Textile Market Size to Reach US$ 1,532.4 Billion, Globally, by 2034 at 3.7% CAGR | Fact.MR

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Jun 25, 2024, 06:02 ET

Shift toward functional textiles such as antimicrobial medical fabrics and flame-resistant fabrics will be a key factor driving overall market growth, says Fact.MR.

ROCKVILLE, Md., June 25, 2024 /PRNewswire/ -- Fact.MR, a market research and competitive intelligence provider, reveals in its recently updated industry report that the global textile market size is calculated to increase from a valuation of US$ 1,065.6 billion in 2024 to US$ 1,532.4 billion by the end of 2034.

Textiles have vast applications in the home décor, fashion, healthcare, automotive, and military sectors, to name a few. Advancements in manufacturing technology are leading to the development of innovative chemical textiles, bioplastic textiles, and biomedical textiles. The sustainability trend and strict environmental regulations are pushing the demand for bioplastic textiles worldwide.

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Biomedical textiles are exhibiting high demand due to their biodegradable nature. These textiles offer high hygiene and are non-toxic in nature. They are available in both disposable and non-disposable forms. Manufacturers are producing biodegradable sanitary napkins, wipes, and adult and baby diapers. Integration of wearable electronics into textiles is one of the notable market trends. Sensor-integrated smart fabrics are gaining high traction. Smart textiles are already being widely used in the military and defense sectors.

Growing demand for trendy and affordable clothing is opening up profitable opportunities for textile manufacturers. The customization and personalization trend is also set to push the sales of various types of textiles. The DIY trend is further increasing the demand for polyester textiles that can be used in home furnishing products such as cushions and pillows.

Key Takeaways from Market Study

Global demand for textiles is forecasted to rise at a CAGR of 3.7% from 2024 to 2034.
The United States market is projected to reach US$ 197.1 billion by 2034.
Sales of textiles in Japan are evaluated at US$ 74.4 billion in 2024.
Polyester textiles are calculated to capture 19.5% of the global market share by 2034.
Chemical textile sales are approximated at US$ 239.8 billion in 2024.

"Integration of advanced technologies such as 3D printing and automation will complement the worldwide rise in the demand for textiles," says a Fact.MR analyst.

Key Companies Profiled in this Report are Lu Thai Textile Co., Ltd; IBENA Inc.; Heytex Bramsche GmbH; Modern Woollens Ltd.; Bahariye AS; Fratelli Balli S.p.A.; Shandong Jining Ruyi Woolen Textile Co., Ltd.; Sinopec Yizheng Chemical Fibre Company Ltd.; China Textiles Ltd.; Paramount Textile Ltd.; Paulo de Oliveira, S.A.; Weiqiao Textile Company Limited; DBL Group; B.D. Textile Mills Pvt. Ltd.; Rhodia SA; Shandong Demian Incorporated Company; Shijiazhuang Changshan Textile Co., Ltd.; Li & Fung Group; BSL Ltd.; Successori REDA S.p.A.; Invista Srl.

Competitive Analysis

Leading manufacturers of textiles are adopting several marketing tactics such as innovations and R&D, regional expansion, collaborations, and mergers to earn high profits and stay ahead of the competition. To expand their regional footprint, industry giants are exploring opportunities in high-potential markets such as Latin America, Asia Pacific, and MEA.

Leading companies are also investing in research and development efforts to create innovative textile materials. Differentiation through innovation is one of the key tactics aiding revenue growth.

United States-based start-up Bucha Bio produces Shorai, an animal- and petrochemical-free biomaterial fiber using fermented renewable bacterial-nanocellulose and plant-based ingredients.

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Competitive Landscape

Key competitors in the textile sector are investing extensively in R&D to provide revolutionary garment textiles. The market is becoming increasingly competitive due to the large number of competitors. Branding and digital marketing are critical for maintaining a market-leading position. Textile producers are also looking to expand their distribution networks and introduce digital collections to boost sales.

Schoeller Textil AG announced the introduction of its new sustainable line in March 2023, which will include bio-based, polyester, and spandex textiles.

Donear Group bought RSWM Ltd's Mayur Brand and PV Suiting distribution network in August 2021. The organisation is working on strengthening its global impact by expanding its distribution portfolio.

Explore More Related Studies Published by Fact.MR Research:

The global textile chemicals market is estimated at USD 26.5 Billion in 2022 and is forecast to surpass USD 40.6 Billion by 2032, growing at a CAGR of 4.3% from 2022 to 2032.

The global technical textile market size is forecasted to increase from a valuation of US$ 242.2 billion in 2024 to US$ 406 billion by the end of 2034.

According to Fact.MR, the market for textile coatings is set to grow at a CAGR of 4% until 2031

The global biomedical textiles market is expected to hold a market value of US$ 17 Bn while expanding at a CAGR of 5% through 2022-2032.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global textile market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights on the market based on raw material (cotton, silk, chemical, wool, others), product (polyester, nylon, natural fibers, others), and application (fashion & clothing, household, technical, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

About Fact.MR:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, Fact.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, Fact.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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