According to the report “Global Textile Market Size, Share & Trends Analysis Report by Raw Material (Wool, Chemical, Silk), by Product (Natural Fibers, Polyester), by Application (Household, Technical), by Region, and Segment Forecasts, 2021-2028” by ResearchAndMarkets.com, the global textile market size is anticipated to reach USD 1412.5 billion by 2028. The market is expected to expand at a CAGR of 4.4% from 2021 to 2028.
Rising consumer awareness coupled with fast pace changing trends in the fashion industry is projected to drive the market.
The rise in the e-commerce platforms that support sales and distribution of different types of products manufactured by the industry is expected to drive the demand. In addition, stringent government regulations to ensure labor safety is compelling the demand for personal protective clothing that requires wool or treated cotton as raw material, which is fueling the market growth.
Increasing demand for medical textiles in the healthcare industry due to the rise in awareness towards health and hygiene is adding growth prospects to the industry. Moreover, increased concern towards the environment is propelling the demand for sustainable and natural fibers such as cotton, hemp, linen and silk which, in turn, is adding growth prospects to the market.
The rising adoption of technological components in fabrics to monitor external stimuli and translate them into data is propelling the growth of smart textiles. These products have a wide range of applications in fashion, entertainment, transportation, medical and other industries, which are expected to open new technological avenues required in the production of textile products over the forecast period.