New threads: Textile mills will slowly shift their efforts and invest more in research and development
Widespread offshoring of apparel manufacturing has been detrimental to the Textile Mills industry in Canada, as distant apparel manufacturers are unlikely to source their textiles from domestic mills. A shrinking downstream apparel market and a dip in exports have caused revenue to creep downward during the period. Even so, more home furnishing textiles and shifting producing protective equipment during the pandemic provided a safety net for textile mills, preventing a significant slump in revenue. Nonetheless, some mills experienced closures and were forced to exit entirely because they were unprofitable. Overall, textile mills' revenue is expected to decline at a CAGR of 2.9% to $3.6 billion over the past five years, including a decrease of 3.0% in 2023 alone.
The Textile Mills industry in Canada comprises a variety of textile manufacturers. Industry operators engage in one or more of the following activities: spinning yarn from natural or synthetic fibres; manufacturing knit, woven or nonwoven fabrics; and finishing and coating textile products. This report does not include carpet or rug mills.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.
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