The covid 19 pandemics have allowed the textile industry to pause, retract, reflect and rethink its future. This report aims to provide a well-detailed analysis of the world textile industry. It focuses on market development, covid19 impact on the primary producing countries and events on the market dynamics, natural fiber improvement, and insight into the geographical segment and process, material and application type, and analyses the significant players and the competitive landscape in the global textile industry.
As there have been many unprecedented occurrences in the industry, which have kept the manufacturing companies on their toes, it is impossible to reflect without being accountable for the current survival waves.
There has been a recorded occasion in the textile industry's history that would address the need for safe factories for textile workers as 24 April indicate eight past years since the industrial tragedy homicide in Rana Plaza, killing more than 1,000 garment workers and injuring many more.
Furthermore, textile workers need to raise their voices to demand safe factories; in March alone, over 42 garment workers lost their lives in Morocco and Egypt due to unsafe factories.
It is no news that the textile industry is an expansive industry that contributes immensely to global economic growth. It has a projected retail market value of $3.3trillion in 2030, according to Boston Consulting Group. The demand for yarn, textile, and Fabric dwindled at the peak of the covid-19 pandemic. The virus caused the textile industry to take a hit.
The April manufacturing recorded 60.7 percent, which is a decrease of 4 percent compared to the March rising of 64.7 percent. This value indicated expansion in the total economy for the 11th month in a row after the drop-down in April 2020.
The textile industry recorded employment decreases to an estimated index that registered 55.1 percent, a 4.5 percent point lower than the March reading of 59.6 percent.
The manufacturing economy continued expansion in April, in which survey committee report shows that companies and suppliers continue to struggle to meet the increasing rate of demands due to the virus impact limiting the availability of parts and materials, rising commodity price and difficulties in transporting product are continuing to affect all sector of the manufacturing economy.
The textile industry contributed 4% of the Gross Domestic Product (GDP), 35% of the Gross Export Earnings in India in 2020. However, the Indian textile sector has been one of the worst-hit sectors due to the covid19 pandemic in its socio-economic priority for the Indian economy. With the advanced implications of these influences, it becomes imperative for stakeholders, namely, government, industry, and even the citizen, to evolve innovative and extensive measures to reduce the negative impact of the crisis on the essential business areas. The analysis centered mainly on the need to think 'outside the box in providing a measurable pattern to tackle this unprecedented crisis
Considering the pre-existing challenges in the demand and supply sides of the textile factories, an acquaintance with the same shall be helpful for the resistance analysis in the context of covid19 to the apparel market.
It is to our best knowledge that Trade shows are important temporary events in different recurring intervals where new products and services are listed, which are essential in the business world. The number of trade fairs is steadily decreasing worldwide; therefore, exhibitors and visitors need to overview and find the right trade shows quickly.
The US artificial fiber and filament, textile, and apparel value totaled $64.4 billion; the first decrease since 2009, caused by the covid-19 pandemic. Yarns & Fabric accounted for 25.7billion out of the total 64.4billion USD as at the latest global market review
Countries that produce raw materials like cotton rely heavily on the textile industry to keep their economy afloat. China leads the export list with 26.6% of cotton export generating a whopping $14.1 billion in revenue. The USA follows with 14.8% cotton export and $7.9 billion in revenue. India is third on the list earning $6.3 billion in revenue and contributing 11.8% of the world's cotton export.
In the light of the facts aforementioned and explanation of the significance of the textile economy, it is vital to be aware of some of the issues and challenges before it gets out of control of the covid 19 outbreak; quite briefly, these breathtaking issues and challenges could range from minimal consumer demand owing to losses and wages reduction of buyers, illness of workers and consumers and even the supply chain disruptions.
However, most textiles industry consumers would subscribe to inquiring for cheap Fabric, but it is important to note that we are at war against covid to protect our health. Therefore, it is essential to note that to make cheap Fabric available, they inquire about a certain amount of energy and resources before production can occur. This cheap Fabric is produced from non-renewable fossil fuels and is called petroleum textiles. Chemical-based textiles represent a current volume share estimation of 98,052.6 kilotons in 2020 as they play an essential role in the entire textile manufacturing process.
It should be considered that natural cycle and fluctuation have caused the global climate to change several times over the last 800,000 years. Our current era of global warming is directly linked to human activities-more specifically to the usage of fossil fuel, the likes of coal natural gas among the list of others, and the yearly global emission by the textile industry is approximately 1.2 billion tons of carbon dioxide- which is 10% of humanity carbon emission.
Therefore, fabric manufacturing companies had gone beyond the limit to provide the best customers' needs, and in return, sound quality is not expected to be cheap.
However, circular economy solutions, aiming to keep fiber and material inputs in productive loops, are now a pivotal approach to improving the environmental performance of textile supply chains. By designing clothes that last, recycling old garments, introducing bio-based materials, and scaling business models for repair and rental, the industry can radically reduce its resource input and waste output simultaneously in contrast with the current 'linear' model in which 87 percent of textile fiber input gets burnt or landfilled, representing a lost economic of $100 billion globally every year.