The global textile market size is projected to reach at $1.23 trillion by 2025 expanding at a CAGR of 4.24 per cent. Population growth, rising disposable income levels, and rapid urbanization in developing countries like China, India, and Mexico are likely to boost the product demand. Moreover, increasing number of supermarkets and retail outlets in these countries is expected to drive the demand further. Growing importance of Environment, Health and Safety (EHS) systems in manufacturing sector owing to stringent regulations aimed at safety of workers in offshore industries like oil and gas is projected to boost the demand for Personal Protective Equipment (PPE).
Moreover, development of technical textiles that are offer protection against high temperatures, electric arc flash discharge, molten metal impact, and acid environment is estimated to fuel the textile market growth.Therefore, growing personal protective equipment market is expected to drive the demand for textile products over the projected period.
The Middle East & Africa (MEA) region is projected to witness revenue growth at a CAGR of 4.19 per cent from 2019 to 2025 owing to constant product innovations in apparels application segment. Asia Pacific is expected to register the highest CAGR during the forecast years.
Further key findings from the study suggest:
• Cotton is the most widely used raw material in the global textile industry owing to its excellent durability and resistance to dust mite and hypoallergenic
• In terms of volume, polyester held a market share of 28.04 per cent in 2018 and will grow further owing to its properties, such as high strength and excellent shrink resistance
• Household application segment will register a CAGR of 3.28 per cent from 2019 to 2025 due to rising consumer preference for textured and light absorbing fabrics in home décor
• Apparel is anticipated to witness a CAGR of 4.42 per cent from 2019 to 2025 owing to increasing demand for luxury and trending fashionable clothes
• Europe is likely to witness volume growth at a CAGR of 2.32 per cent from 2019 to 2025. Demand for silk fabrics for household and fashion & clothing applications is likely to boost the market growth