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Global Textile Market to Grow at a CAGR of 4.5% During 2022-2027, Aided by the Rising Demand for Protective Clothing in the Medical Field

According to a new report by EMR titled, ‘Global Textile Market Report and Forecast 2022-2027’, The global textile industry stood at a value of around USD 1002.4 billion in 2020. The market is further expected to grow at a CAGR of 4.5% in the forecast period of 2022-2027, driven by the rising demand for protective clothing.

The textile market is driven by the rising demand for protective clothing in the medical industry, which is very important as it hampers the diffusion of viruses and infections. For instance, the surgical gowns worn by the surgeons or nurses, helps them maintain a sterile surgical field essential for protecting the patient from infection. Over the forecast period, the thriving fashion and clothing industry in the emerging economies of the world is likely to aid the global textile industry.

Asia Pacific is likely to account for a significant share in the market, owing to the thriving technical textiles industry in India, China, Maldives, Bangladesh, Vietnam, and Japan, among others. Technical textiles include the textiles used in cars, mattress covers, bags, tents, and parachutes, among others. Over the next decade, the technical textile in the region is anticipated to grow by more than 20%, which will augment the growth of the global textile industry.

In August 2021, Rieter Holding Ltd. (SWX: RIEN), a leading producer of textile machinery, announced the acquisition of three businesses from Saurer Intelligent Technology Co. Ltd. (SHA: 600545). With this acquisition, Rieter Holding Ltd. will complete the offering of ring and compact spinning systems by acquiring the Schlafhorst automatic winder business. 300 Euros is estimated to be the purchase price of the businesses. Meanwhile, Arvind Ltd. (NSE: ARVIND), in August 2021, announced the partnership with Textile Genesis™ for block chain-based track and traceability initiative.

Market Breakup by Materials, Product Types, Applications, and Region:

  • The market is segmented based on material into cotton, chemical, wool, and silk, among others.
  • The product types of textile include natural fibers, polyester, and nylon, among others.
  • The significant applications of the textile industry include household, bedding, kitchen, upholstery, towel, technical, construction, transport, protective, medical, fashion and clothing, apparel, ties and clothing accessories, and handbags, among others.
  • Region-wise, the global market for textile can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for textile is driven by the rising application of the textile product in various industries including medical, fashion and clothing, kitchen and construction, among others.
  • The emergence of technical textiles in regions like the Asia Pacific is likely to propel the market growth.  
  • The growing inclination of millennials towards fashion and clothing, owing to the rising disposable income and rising standards of living, is anticipated to augment the textile market.
  • The market will further be aided by the growing importance of textile products in the medical field in order to protect the doctors and patients from infections.

Key Offerings of the Report:

  • The EMR report gives an overview of the global textile market for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the materials, product types, applications, and regions of textile.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global textile industry are BSL Limited, Lu Thai Textile Co., Ltd., Paramount Textile Limited, Paulo de Oliveira, S.A., Successori Reda SpA, Shandong Jining Ruyi Woolen Textile Co., Ltd., and Sinopec Yizheng Chemical Fibre LLC, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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