Textile Global Market Opportunities And Strategies To 2031

The global textile market reached a value of nearly $525.85 billion in 2021, having grown at a compound annual growth rate (CAGR) of 2.9% since 2016. The market is expected to grow from $525.85 billion in 2021 to $699.72 billion in 2026 at a rate of 5.9%. The market is then expected to grow at a CAGR of 4.5% from 2026 and reach $870.64 billion in 2031.

Growth in the historic period resulted from the growth in world population, increased demand for man-made fibers, government initiatives for the textile industry, strong economic growth in emerging markets and a ban on plastic usage. Increasing costs, oil price volatility, counterfeit products, health hazards and the coronavirus pandemic are the factors that hindered the market growth.

Going forward, global population growth and urbanization, a rapid growth in ecommerce, rising spend on leisure, increasing retail penetration, increasing internet penetration and smartphone usage and growing preference for contactless delivery solutions will drive the growth. Factors that could hinder the growth of the textile market in the future include shortage of cotton and the Russian-Ukrainian war.

The textile market is segmented by type into fabrics, yarn, fiber and thread, home furnishings and floor coverings, textile and fabric finishing and fabric coating mills and other textile product mills. The other textile product mills market was the largest segment of the textile market segmented by type, accounting for 32.7% of the total in 2021. Going forward, the home furnishings and floor coverings market is expected to be the fastest growing segment in the textile market segmented by type, at a CAGR of 6.61% during 2021-2026.

The fabrics market is further segmented by type into broadwoven fabrics; narrow fabric mills and schiffli machine embroidery; non-woven fabrics and knitted fabrics. The broadwoven fabrics market was the largest segment of the fabrics market segmented by type, accounting for 50.4% of the total in 2021. Going forward, the narrow fabric mills and schiffli machine embroidery market is expected to be the fastest growing segment in the fabrics market segmented by type, at a CAGR of 5.89% during 2021-2026.

The home furnishings and floor coverings market is further segmented by type into home furnishings and floor furnishings. The home furnishings market was the largest segment of the home furnishings and floor coverings market segmented by type, accounting for 92.3% of the total in 2021. Going forward, the home furnishings market is expected to be the fastest growing segment in the home furnishings and floor coverings market segmented by type, at a CAGR of 6.64% during 2021-2026.

The textile and fabric finishing and fabric coatings market is further segmented by type into textile and fabric finishing mills; and fabric coating mills. The textile and fabric finishing mills market was the largest segment of the textile and fabric finishing and fabric coatings market segmented by type, accounting for 65.4% of the total in 2021. Going forward, the fabric coating mills market is expected to be the fastest growing segment in the textile and fabric finishing and fabric coatings market segmented by type, at a CAGR of 7.02% during 2021-2026.

The textile market is segmented by material into cotton, jute, silk, synthetics and wool. The cotton market was the largest segment of the textile market segmented by material, accounting for 40.2% of the total in 2021. Going forward, the jute and other materials market is expected to be the fastest growing segment in the textile market segmented by material, at a CAGR of 6.41% during 2021-2026.

The textile market is segmented by process into woven and non-woven. The woven market was the largest segment of the textile market segmented by process, accounting for 78.5% of the total in 2021. Going forward, the non-woven market is expected to be the fastest growing segment in the textile market segmented by process, at a CAGR of 6.6% during 2021-2026.

Asia Pacific was the largest region in the textile market, accounting for 44.5% of the total in 2021. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the textile market will be Middle East and Asia Pacific where growth will be at CAGRs of 12.87% and 6.03% respectively. These will be followed by Eastern Europe and Africa where the markets are expected to grow at CAGRs of 5.87% and 5.55% respectively.

The global textile market is highly fragmented, with a large number of large players. The top ten competitors in the market made up to 7.91% of the total market in 2021. Majority of the companies are local players have large number of domestic manufacturing facilities and have presence across the supply chain. However, some large companies are trying to expand their presence in other low cost economies to take advantage of low cost labor and cheaper raw material prices. Toray Industries Inc. was the largest competitor with 1.81% share of the market, followed by Sinopec Group with 1.31%, Mohawk Industries, Inc. with 1.25%, TJX Companies with 0.86%, Far Eastern New Century with 0.65%, Tarkett S.A with 0.49%, Ashley Furniture Industries, Inc. with 0.45%, Beaulieu International Group with 0.43%, Reliance Industries Limited with 0.35% and Weiqiao Textile Company Limited with 0.33%.

The top opportunities in the textile market segmented by type will arise in the other textile product mills segment, which will gain $59.3 billion of global annual sales by 2026. The top opportunities in the fabrics market segmented by type will arise in the broadwoven fabrics segment, which will gain $12.2 billion of global annual sales by 2026. The top opportunities in the home furnishings and floor coverings market segmented by type will arise in the home furnishings segment, which will gain $37.1 billion of global annual sales by 2026. The top opportunities in the textile and fabric finishing and fabric coatings market segmented by type will arise in the textile and fabric finishing mills segment, which will gain $11.3 billion of global annual sales by 2026. The top opportunities in segment by material will arise in the cotton segment, which will gain $69.0 billion of global annual sales by 2026. The top opportunities in segment by process will arise in the woven segment, which will gain $131.5 billion of global annual sales by 2026. The textile market size will gain the most in India at $28.1 billion.

Market-trend-based strategies for the textile market include focus on adopting digital textile printing inks, focus on use of non-woven fabrics, focus on using organic fibers, focus on sustainable fibers, focus on using blockchain in the manufacturing processes, focus on implementing digital platforms in textile supply chain management, focus on collaborating with technology companies to design and develop smart fabrics, focus on adopting robotics and automation, focus on investing in artificial intelligence and focus on partnerships and collaborations to develop innovative products.

Player-adopted strategies in the textile market include strengthening product portfolio by launching new products which are sustainable, expanding manufacturing capabilities to support the growing demand, focusing on flexible off-price business model and strengthening business by increasing investment in manufacturing plants.

To take advantage of the opportunities, the publisher recommends the textile companies to focus on digital printed textiles, focus on non-woven fabrics, focus on eco-friendly fabrics, expand in emerging economies, increase focus on e-commerce, offer competitive prices, leverage social media and focus on urban population.

This report describes and explains the textile market and covers 2016-2021, termed the historic period, and 2021-2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.