Global Textile Market Witnesses Robust Growth Fueled by E-commerce Expansion and Smart Textile Innovations

Textile Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

Textile Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

The Business Research Company's Textile Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

The global textile market size grew from $573.22 billion in 2022 to $610.91 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. ”
— The Business Research Company

LANDON, GREATER LANDON, UK, November 24, 2023 / -- The global textile market experienced remarkable growth, surging from $573.22 billion in 2022 to $610.91 billion in 2023, achieving a commendable Compound Annual Growth Rate (CAGR) of 6.6%. Projections indicate continued expansion, with the market poised to reach $755.38 billion by 2027, maintaining a robust CAGR of 5.5%.

Key Driver: E-commerce Revolutionizes Textile Manufacturing

The proliferation of online shopping is a pivotal driver propelling the textile manufacturing market. The ability for manufacturers to showcase and sell their products on a broader platform significantly expands their geographic reach, contributing to the overall growth of the textile manufacturing market. Notably, e-commerce portals in countries like India have played a crucial role in boosting the sales of traditional garments, providing greater exposure to producers previously limited to a specific geography.

For a comprehensive analysis of the global textile market, refer to our detailed sample report:

Major Market Players Shaping the Landscape

Key players in the textile market include Toray Industries Inc., Daiwabo Holdings Co Ltd., Mohawk Industries Inc., Ashley Furniture Industries Inc., Berkshire Hathaway Inc., Far Eastern New Century, Tarkett S.A, Beaulieu International Group, Masco Corporation, and Grasim Industries Limited.

Trend: Smart Textiles Transforming the Industry

Advancements in wireless technologies and the increasing demand for connectivity are fueling the demand for smart textiles. Smart textiles possess the capability to interact with their environment, reacting to various physical stimuli such as thermal, mechanical, electrical, and chemical sources. Comprising sensors, actuators, and fabrics, smart textiles find applications in fashion, entertainment, medical, transportation, sports and fitness, and the military. An example is the d-shirt from Cityzen Science, equipped with functions such as a heart rate monitor, built-in GPS, accelerometer, and altimeter.

Regional Dynamics and Market Segmentation

Asia-Pacific emerged as the largest region in the textile market in 2022, with Western Europe securing the second-largest position in the global textile market share. The market segmentation includes types such as other textile product mills, fabrics, yarn, fiber and thread, home furnishings and floor coverings, and textile and fabric finishing and fabric coating mills. Materials encompass cotton, jute, silk, synthetics, and wool, while processes include woven and non-woven. Subsegments covered include broadwoven fabrics, narrow fabric mills and Schiffli machine embroidery, non-woven fabrics, knitted fabrics, home furnishings, floor coverings, textile and fabric finishing mills, and fabric coating mills.

The global textile market is segmented –

1) By Type: Other Textile Product Mills, Fabrics, Yarn, Fiber And Thread, Home Furnishings And Floor Coverings, Textile and Fabric Finishing and Fabric Coating Mills

2) By Material: Cotton, Jute, Silk, Synthetics, Wool

3) By Process: Woven, Non-woven

Subsegments Covered: Broadwoven Fabrics, Narrow Fabric Mills and Schiffli Machine Embroidery, Non-Woven Fabrics, Knitted Fabrics Home Furnishings, Floor Coverings, Textile and Fabric Finishing Mills, Fabric Coating Mills

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Textile Global Market Report 2023 from TBRC covers the following information:

• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Textile Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on textile market size, textile market drivers and trends, textile market major players, textile market competitors' revenues, textile market positioning, and textile market growth across geographies. The textile market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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