Global textile market is anticipated to witness considerable growth on account of increasing use primarily in the manufacturing of garments. Furthermore, growing fashion industry across the globe is expected to positively impact the market over the forecast period. Textiles are classified into two types including synthetic textile fibers and natural textile fibers. Natural fibers are derived from animal and plant sources while synthetic fibers are manufactured from various polymers including acrylic, polyester and nylon.
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Textiles are employed in a wide range of applications including manufacturing of clothing and household goods such as curtains, carpets, bed sheets and rugs. In addition, growing use of technical textiles in medical and industrial applications is likely to be a key driver for the market over the forecast period. Rapid urbanization, growing disposable income and changing lifestyle of consumers in Asia Pacific particularly in Indonesia, China, India and Malaysia is anticipated to boost textile demand over the next seven years.
China has been the largest market for textiles in terms of revenue and volume over the past few years in light of growing demand from end-use industries. This trend is anticipated to continue over the projected period. In addition, China is the largest exporter of textile products to African and Middle Eastern countries followed by the EU and North America. Expansion of production capacities in the Asia Pacific region coupled with rise in trading activities across the globe is anticipated to drive textile market growth over the next seven years. However, high raw material prices and prevalence of EPA and REACH regulations in regions especially North America and Europe against the use of natural fibers derived from animal skins is anticipated to hamper market growth.
Major players present in the textile market include Shandong Jining Woolen Textile Co. Ltd, China Textile (Shenzhen) Co. Ltd, Asahi Kasei Fibers Corporation, Honeywell International, Sinopec Yizheng Chemical Fibre Company Ltd., Rhodia Polyamide and Invista. In September 2014, Invista expanded its lycra business in India to primarily target apparel and textile manufacturers in Jaipur and Surat. In the same year the company introduced lycra products to go with Indian ethnic wear in order to comply with increasing Indian demand for shape wear and apparels with high stretchability.
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