The global textile and apparel market size was valued at USD 2467.5 billion in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 3.88% from 2022 to 2030. The textile and apparel market is expected to increase as a result of a rise in population, rapid urbanization and growing disposable incomes. There are several emerging trends in the textile and apparel sector, including artificial intelligence, data applications and machine learning. Moreover, growing trend of recycled fiber is further projected to foster market growth.
Global Textile And Apparel Market: Regional Insights
Regionally, Asia Pacific is expected to dominate the global textile and apparel market over the forecast period. The textile and apparel industry in India has a strong domestic market and a strong export demand. The government is investing in upgrading the infrastructure of the industry. The government has introduced schemes like MITRA and PLI to promote the industry. The government is also integrating advanced technologies into the production process. The government is also working on the Technology Upgradation Fund Scheme. These factors are expected to help India achieve global dominance in the textile and apparel industry.
North America is expected to witness fastest growth in the global over the forecast period owing to the strong growth of textile sector in the US. The US is the second-largest country exporter of textile-related products in the world. For instance, the fiber, textile, and apparel exports of the country stood at around USD 30 billion in 2018. The textile and apparel shipments of the country totaled USD 76.8 billion in the same year. Excluding apparel, the country has a strong export position in fiber, yarns, and fabrics. The exports of these products totaled USD 23.4 billion in 2018.
Figure 1. Global Textile And Apparel Market Value Share (%), By Region, 2021
Global Textile And Apparel Market Drivers:
Growing demand for natural fibers is primarily fueling the growth of the global textile and apparel market. Natural fiber composites are comparatively lighter and have high strength than the synthetic fibers, and thus, find wide application in the automotive industry for interior and exterior applications. These fibers are widely used to produce apparel, garments, construction materials, medical dressings, and interiors of automobiles.
Shifting focus towards non-woven fabrics is again expected to augment market growth. Growing demand for hygiene products such as diapers, adult incontinence products, and sanitary napkins is propelling demand for non-woven fabrics.
Global Textile And Apparel Market Opportunities:
Increasing use of textile in different application of household such as upholstery, bedding, carpets, towel, kitchen cloths, and others is expected to present lucrative growth opportunities. Increasing consumer spending on home décor is creating demand for textile in household sector, thus contributing to the market growth.
Growing use of non-woven fabrics in geotextile which is used in road construction is further anticipated to offer significant growth opportunities. Thus, rise in construction sector is augmenting market growth.
|Base Year:||2021||Market Size in 2021:||US$ 2467.5 Bn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||3.88%||2030 Value Projection:||US$ 3637.5 Bn|
Arvind Ltd, Toray Industries Inc., Tjx Companies Inc., Far Eastern New Century Corp., Vf Corporation, and Industria De Diseno Textil Sa (Inditex)
|Restraints & Challenges:||
Global Textile And Apparel Market Trends:
Growing demand for apparel from fashion industry due to changing fashion trend is stimulating the market growth. Increasing adoption of western culture is another key trend that is expected to augment the market growth over the forecast period.
Expanding e-commerce sector due to rising trend of digitalization and presence of high number of customer on e-commerce platform is again fostering market growth. Increasing disposable income and favorable demographics are other key factor accelerating market growth.
Global Textile And Apparel Market Restraints:
Environmental concerns associated with the processing of textile production as it release huge amount of effluents that is polluting environment is expected to restrict the market growth.
Negative impact of global tariff barriers on the textile industry is again expected to hinder global textile and apparel market growth. For instance, countries such as China, India, and the South East Asian Countries face a major challenge, because of the global tariffs and trade quotas by the major importing countries.
Figure 2. Global Textile And Apparel Market Value Share (%), By Application, 2021
Global Textile And Apparel Market: Key Developments
In June 2019, Arvind ties up with GAP Inc. to eliminate use of freshwater at the Ahmedabad plant. Making apparel production more sustainable, global apparel retailer Gap Inc. and textile major Arvind Limited launched new water treatment facility that will eliminate the use of freshwater at Arvind’s denim manufacturing facility in Ahmedabad. It is estimated to save 2.5 billion litres of water annually through water treatment unit.
