Despite all the challenges, the global textile market is expected to reach 1,522.3 billion by 2027 at a 4.3 per centCAGR from 2020-2027. The industry was valued at US $ 1,005.2 billion in 2020.
A report the Global Textile Market Size, Trends & Growth Opportunity, By Raw Material, By Product, By Application, By Region and Forecast to 2027 by ResearchAndMarkets.com has claimed so.
The increase in demand for apparel from fashion industry along with the growth of e-commerce platforms is anticipated to drive the growth of global textile market over the forecast period.
Notably, the global textile market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific and Middle East & Africa.
The US is expected to be the largest market in the North America region for textile industry. North America region is one of the largest producers, raw cotton exporter and top-raw-textile importer. Fashion is the largest application segment in the region due to the fast-changing fashionable trends and ease of adoption for the same due to the increase in online fast fashion companies.
The report also says that the increase in preference towards sustainable products is forcing major textile companies to focus on restructuring their business and investing in manufacturing practices that target sustainable products.
The report has listed few textile and apparel giants like Toray Industries Inc., PVH Corp., Hyosung TNC Corp., Aditya Birla Nuvo Ltd., Texhong Textile Group Ltd., Chori Co. Ltd., Nisshinbo Holdings Inc., Far Eastern New Century Corp, Industria de Diseno Textil SA (Inditex SA), B.C. Corporation, etc.