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Global fabrics market forecast

May 15th, 2020 / By: / Industry News

According to ResearchAndMarket.com’s report “Fabrics Global Market Report 2020-30: Covid-19 Impact and Recovery,” the global fabrics market is expected to decline from $189.5 billion in 2019 to $182.1 billion in 2020 at a compound annual growth rate (CAGR) of -3.9%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 7% from 2021 and reach $218.8 billion in 2023.

Asia-Pacific was the largest region in the global fabrics market, accounting for 53% of the market in 2019. Western Europe was the second largest region accounting for 13% of the global fabrics market. Africa was the smallest region in the global fabrics market.

Nonwoven fabrics are gaining traction in many countries due to the properties and the cost benefits they offer. The growth is mainly driven by the ease of customization, attractiveness, durability, weight, ventilation, disinfectant-carrying and filtration capacity and cost. Nonwoven fabrics are manufactured via mechanical, thermal or chemical methods by entangling and bonding fibers, but not by weaving them.