Fact.MR: Global textile market outlook up to ...

Global textile market outlook up to 2032

Source: Pexels/Ksenia Chernaya)
Source: Pexels/Ksenia Chernaya)

The global sale of textiles is likely to garner a market value of US$ 995 billion in 2022 and is expected to register a CAGR of 3.77% by accumulating a market value of $1.4 trillion through the assessment period 2022-2032. These figures are based on the report from Fact.MR, Dublin/Ireland named “Global textile market outlook (2022-2032)”.
The textile industry mainly functions on designing, production, and distribution of materials such as yarn and clothing. Knitting, crocheting and weaving are largely used to produce a wide range of finished and semi-finished goods for different end user industries such as bedding, clothing, apparel and medical.
Demand analysis of textile from 2015-2021 vs. market projections for 2022-2032, as per the report from Fact.MR shows that from 2015-2021 the global sales of textile market experienced a CAGR of 3%, surpassing $ 990 billion by the end of the period. A rising global population combined with increased applications of different textile grades across multiple end use industries has led to increased demand in the recent past.
While demand across several end use industries stalled, the healthcare domain experienced a spike in textile demand during the Covid-19 pandemic. Given the exponentially rising hospitalization rates, hospital staff and patients alike were required to wear clothing which would prevent transmission of the virus, including face masks, gloves and protective gear.
Penetration of online platforms to sell and distribute goods made from textiles is driving demand. In addition, an increase in the demand for apparel from the fashion industry from all age groups is increasing the sales of textiles. Thus, the sales of textile are expected to exceed $ 1.4 trillion by registering a CAGR of 3.77% in the forecast period 2022-2032.
Fast-changing fashion trends due to an increase in online fast fashion companies along with continuous changing fashion trends are also driving the sales of textiles. Moreover, the increasing trend of using smart textiles such as optical fibers, metals, and various conductive polymers that interact with the environment has changed the face of the textile industry.
These smart textiles help in detecting and reacting to various physical stimuli. For example: mechanical, chemical, thermal, and electric sources. Thus, the demand for smart textiles has increased from the end user industries. In addition, growing inclination towards sustainable products is forcing major companies to focus on restructuring their business and investing in manufacturing practices that target sustainable products.
The full report is now available.

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