The global textile market is about to have a significant growth, with a market value of US $ 903.45 billion by 2028, expanding at a compound annual growth rate (CAGR) of 7 per cent. This growth builds on a steady rise from US $ 638.03 billion in 2023 to an expected US $ 689.54 billion in 2024, reflecting a CAGR of 8.1 per cent during this period.
Key drivers include population growth, increased demand for man-made fibers, supportive government policies, and expanding e-commerce. The shift to online shopping has broadened market reach, enabling manufacturers to cater to global audiences and boosting sales, particularly in emerging markets like India.
The Asia-Pacific region currently leads the textile market, followed by Western Europe. Notable players like Toray Industries, Sinopec Group, and Mohawk Industries are steering innovation. Emerging technologies, such as smart textiles, are also shaping the industry’s future. Products like Cityzen Science’s “d-shirt,” equipped with GPS and heart rate monitors, are gaining traction in sectors like fashion, medical, and sports.
Material types, including cotton, silk, synthetics, and jute, along with diverse processes like woven and non-woven textiles, dominate the market landscape. The industry’s growth trajectory highlights the increasing adoption of digital retail channels and innovative solutions, paving the way for sustained expansion.
