The global textile industry size stood at USD 1.7 trillion in 2022 and will witness an upward growth trajectory with the rising footprint of retail outlets and supermarkets, according to the "Textile Industry Data Book, 2023 2030," published by Grand View Research.Soaring adoption of data analytics, AI, IoT and 3D technologies has redefined clothing production. For instance, 3D printing technology has gained ground to minimize waste, a sought-after investment to bolster sustainability. Concerted efforts toward enhanced modern tool kits could boost the visibility of fashion and household textiles.
Bullish demand for low-cost clothing has prompted brands to inject funds into a high volume of synthetic and sustainable garments. In essence, temperature-sensitive clothes have received uptake to help regulate internal temperature and negate the requirement for having myriad outfits for various seasons. Temperature-responsive garments are poised to be the next big thing to boost sustainability in the apparel sector.
Fashion brands have furthered their efforts on environmental goals with bullish efforts to reduce plastic waste and amp up plant-based technologies for fabrics. A paradigm shift in fashion production has led to the demand for vegan leather. Leading brands, such as Gucci, have emphasized making apparel with an environmentally friendly approach.
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Since most plant-based materials are produced in labs, these garments have been touted as cruelty-freefostering the vegan fashion trend. The fashion textile market size was valued atUSD 1.2 billionin 2022 and will depict a 7% CAGR from 2023 to 2030. The growth outlook is partly due to the adoption of more ethical practices, including investing in cruelty-free, eco-friendly and fur-free options.
Industry leaders envisage modern home textiles solutions to be sought-after, with embellishments and luxury fabric varieties gaining momentum across business verticals. Textile manufacturers are innovating curtains and furnishing to enhance home dcor. In essence, automated curtains have become popular among homeowners for fire safety, while modern designers are counting on the automatic sofa for space management and comfort.
The household textile market share will rise with surging consumer spending on renovation and furnishing. Notably, retailers are poised to inject funds into sustainable home dcor. For instance, inMarch 2023, IKEA teamed up with Canopy to procure viscose for home textiles only from responsible producers, alluding to efforts toward forest-friendly and lower-carbon sourcing of materials.
Stakeholders are expected to prioritize the following trends and opportunities to tap into the global market:
- Textile manufacturers have upped investments in recyclable fabrics and sustainable packaging to bolster their environmental profile. To illustrate, inJanuary 2022, Levi's introduced circular 501 jeans made from organic cotton and recycled materials.
- Technical textile will likely witness bullish investments with heightened demand for durability and strength from the automotive, construction, marine and aerospace industries.
- TheEuropemarket is expected to witness investment galore in bio based polyester and fashion textiles. The burgeoning plastic pollution has prompted fabric manufacturers to transition to product recycling.
Asia Pacifictextile industry share will be pronounced with buoyant investments in garments and apparel acrossChina,IndiaandBangladesh. Some factors, such as cheap labor, advanced infrastructure and a smooth supply chain, encourage investors to infuse funds into the region. For instance, inOctober 2021, it was reported thatBangladeshwould be receivingUSD 2.5 billionfrom textile factory owners to keep up with the soaring demand and augment production capacity. Moreover, 2.5 million spindles are expected to be installed in the country. Furthermore, strong penetration of digitization has propelled the e-commerce footprint across emerging economies, a trend likely to continue in the ensuing period.
Textile manufacturers and other stakeholders will likely emphasize organic and inorganic strategies, including technological advancements, innovations, product offerings, RD activities and mergers acquisitions. To illustrate, inJanuary 2023, Invista announced the rollout of Navy Blue Cordura TrueLock Fabric with extended UV strength stability, UV-fade and abrasion resistance and durable color vibrancy. The launch will augur well for military, tactical and law enforcement applications.
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