Penetration of E-commerce websites is playing a crucial role in the increasing demand for textiles. Moreover, demand for natural fibers owing to the rising environmental concerns is positively influencing the demand for textiles. A new market study by Fact.MR, Dublin/Ireland, predicts the global sales of textiles to surpass US$ 1,440 billion by registering a CAGR of 3.77% in the forecast period 2022-2032.
Historically, from 2015 to 2021, the global textile sales flourished at a CAGR of 3%, being valued at $ 990 billion by the end of that period. The onset of the Covid-19 pandemic affected the sales and demand of various industries. Due to the restriction on movements, the purchasing of consumer goods witnessed a dip. This, in turn, affected the demand for textiles. As the world is gaining normality, the demand for textiles is expected to upsurge in the assessment period.
Furthermore, demand from end user sectors such as medical and households is creating lucrative opportunities for textile industries. In addition, rapid urbanization and increasing population across various countries in the globe is propelling the demand for textiles.
Key points from the market study
show that by application, fashion and apparel are expected to gain more than 70% market share for textile market. By product, natural fibers are expected to hold more than 45% market share for textile market.
The textile industry is expected to possess nearly 30% market share throughout North America and nearly 50% market share throughout Asia Pacific. The USA, Canada, India, Bangladesh and Vietnam are the top 5 countries driving demand for textiles