As per the latest study conducted by Future Market Insights (FMI), towards the end of 2027, the global textile staples market will reach a valuation of $201,197.5 million, reflecting a moderate CAGR of 4.9 per cent. The global market for textile staples, which is currently valued at over $124,915 Mn is also projected to witness a steady rise in terms of value during the forecast period (2017-2027). Around 55,782 KT of textile staples is expected to be produced by 2017-end. It is estimated that the volume-wise growth of the global textile staples market will showcase 4.8 per cent CAGR, with China and India making significant contributions to the market.
The FMI’s report titled “Textile Staples Market Global Industry Analysis 2012 – 2016 and Opportunity Assessment, 2017 – 2027†has identified multiple factors influencing the global textile staple market throughout the ten years of the forecast period. In developed regions such as North America and Europe, manufacturers of textiles are shifting their focus from commodity goods to value added products. Therefore, manufacturing of generic textile products as compared to niche technical textile products is expected to slow down in the near future. In addition, the global market is anticipated to be majorly driven by growing application of technical textiles in large sectors such as construction and automotive. In emerging countries, rising disposable income is significantly boosting the market growth.
The report has also assessed that both production and consumption of synthetic fibre will soar in near future. Further, the demand for special textile materials and products which are manufactured primarily for specific applications have gained considerable traction in recent years. Application of such textile is increasing exponentially in automobile industry owing to their superior quality and technical capabilities.