In November 2018, Arvind Ltd launches its largest garmenting hub in Gujarat. Adding another 36 million garments per annum capacity to its existing garmenting operations, the hub will generate an additional revenue of INR 10 billion for the flagship Arvind Ltd. Employing 12,000 people, the facilities have been set up at an investment of INR 3.5 billion.
In April 2019, Toray Industries announced that it had decided to establish a new company in Foshan, China, that will engage in production and sales of water treatment membrane products, including reverse osmosis (RO), nanofiltration (NF), ultrafiltration (UF), microfiltration (MF), and membrane bioreactor (MBR) solutions. The new company will be named Toray Membrane (Foshan) Co. Ltd.
In November 2019, The TJX Companies Inc. executed an investment in a 25% minority ownership stake in Familia, Russia’s only major off-price apparel and home fashions retailer.
The USD 225 million investment gives TJX, the leading off-price retailer of apparel and home fashions in the United States and worldwide, the opportunity to invest in an established, off-price retailer with significant growth potential in the Russian market, which has significant potential for continued growth.
In September 2019, TJX acquires Meditech property in Framingham for USD 120 million. The acquisition was completed to support the company’s continued global growth and accommodate a growing workforce in its Massachusetts corporate headquarters.
In February 2018, Far Eastern New Century Corporation, together with two other companies (Alpek, SAB de CV, and Indorama Ventures Holdings LP), have formed a joint venture to acquire (Gruppo Mossi & Ghisolfi) M&G’s PTA/PET plant in Corpus Christi, Texas on 21 Mar 2018. The aforesaid project includes annual planned capacity of 1.3 million ton of PTA, with PET capacity of 1.1 million ton.
In June 2019, Far Eastern New Century Corp acquired 90% of the shares of US polyethylene terephthalate (PET) recycler Phoenix Technologies International LLC. The company bought Phoenix Technologies for TWD 316 million (USD 10.04 million) through its chemical fiber subsidiary APG Polytech USA Holdings Inc. Phoenix Technologies produces recycled PET (R-PET) to make plastic containers for drinks, food, cleaning products, and other daily necessities. The newly acquired plant has an output of 36,000 ton of R-PET per year.
Global Textile And Apparel Market: Key Companies Insights
The global textile and apparel market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global textile and apparel market are Arvind Ltd, Toray Industries Inc., Tjx Companies Inc., Far Eastern New Century Corp., Vf Corporation, and Industria De Diseno Textil Sa (Inditex)
*Definition: Various kinds of fibers are used in textiles. These can be natural fibers or synthetic. The most common fibers used in clothing are cotton and polyester. Other fibers include vicuna wool, alpaca wool, and camel hair. Apparel is used for protection against a variety of hazards, including UV rays, insects, and abrasive substances. Apparel can also be used as a form of protection during activities, such as sports or warfare. It can also serve as a hygienic barrier, keeping infectious materials away from the body.
Basically, textiles are fiber-based materials, which are used to produce clothing and other items. The apparel is divided into three main sectors: apparel and footwear, fashion and accessories, and apparel for men and boys. Textiles are made from natural or synthetic fibers, and include yarns, filaments, and fibers. The process of making textiles involves the extraction of fibers from plants, minerals, and other sources. These fibers are then processed into yarns and woven into fabric. The type of fibers are used in a fabric affects the way the fabric performs. Natural fibers include wool, cotton, silk, linen, and animal fur. Synthetic fibers are manufactured by man. These synthetic fibers are typically made from chemical substances, and are used to produce containers, bed coverings, mats, and clothing.
The textile and apparel Industry is a fast growing sector. The sector is driven by rapid industrialization, shifting purchasing patterns, and consumer demand. Adoption of new technologies like 3D printing and machine learning, and is expected to continue to evolve. The sector is also expected to benefit from increasing disposable income. The apparel market is further driven by changing fashion trends, and consumer preferences for sustainable products. The government is integrating advanced technologies into the production process which is projected to shape the market growth positively.
On the other hand, negative impact of global tariff barriers on the textile industry is expected to hinder the market growth.
Key features of the study: