Valued at USD 1.7 trillion in 2022, the global textile industry is on an upward growth trajectory, with the rising footprint of retail outlets and supermarkets, according to a recent report from Grand View Research.

The industry is set to benefit from the adoption of data analytics, AI, IoT and 3D technologies, which have redefined clothing production and minimized waste.

The demand for low-cost clothing has prompted brands to inject funds into synthetic and sustainable garments, with temperature-sensitive clothes poised to be the next big thing to boost sustainability in the apparel sector. Additionally, there has been a paradigm shift in fashion production, with the demand for vegan leather and more ethical practices, including investing in cruelty-free, eco-friendly, and fur-free options.

The report highlights that the household textile market share will rise with surging consumer spending on renovation and furnishing, with retailers poised to inject funds into sustainable home décor.

The industry is expected to prioritize recyclable fabrics and sustainable packaging to bolster their environmental profile. The technical textile sector is also expected to see bullish investments with heightened demand for durability and strength from various industries.

Investments in bio-based polyester and fashion textiles are expected to grow in the European market, while the Asia Pacific textile industry is set to benefit from buoyant investments in garments and apparel across China, India, and Bangladesh.