Allied Market Research published a report, titled, “Textile Fabrics Market by Fabric Type (Cotton, Polyster, Polyamide, Others), by Application (Fashion & Clothing, Household, Technical): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global textile fabrics industry generated $498.0 billion in 2021, and is anticipated to generate $942.8 billion by 2031, witnessing a CAGR of 6.7% from 2022 to 2031.
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Prime determinants of growth
The growth of the fashion and apparel industry, surge in investments, expansion of the oil and gas sector, and advancements in the chemical industry drive the growth of the global textile fabrics market. However, fluctuating prices of raw materials restrict the market growth. On the other hand, the growing competition in professional sports and increase in consumers’ shift towards active sports present new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global textile fabrics market, owing to implementation of transport limitations, which resulted in the low procurement of textile raw materials, reduced apparel industrial production, and disrupted supply chains.
- The demand for textile fabrics from the sports industry reduced significantly due to cancellation of all sport events.
- On the other hand, The COVID 19 crisis caused a sharp rise in the need for medical apparel, including gowns, masks, and other accessories. This had a beneficial impact on the global textile fabrics market.
The polyester segment to maintain its leadership status throughout the forecast period
Based on fabric type, the polyester segment held the highest market share in 2021, accounting for more than half of the global textile fabrics market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 6.9% from 2022 to 2031, owing to the increase in demand for polyester in the textile industry as it offers durability, strength, great finishing, and more. The report also discusses segments including polyamide, cotton, and others.
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The fashion & clothing segment to maintain its lead position during the forecast period
Based on application, the fashion & clothing segment accounted for the largest share in 2021, contributing to around three-fifths of the global textile fabrics market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 6.9% from 2022 to 2031, owing to the rise in demand for apparel from the fashion industry coupled with the growth of e-commerce. The report also analyzes segments such as household and technical.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global textile fabrics market, and is likely to dominate the market during the forecast period. Moreover, the same region is expected to witness the fastest CAGR of 7.0% from 2022 to 2031. This is owing to an increase in consumer spending on apparel accessories in the region. The report also analyzes North America, Europe, and LAMEA regions.
Leading Market Players: –
- DuPont de Nemours, Inc.
- Wolfin Textile Ltd.
- Coville Inc
- China textile co. ltd
- Klopman International
- Loyal Textile mills ltd
- Premier Textiles
- Weiqiao Textile Co. Ltd
- Whaley Bradford Ltd
- Yi Chun Textile Ltd
The report provides a detailed analysis of these key players of the global textile fabrics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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