The global textile market is expected to grow from $595 billion in 2020 to $655 billion in 2021 at a compound annual growth rate (CAGR) of 10.1%. The growth is mainly due to the companies rearranging their operations and recovering from the Covid-19 impact.
The market is expected to reach $822 billion in 2025 at a CAGR of 6%.
Asia Pacific was the largest region in the global textile market, accounting for 51% of the market in 2020. Western Europe was the 2nd largest region accounting for 17% of the global textile market. Africa was the smallest region in the global textile market.
Advancements in wireless technologies and rising demand for connectivity is driving the demand for smart textiles. Smart textiles are fabrics capable of interacting with their environment. They have the ability to react to physical stimuli such as thermal, mechanical, electrical and chemical sources. Sensors, actuators and fabrics are the major components of smart textiles. The materials used in smart textiles include optical fibers, metals and conductive polymers. They are widely used in fashion, entertainment, medical, transportation, sports and fitness and military.
This analysis Textile Global Market Report 2021: COVID-19 Impact and Recovery to 2030 has been published by Research and Markets Ltd., Dublin/Ireland.