Despite all the challenges across the globe, the global textile fabric market will grow from US $ 498 billion in 2021 to US $ 842.9 billion by 2029.
A report by Pune-based GreyViews says that India’s textile fabric market size – covering polyester, cotton, polycotton and other variety of fabrics – was valued at US $ 40.35 billion in 2021 and it is expected to reach US $ 69.32 billion by 2029, growing at a CAGR of 7 per cent from 2022 to 2029.
The rise of e-commerce portals, which give small-scale producers who were confined to a specific geographic area more exposure, has increased the demand for clothing.
Overall, the demand for clothing will rise in the next few years due to social media, e-commerce, influencer marketing, urbanisation and increased disposable income, which will all contribute to the growth of the textile fabric industry.
At the same time, China’s textile fabric market size was valued at US $ 53.9 billion in 2021 and is expected to reach US $ 93.3 billion by 2029, at a CAGR of 7.1 per cent from 2022 to 2029.
To achieve a substantial market share in the worldwide textile fabric market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, joint ventures and partnerships, etc.
As low-cost, lightweight, multifunctional materials gain popularity in athletics apparel during the next few years, market participants will discover attractive prospects. Through efforts to improve products, research and development will help the market grow even more.
Loyal Textiles, Arvind Limited, Lu Thai Textile Co., Limited, Conville, Reliance Industries Limited, Bruno Banani are the significant players of the textile industry.
