Impact of COVID-19 on the Textile Fabrics Market
The rapid outbreak of COVID-19 effects the global economy. This has spread several difficulties to the textile Industry where in most of the market are under pressure and disturbed the textile supply chain from fabric to garments. The lockdown of factories and retail stores completely effect the fashion Industry. Prevailing this situation, the pricing was also fallen in the domestic and International market.
The woven fabric demand in healthcare industry is booming with the increasing demand of PPE for medical staff. The supply-demand crunch of fabrics for healthcare industry introduced several new players and brings an open opportunity to develop their base in the market. The availability of fabrics in this situation is the biggest challenge due to trade war and uncertain situation of resources.
No doubt, the market growth will shrink upto 1-2% by the end of 2020, considering the economies of Japan, Italy, France, Germany, and US. However, India and China expected to regain the market with a stable demand by the mid of next year, 2021. The market pricing for polyester and cotton have fall in January 2020 and eventually it regains with a rise in pricing and demand in mid-of February 2020.
China, Japan, South Korea, Taiwan, Australia and some part of the US and Europe is expected to be in somehow control the epidemic situation by the end of May 2020. This will recover the demand in the end-use industry. The production volumes are expected to shift from China to other key fabric producing countries due to change in consumer behaviour and rising expectation of new agreements.
MRFR have analyzed the situation of COVID-19 for textile fabrics is projected a considerable growth from healthcare industry and expected a positively change in the market behavior form next couple of month, 2020.