the forecast period.
Declining prices of cotton in India, as a result of warehouse overcapacity, is poised to work in favor of textile manufacturers located in the vicinity. Cotton is a widely used raw material for textile manufacturing, which represented for over 39.5% of the overall volume in 2015. Surging production and consumption of produced wool via non-mulesed methods in industrialized economies such as Australia can stoke the growth of the market in the forthcoming years.
Strict regulations to ensure worker safety have augmented the importance of EHS systems in several sectors, including manufacturing. This has triggered the demand for personal protective equipment, which is expected to stimulate the use of engineered fiber products such as nylon. Demand for nylon is anticipated to exhibit a CAGR of 4.5% during the forecast period.
Advent of smart textiles has provided a significant boost to the textiles market. Increasing adoption of smart textiles in the electronics sector is likely to provide an upthrust to the market. Moreover, technological advancements in the textile-manufacturing sector can allow the market to gain traction. For instance, in December 2017, scientists at the University of Manchester developed a cost-effective and simple way of manufacturing wearable electronic textiles made up of graphene on a commercial scale. This method allows e-textiles to be produced at 150 meters per minute industrial production rates.
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Global textiles market volume, by application, 2015 (%)
The global textiles market has been segmented based on raw materials, product, application, and geography. By raw materials, the market has been classified into silk, cotton, wool, chemical, and others. Silk is estimated to post a CAGR of 4.6% during the forecast period. On the basis of product, the market has been categorized into polyesters, nylon, natural fibers, and others. Natural-fibers held a share of 45.6% of the overall market volume in 2015. In terms of application, the market has been divided into technical, household, fashion and clothing, and others. The household segment accounted for 9.6% of the overall market volume in the same year.
The key regions analyzed in the report are Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Demand for textiles in Asia Pacific was pegged at 99,005.9 kilotons in 2015. Flourishing apparel and garments industry in the region, along with growing investments by governments in the manufacturing sector, is contributing to the growth of the region. China and India will be sights of high growth rate in the region. The Middle East and Africa will register a CAGR of 3.6% during the forecast period. Increasing investments by Islamic manufacturers to introduce new hijab styles in apparels are supplementing the growth of the region.
Some of the key players in the textiles market are Asahi Kasei Fibers Corporation, Shandong JiningRuyi Woolen Textile Co., Ltd., Honeywell International, Sinopec Yizheng Chemical Fiber Company, and Invista.
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