Textile Global Market Report 2021: COVID 19 Impact and Recovery to 2030
Major companies in the textile market include Toray Industries Inc; Mohawk Industries; Indorama Corporation Pte Ltd; Beaulieu International Group and Weiqiao Textile Company Limited. The global textile market is expected to grow from $594.
New York, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Textile Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009749/?utm_source=GNW
61 billion in 2020 to $654.57 billion in 2021 at a compound annual growth rate (CAGR) of 10.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $821.87 billion in 2025 at a CAGR of 6%.
The textile market consists of sales of textiles by entities (organizations, sole traders and partnerships) that produce fiber, yarn, threads, carpets, rugs, linens and other textile products. The textile market is segmented into other textile product mills; fabrics; yarn, fiber and thread; home furnishings and floor coverings; and textile and fabric finishing and fabric coating mills.
Asia Pacific was the largest region in the global textile market, accounting for 51% of the market in 2020. Western Europe was the second largest region accounting for 17% of the global textile market. Africa was the smallest region in the global textile market.
Advancements in wireless technologies and rising demand for connectivity is driving the demand for smart textiles. Smart textiles are fabrics capable of interacting with their environment. They have the ability to react to physical stimuli such as thermal, mechanical, electrical and chemical sources. Sensors, actuators and fabrics are the major components of smart textiles. The materials used in smart textiles include optical fibers, metals and conductive polymers. They are widely used in fashion, entertainment, medical, transportation, sports and fitness and military. For example, Cityzen Science’s, d-shirt, has a wide range of functions such as heart rate monitor, built-in GPS, accelerometer, altimeter.
Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the textile manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in halting of manufacturing activities and a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the textile manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Growth Of E-commerce - Increasing demand for online shopping is expected to drive the textile manufacturing market. Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically driving the growth of the textile manufacturing market. In countries such as India, for instance, e-commerce portals have boosted the sales of traditional garments by giving larger exposure to producers who were confined to one geography.
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