Market Size of Textile Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 748.00 Billion |
Market Size (2029) | USD 889.24 Billion |
CAGR (2024 - 2029) | 3.52 % |
Fastest Growing Market | North America |
Largest Market | Asia Pacific |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Textile Market Analysis
The Textile Market size is estimated at USD 748 billion in 2024, and is expected to reach USD 889.24 billion by 2029, growing at a CAGR of 3.52% during the forecast period (2024-2029).
The COVID-19 pandemic has challenged the textile industry drastically in 2020. Asia, which is one of the largest markets for the textile industry in the world, has suffered from the prolonged lockdowns and restrictions in the majority of Asian countries along with the sudden drop in international demand for their products. The loss was particularly high in countries where the textile industry accounted for a larger share of the exports. According to the study by the International Labour Organization (ILO) the global textile trade collapsed during the first half of 2020. Also, exports to the major buying regions in the European Union, the United States, and Japan fell by around 70%. The industry also suffered several supply chain disruptions due to the shortages of cotton and other raw materials.
The textile industry is an ever-growing market, with key competitors being China, the European Union, the United States, and India. China is the world's leading producer and exporter of both raw textiles and garments. The United States is the leading producer and exporter of raw cotton, while also being the top importer of raw textiles and garments. The textile industry of the European Union comprises Germany, Spain, France, Italy, and Portugal at the forefront with a value of more than 1/5th of the global textile industry. India is the third-largest textile manufacturing industry and is responsible for more than 6% of the total textile production, globally. The rapid industrialization in the developed and developing countries and the evolving technology are helping the textile industry to have modern installations which are capable of high-efficient fabric production. These factors are helping the textile industry to record more revenues during the study period and are expected to help the industry further in the forecast period.
Textile Industry Segmentation
The report aims to provide a detailed analysis of the global textile industry. It focuses on market dynamics, technological trends, and insights on the geographical segments and the process, material, and application types. Also, it analyses the major players and the competitive landscape in the global textile industry. The Textile Industry is Segmented by Application Type (Clothing, Industrial/Technical Applications, and Household Applications), By Material (Cotton, Jute, Silk, Synthetics, and Wool), by Process ( Woven and Non-woven), and by Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa). The report offers market size and forecasts for the textile industry in Value (USD billion) for all the above segments.
Application | |
Clothing Application | |
Industrial/Technical Application | |
Household Application |
Material | |
Cotton | |
Jute | |
Silk | |
Synthetics | |
Wool |
Process | |
Woven | |
Non-woven |
Geography | |
North America | |
Europe | |
Asia-Pacific | |
Latin America | |
Middle East & Africa |
Textile Market Size Summary
The textile industry is poised for steady growth over the forecast period, driven by key players such as China, the European Union, the United States, and India. China remains a dominant force as the leading producer and exporter of textiles and garments, while the United States excels in raw cotton production and imports. The European Union, with countries like Germany, Spain, France, Italy, and Portugal, holds a significant portion of the global market share. India, as the third-largest manufacturer, contributes notably to global production. The industry's expansion is supported by rapid industrialization and technological advancements, which enhance fabric production efficiency. Natural fibers, including cotton, silk, wool, and jute, are increasingly utilized in various applications, from garments to automotive interiors, further propelling market growth.
The demand for non-woven fabrics is expected to rise, fueled by the increasing need for hygiene products and the positive outlook of the automobile and transportation sectors. Non-wovens are valued for their durability and low maintenance costs, making them ideal for construction and automotive applications. The market is characterized by high competition and fragmentation, with major players like Toray Industries Inc., B.C. Corporation, Inditex SA, and others vying for market share. Government initiatives, such as India's establishment of mega textile parks and Paraguay's investment in the manufacturing sector, are set to bolster the industry. Despite challenges posed by the COVID-19 pandemic, including supply chain disruptions and a drop in international demand, the textile industry is expected to recover and continue its growth trajectory.
Textile Market Size - Table of Contents
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1. MARKET INSIGHTS AND DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints/Challenges
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1.4 Market Opportunities
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1.5 Value Chain / Supply Chain Analysis
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1.6 Industry Attractiveness - Porter's Five Forces Analysis
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1.7 Technological Innovation in the Industry
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1.8 Impact of COVID-19 on the Textile Industry
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2. MARKET SEGMENTATION
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2.1 Application
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2.1.1 Clothing Application
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2.1.2 Industrial/Technical Application
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2.1.3 Household Application
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2.2 Material
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2.2.1 Cotton
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2.2.2 Jute
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2.2.3 Silk
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2.2.4 Synthetics
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2.2.5 Wool
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2.3 Process
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2.3.1 Woven
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2.3.2 Non-woven
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2.4 Geography
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2.4.1 North America
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2.4.2 Europe
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2.4.3 Asia-Pacific
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2.4.4 Latin America
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2.4.5 Middle East & Africa
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Textile Market Size FAQs
How big is the Textile Market?
The Textile Market size is expected to reach USD 748.00 billion in 2024 and grow at a CAGR of 3.52% to reach USD 889.24 billion by 2029.
What is the current Textile Market size?
In 2024, the Textile Market size is expected to reach USD 748.00 billion.