Global fabric market to reach USD 842.9 Billion by 2029, says study

And Apparel

The global textile fabric market is expected to witness significant growth in major regions, from USD 498 billion in 2021 to USD 842.9 billion by 2029, according to a recent market study by GreyViews.

Regional segmentation: Key players operating in major regions

The market has been segmented into various regions including North America, Europe, Asia, South America, and the Middle East and Africa. The key manufacturers and suppliers of textile fabrics are operating across various countries in these regions.

Opportunities for low-cost, lightweight, and multifunctional materials

The study highlights that fibres are used in the textile industry to weave broad and narrow fabrics, as well as to finish and create goods. The market participants are expected to discover attractive opportunities by developing low-cost, lightweight, and multifunctional materials for use in athletics over the next few years. Additionally, research and development efforts aimed at improving the quality of the product will contribute to the growth of the market.

Rising demand for clothing and aesthetic qualities, key growth drivers

The demand for clothing is expected to rise in the next few years, driven by factors such as social media, e-commerce, influencer marketing, urbanisation, and increased disposable income. The aesthetic qualities of comfort, softness, colour, and texture are crucial for sportswear and apparel wear, which further drives the growth of the textile fibre market.

Cotton and fashion & clothing segments

The study further provides segmentation analysis based on type and application. The cotton segment is expected to witness the highest growth rate during the forecast period due to its excellent qualities like strength, absorbency, and colour retention. The fashion and clothing segment is expected to be the fastest-growing segment in 2021 as all age groups around the world are becoming more and more interested in fashionable clothing.

Asia Pacific leading in expanding economies and technological advancements

The regional analysis reveals that the Asia Pacific region witnessed a major share in the market due to expanding economies, quick technological advancements in sericulture, and the growing usage of silk in textiles. China has the largest textile sector in the world in terms of production and exports, while Germany produces high-quality clothing thanks to significant technological innovation in the industry.

Impact of Covid-19: Increasing demand for comfortable and stylish clothing

Lastly, the study highlights the impact of Covid-19 on the market, with the growth of the market mainly driven by the increasing demand for comfortable and stylish clothing among consumers.