Textile Fabrics Market Overview
Textile Fabrics Market is projected to be worth USD 421.12 Billion by 2028, registering a CAGR of 7.68% during the forecast period (2021 - 2028)
In the North American region, textiles are expected to be the largest market in the U.S. It is the world's largest producer of cotton, the country's largest exporter, and its largest importer of raw textiles. The fashion sector has been the most popular application segment in the region due to the fast-changing fashion trends and ease of adoption in the region due to the increase of online fast fashion companies.
COVID 19 Analysis
During the COVID-19 era, the healthcare sector is expected to grow at a steady pace, which will boost textile fabrics market growth considerably. Increasing needs for protective clothing and equipment among medical staff and non-medical staff is leading to an increased demand for woven fabrics, which might offer lucrative opportunities to textile fabric manufacturers. However, raw materials would be hard to come by in this case due to the current trade war between the US and China, as well as the uncertainty of resource availability. In response to the drop in textile fabrics prices, the supply-demand balance has severely impacted the textile fabrics market value.
In developing markets such as India and China, the global market for renewable chemicals is highly fragmented. The industry is likely to become more competitive as partnerships, mergers, and acquisitions increase. Furthermore, a growing number of players will enter the market within the estimated assessment period, boosting competition in the market. The major players in the market include
- Wolfin Textiles Ltd (UK)
- Bombay Rayon Fashions Limited (India)
- Premier Textiles Limited (UK)
- China Textiles (Shenzhen) Co.Ltd (China)
- Toray Textiles Europe Limited (UK)
- Arvind Limited (India)
- Klopman International S.r.l. (Italy)
- Whaleys (Bradford) LTD (UK)
- Weiqiao Textile Company Limited (China)
- Reliance Industries Limited (India)
- Shahlon Group (India)
- Lauffenmühle (Germany)
- COFCO -CHINATEX (China)
- HuaFang Group (China)
- Coville (US)
- Antex Knitting Mills (US)
- Loyal Textile Mills Ltd (India) and
- YI CHUN TEXTILE LTD (China).
DriversDemand for apparel to boost the Textile Fabrics Market GrowthGlobally, MRFRs forecast indicates that government investments in apparel, particularly in China, Japan, and Mexico, will significantly impact the global textile fabrics market. Urbanization and an increase in disposable income are also factors that can propel the textile fabrics industry. Social media and e-commerce, influencers, and the social media business are also expected to spur the demand for apparel in the coming years, leading to increased textile fabrics market growth. A large part of the textile fabrics market size is expected to come from growing technological innovations in new upholstery products made from coated fabrics.
ChallengesMarket posing significant opportunities for light-weight and multifunctional fabrics
Textile fabrics’ market share and market size during the forecast period are estimated to boost due to an increased demand for multifunctional fabric in the sportswear category which is also lighter in weight. In addition, it is expected that the exponential growth in PPE demand will significantly impact the textile fabrics market size. Restraints Inflationary Cotton Prices Could Host Market Expansion
An analysis of the textile fabrics market by MRFR indicates that Cotton price fluctuations and the present import-export scenario of trading countries are limiting the growth of the market.
ChallengesForeign Exchange Rate Volatility has the Potential to Limit Market Growth
A major challenge during the assessment period is expected to be the volatility in currency exchange rates, which is expected to hurt import-export chains.
Analyze of the Cumulative Market Growth
It has been assessed that the global textile fabrics market will grow significantly in the coming years, according to MRFR. Growing demand for apparel, especially from developing countries, is responsible for the growth of the market. In addition, the growing demand for personal protection equipment around the world presented lucrative business opportunities for manufacturers.
Technical textiles are expected to suffer from a negative impact on the market due to the cost-intensive processing required during raw material production. The resulting process of processing raw materials, followed by processing and final conversion, is costly. Fibers and yarns are integral to the textile and garment industry. They are constantly seeking innovative solutions to meet changing needs and industry standards to stay competitive as well as meet changing demands.
Based on Application Based on the assessment term, the t-shirt segment is likely to lead the market for textile fabrics. In 2018, the segment accounted for more than 53 percent of the total market share. According to analysts, the segment is expected to grow due to the rising daily use of t-shirts and the corresponding rising popularity of personalized t-shirts. Based on Fabric Type The cotton segment is anticipated to lead the market for textile fabrics in terms of fabric type during the forecast period. Textile Fabrics Market share for the segment stood at 52.5% in 2018. It is due to the growing demand for the fabric to produce T-shirts that the segment is growing.Regional AnalysisAnalysis Period Shows APAC to have a CAGR of 6.18%As per the textile fabrics market analysis conducted by MRFR, Asia Pacific is expected to gain the largest market share during the period under review while experiencing a CAGR of 6.18%. Increasing fashion and sportswear demand have led to the expansion of the region. Rising disposable income, low labor costs, and availability of raw materials will all contribute to the growth of the market in the region. As e-commerce becomes more popular as well as social media influencers grow, these factors will contribute to an increase in apparel demand, which will benefit the textile fabrics industry. The review period will probably witness growth in the market from developing countries like India and China.Fashion Industry Contributes to Significant Growth in EuropeVarious fashion hubs in the region are expected to create notable demand for fabrics during the forecast period, resulting in Europe securing the second largest market share. Sports apparel as well as the robust fashion industry will play a significant role in bolstering the market shortly some cues help. As market growth continues in the region, countries such as France, Italy, the UK, Spain, Sweden, and Belgium will play a pivotal role.CAGR in North America to reach 5.87%The northern region of the world is expected to grow at a CAGR of 5.87% over the forecast period. It is anticipated that the growing demand for fabric t-shirts and outdoor clothing will significantly contribute to the growth of the regional market. It's also known for its fabrics, raw materials, apparel, yarns, and home furnishings. It is expected that the US will make the most significant contribution to the development of the market.Recent DevelopmentNovember 2021 — in succession to the Good Tour campaign by Intermix, the company announced the launch of its latest cotton collection with Cotton Incorporated, available at www.intermixonline.com/cotton-collection. The curated edit comprises a chic mix of vacation silhouettes, each fashioned from fashion's most versatile natural fabric. The company believes that now is the right time to launch the new series of everyday luxury in cotton clothes with rising demand from the resort market and the upcoming holiday season. As an element of this "You've Been Upgraded" campaign, a portable trunk filled with resort and vacation looks from brands such as Cult Gaia, Cara Cara, Isabel Marant, Zimmermann, and more, will be traveling around several destinations in the U.S.November 2021 – Ganni, a Danish fashion brand, has signed a contract with Infinited Fiber Company, a Finnish circular fashion technology group, to use its textile waste regeneration technology in future garment manufacturing. At present, Ganni uses 70%-plus certified organic or recycled materials in all of their collections and has pledged to keep using 100% responsible materials in the future. The deal will observe Ganni's use of the circular fashion and textile technology group's Infinna fibre.Segmentation Table
Global Textile Fabrics Market, By Fabric Type
Global Textile Fabrics Market, By Application
- Outdoor Clothing
- Performance Wear
The report covers a complete overview of the textile fabrics market trends and the diversity of the market. It helps to understand the reasons for textile fabric market growth that is leading to an increase in the textile fabrics market value. Also, the report covers the impact of covid on the textile fabric market share and the industry as a whole. The major key players in the textile field are also covered in this report and there are cues that help firms make fine decisions on where to invest in the textile fabric industry. There is also a complete geographical analysis of the textile fabric industry.