Increasing Per Capita Income is contributing to the Growth of the Textile Market

The global textile market is projected to grow at a CAGR of 4.8% during the forecast period (2024-2031). The market growth is driven by favorable demographics, increasing per capita income, and a shift in preference toward branded products. Furthermore, advantageous trade policies are contributing to the market growth during the forecast period. The availability of raw materials such as cotton, wool, silk, jute, and advanced technology fabrics (such as moisture-wicking fabric) is boosting the market growth. Developing countries such as India are playing a pivotal role in the overall textile industry. Indian textile industry has a robust production base for various fibers and yarns.

The global textile market is segmented by material (cotton, jute, silk, synthetic, wool, and others), application (fashion and clothing, industrial/technical, and household), and geography (North America, Europe, Asia-Pacific, and the Rest of the World).

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Market Dynamics

Silk is expected to grow at a significant rate during the forecast period, owing to its high value-addition than other textile fibers. Additionally, consumer preference, unit values, fashion significance, employment generation, income-generating opportunities in producer communities, and the intangible value related to the preservation of mankind's cultural heritage are other factors contributing to segment growth.

Asia-Pacific is anticipated to dominate the market during the forecast period. China is leading the global economy in the textile industry. China along with India is contributing to the growth of the regional market. Government investments are supporting the expansion of the industry during the forecast period.

The key players in the global textile market include Arvind, Ltd., Aditya Birla Group, Chori Co., Ltd., Elevate Textiles, Inc. (International Textile Group), Koch Industries, Inc., Nisshinbo Holdings, Inc., Ralph Lauren Corp., Reliance Industries, Ltd., Shandong Weiqiao Pioneering Group Co., Ltd., and Toray Industries, Inc. among more. The companies have adopted detailed strategies including acquisitions, collaborations, and product launches, to contribute to the market growth.

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Recent Development

· In January 2024, BASF and Inditex jointly launched loopamid®. It is a polyamide 6 (PA6, also known as nylon 6) textile material made from 100% textile waste. Zara has turned the material into a jacket made from 100% loopamid including fabrics, buttons, filling, hook and loop, and zipper.

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