LOS ANGELES, May 17, 2021 (GLOBE NEWSWIRE) -- The Global Textile Market is anticipated to grow at a CAGR of around 4.4% during the forecast period 2020 to 2027 and to reach around US$ 1,315.0 Bn by 2027.
Increasing demand for smart textile form various end use industries across the globe and high government spending are aspects that drive the growth of global textile market.
The market in North America is expected to account for major revenue share in the global textile market due to increasing demand for fashion industry. Chancing lifestyle pattern and high spending capacity is resulting in high consumer spending on apparels. Retail sales from women's clothing stores reached approximately 39 billion U.S. dollars in 2019, with a revenue for the women's apparel market in the United States reaching a total of 187.8 billion U.S. dollars.
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Availability of e-commerce platform is making it easy for consumer to order the required design in required material. Major players are focused on selling the clothes online which aid them in reaching wider customer base and increase the revenue. Players are investing high in R&D activities with the focus to deliver better textile material. Their approach towards introduction of enhanced product in order to increase the customer base and enhance the product offerings is expected to impact the growth of regional market.
In 2020, NYCOA, a global manufacturer of specialty engineered nylon, launched new nylon products “NYCOSIX, NYCO66, NYCOSEAL, NYCOTUFF, NYCOFILL, NYFLEX, NXTAMID, NYCOBOND, and NYCOADAPT”. This product launch is expected to help the company to enhance the product portfolio and increase the revenue share.
The market in Asia Pacific is expected to witness faster growth in the target market due to presence of large number of manufacturers operating in the region. Changing regulatory scenario and government of developing countries is spending high on strengthening the regional manufacturing capabilities are factors expected to boost the growth of regional textile market.
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According to India Brand Equity Foundation, Defense Research and Development Organization (DRDO) is helping the Indian textile industry to produce yarns and eliminate dependence on import of Chinese and other foreign clothing for military uniforms. Favorable business policies and emergence of small & mid-size enterprises with innovative solutions are factors expected to impact the regional growth. Government of India in 2020, launched production linked incentive scheme to provide incentives for manufacture and export of specific textile products made of man-made fibre.
High spending capacity of consumers on apparels and increasing demand for smart textile from defense industry are major factors expected to drive the growth of global textile market. High spending on R&D activities and inclination towards introduction of environment friendly products in order to attract customers are factors expected to boost the target market growth.
In 2020, Coral Eyewear launched a new eyewear collection made with regenerated nylon. This product launch is expected to attract new customers and aid to increase the company revenue. Factors such as fluctuating raw material prices and stringent government regulations related to product are factors expected to hamper the growth of global textile market.
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In addition, high competition on low profit ratio is expected to challenge the player’s survival in the industry further challenging the growth of target market. However, high investment by major players for R&D activities and rising demand for technical textile are factors expected to create new opportunities for players operating in the textile market over the forecast period. In addition, increasing acquisition activities by players in order to enhance the business is expected to support the revenue transaction of the target market.
The global textile market is segmented into raw material, product and application. The raw material segment is bifurcated into cotton, chemical, wool, silk, and others. Among raw material the cotton segment is expected to account for major revenue share in the global textile market. The product segment is divided into natural fibers, polyesters, nylon, and others. Among product the natural fibers segment is expected to account for noticeable revenue share in the target market.
Players operating in the global textile market are BSL Limited, INVISTA S.R.L., Lu Thai Textile Co., Ltd., Paramount Textile Limited, Paulo de Oliveira, S.A., Successori REDA S.p.A., Shandong Jining Ruyi Woolen Textile Co. Ltd., Sinopec Yizheng Chemical Fibre Company Limited, China textiles Ltd., Rhodia SA, Li & Fung Group, and Modern Woollens Ltd. The market is highly competitive due to presence of large number of players operating on global level.
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