Fact.MR predicts the global sales of textiles will surpass $1,440 billion by registering a CAGR of 3.77 per cent in the forecast period 2022-2032. Penetration of e-commerce websites is playing a crucial role in the increasing demand for textiles. Moreover, demand for natural fibers owing to the rising environmental concerns is positively influencing the demand for textiles.
Historically, from 2015 to 2021, the global textile sales flourished at a CAGR of 3 per cent , being valued at $990 billion by the end of the aforementioned period. The onset of the COVID-19 pandemic affected the sales and demand of various industries. Due to the restriction on movements, the purchasing of consumer goods witnessed a dip. This, in turn, affected the demand for textiles. As the world is gaining normalcy, the demand for textiles is expected to upsurge in the assessment period.
Furthermore, demand from end user sectors such as medical and households is creating lucrative opportunities for textile industries. In addition, rapid urbanization and increasing population across various countries in the globe is propelling the demand for textiles.
By application, fashion and clothing is expected to gain more than 70 per cent market share for textile market. Natural fibers are expected to hold more than 45 per cent market share for textile market.Textile industry expected to possess nearly 30 per cent market share throughout North America.Textile industry expected to possess nearly 50 per cent market share throughout Asia Pacific. S, Canada, India, Bangladesh and Vietnam are the top five countries driving demand for textile.
