By 2027, the worldwide textile market is estimated to reach 1,522.3 billion dollars, with a CAGR of 4.3 percent

04 January 2022, Mumbai:

Despite these obstacles, the worldwide textile industry is predicted to grow at a 4.3 percent CAGR from 2020 to 2027, reaching 1,522.3 billion dollars. In 2020, the sector was estimated to be worth US$ 1,005.2 billion. 

According to ResearchAndMarkets.com's analysis, the global textile market size, trends, and growth opportunity, by raw material, product, application, region, and forecast to 2027. 

Over the projected period, the worldwide textile market is expected to develop due to an increase in demand for garments from the fashion industry, as well as the growth of e-commerce platforms.

North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa are among the five regions that make up the global textile market. In the North American textile industry, the United States is likely to be the largest market. 

North America is a major producer, exporter of raw cotton, and buyer of raw textiles. Fashion is the most popular application segment in the region, owing to the rapid-changing fashion trends and the ease with which they may be adopted thanks to the rise of online fast fashion companies.

According to the report, the shift in consumer demand toward sustainable products is prompting large textile companies to restructure their businesses and invest in sustainable manufacturing processes. In the North American textile industry, the United States is likely to be the largest market. 

North America is a major producer, exporter of raw cotton, and buyer of raw textiles. Fashion is the most popular application segment in the region, owing to the rapid-changing fashion trends and the ease with which they may be adopted thanks to the rise of online fast fashion companies.

According to the report, the shift in consumer demand toward sustainable products is prompting large textile companies to restructure their businesses and invest in sustainable manufacturing processes. 

Toray Industries Inc., PVH Corp., Hyosung TNC Corp., Aditya Birla Nuvo Ltd., Texhong Textile Group Ltd., Chori Co. Ltd., Nisshinbo Holdings Inc., Far Eastern New Century Corp, Industria de Diseno Textil SA (Inditex SA), B.C. Corporation, and others are listed in the report.

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