Global Textile Manufacturing Market Report 2023-2030 Featuring Major Players - BSL, China Textiles, Grasim Industries, Hyosung TNC, INVISTA Srl., & JCT
Dublin, May 11, 2023 (GLOBE NEWSWIRE) -- The "Global Textile Manufacturing Market 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global textile manufacturing market is anticipated to grow at a considerable CAGR of 4.5% to 2030
Increased global interest and engagement in active sports and outdoor leisure pursuits has resulted in a significant increase in the usage of textile materials in sporting and associated items and equipment. Hence, the increase in textile fiber applications is expected to boost market development throughout the forecast period.
Additionally, the market for textile fabrics is predicted to grow owing to a growth in the demand for lightweight and multifunctional materials with properties such as heat retention, low fluid resistance, stretching, water resistance, vapor permeability, and heat resistance.
Fashion & clothing segment is predicted to have the biggest market share owing to the increasing clothing brands and fashion trends such as bags, shoes, and others. The growth of the e-commerce also supports this segment's growth in the textile manufacturing market.
The Natural Fibers Sub-Segment Holds a Prominent Share in the Global Textile Manufacturing Market
Based on product type, the market is sub-segmented into natural fibers and nylon. Among these, the natural fibers segment holds a significant share of the market.
Natural fiber composites are lighter and stronger than conventional fibers, and so find widespread use in the car industry for interior and exterior applications. Cotton, silk, linen, wool, hemp, jute, and cashmere are a few examples of organic fibers derived from plants and animals.
These fibers are widely utilized in the production of clothing, apparel, building materials, medical treatments, and automotive interiors, among other things. Silk is utilized in upholstery and clothing since it comes in both fine and coarse variants. Wool and jute are popular textile materials due to their durability, flexibility, and softness.
Asia-Pacific region is expected to generate the highest market share. However, the North American market is also expected to grow significantly in the forecast period, owing to the growth in the disposable income of individuals that is increasing their purchasing power of textile items such as clothing, bags, and others and the increase in the number of textile manufacturers in the region.
Additionally, according to the National Council of Textile Organizations of the US, in 2022, the textile industry supply chain in the US - from textile fibers through garments and other sewn products - employed 538,067 people. Further, the US is the world's third largest exporter of textile-related items. In 2021, fiber, textile, and clothing exports totaled $34.0 billion.
The Asia-Pacific Region is Expected to Dominate the Global Textile Manufacturing Market
The presence of a large number of customers buying apparel and related accessories on e-commerce platforms in developing economies is contributing to positive growth in the Asia-Pacific's textile manufacturing market. Increasing organized retail penetration, favorable demographics, rising disposable income levels, and favorable government regulations are also likely to fuel the market in APAC, particularly in India and China.
In India, for instance, 100% Foreign Direct Investment (FDI) is permitted in textiles. Additionally, according to the India Brand Equity Foundation, cotton production in India is expected to reach 7.2 million tonnes (43 million bales of 170 kg each) by 2030, owing to rising consumer demand. The growth of end-use industries such as automobiles, clothing, and others, in the Asia-Pacific will also increase the textile manufacturing in the region.
Market Players Outlook
The major companies serving the global textile manufacturing market BSL Ltd., China Textiles Ltd., Grasim Industries Ltd., Hyosung TNC, INVISTA Srl., JCT Ltd.
These companies are considerably contributing to the market's growth through the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, investments, and new bio-based textile launches to stay competitive in the market.
For instance, in August 2022, Hyosung TNC reported the successful development of bio-derived spandex, creora bio-based, employing a natural substance taken from corn instead of coal, and the approval of a global eco-friendly certification. Commercialization of the world's first bio-based spandex, which saves carbon emissions by 23% compared to traditional goods.
The creora bio-based spandex contains a corn-derived component that has been certified as environmentally friendly by the US Department of Agriculture, replacing a portion of coal-extracted raw materials.
China Textiles Ltd.
Grasim Industries Ltd.
Li & Fung Group
Lu Thai Textile Co., Ltd.
Modern Woollens Ltd.
Paramount Textile Ltd.
Paulo de Oliveira, S.A.
Shadong Jining Ruyi Woolen Textile Co., Ltd.
Sinopec Yizheng Chemical Fibre Co., Ltd.
Successori REDA S.p.A.
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