The global sales of textile are likely to garner a market value of US$ 995 Bn in 2022 and is expected to register a CAGR of 3.77 percent by accumulating a market value of US$ 1,440 Bn through the assessment period 2022-2032
The textile industry mainly functions on designing, production, and distribution of materials such as yarn and clothing. Knitting, crocheting, and weaving are largely used to produce a wide range of finished and semi-finished goods for different end user industries such as bedding, clothing, apparel and medical.
From 2015 to 2021, the global sales of textile market experienced a CAGR of 3 percent, surpassing US$ 990 Bn by the end of the said historical period. A rising global population combined with increased applications of different textile grades across multiple end use industries has led to increased demand in the recent past. While demand across several end use industries stalled, the healthcare domain experienced a spike in textile demand during the COVID-19 pandemic. Given the exponentially rising hospitalization rates, hospital staff and patients alike were required to wear clothing which would prevent transmission of the virus, including face masks, gloves, and protective gear.
Penetration of online platform to sell and distribute goods made from textiles is driving demand.
In addition, an increase in the demand for apparel from the fashion industry from all age groups is increasing the sales of textiles.
Thus, the sales of textile are expected to exceed US$ 1,440 Bn by registering a CAGR of 3.77 percent the forecast period 2022-2032.
Fast-changing fashion trends due to an increase in online fast fashion companies along with continuous changing fashion trends are driving the sales of textiles. Moreover, increasing trend of using smart textiles such as optical fibers, metals, and various conductive polymers that interact with the environment has changed the face of the textile industry.
