The post-COVID 19 pandemic has dramatically challenged the textile industry since the significant hit in 2020 and still drastically bewildered the sector till the present.
Asia, one of the largest markets for the textile industry globally, has suffered from the prolonged lockdown and restrictions in most countries alongside other developed countries where textile is being produced, leading to the sudden drop in international product demands.
Despite the challenges and lockdown in this first quarter of the year, significant occasions are still happening, fighting against the post-pandemic implication's heavy blow.
Examples of important events in 2021 are the trade fair in India, "Techotesx2021
," and INTERFABRIC-2021.SPRING
the trade fair in Russia.
The events are the most significant composite events in the whole textile industry.
These mega-events have attracted all significant textile and institutional buyers. Related industry associations also supported the event.
The demand for yarn, textile, and the fabric remains low through the first quarter of 2021, making market growth dependent on customer demands. Hopefully, it could also lead to a gradual recovery in household input over the second quarter of the current financial year between October 2020 and March 2021.
However, the rapid industrialization in developed and developing countries with the discovery of new manufacturing methods helps the textile industry gain a modern production process that is efficient and improves fabric production
. These factors help develop the textile industry and record more revenue, which is expected to enhance productivity.
The global textile market size was estimated to be USD 1000.3 billion
as of 2020, and it is expected to increase at a compound annual growth rate (CAGR) of 4.4%
from 2021 to the next few years. Reports show that the rate at which textile is demand in the fashion industry and the development of e-commerce platforms in the global market is expected to improve market value over the forecasted period.
- Cotton led the primary market for textile and accounted for the largest revenue share of more than 39.0% in 2020, and it is at the edge of increase in the first quarter of 2021 due to its high demand in the apparel market. Cotton is estimated as the world's most essential natural fiber due to its superior properties such as increased strength, absorption, and color retention.
- The wool segment accounted for a revenue share of about 13.3% in 2021. Wool is composed of hydrogen, carbon, sulfur, and nitrogen. Is it extensively used to manufacture insulation products such as winter wear, blankets, carpeting, upholstery, etc.? Besides, the product made is used to absorb odor and noise in heavy machinery, thereby are contributing to segment growth.
- Silk minerals such as glass fibers and asbestos are accounted as other raw materials used in textile production. Silk is mainly found indisposable in the manufacturing of surgical sutures, parachutes, silk comforter, and others due to high strength and elasticity, which is expected to drive the segment over the predicted period.
Recent reports show that the Textile global market is faced with some technical challenges which disrupt the market chart and, at a time, increase the product price, causing a delay in the supply chain, fault production logistics, initiate scarcity, and other challenge factors.
An example of it is the increasing demand for natural fibers, which is of the primary factors that drive the growth of the global textile market. The growing consumption of natural fibers such as cotton, silk, wool, and the likes, given their unique and diverse attributes such as environmental-friendly nature the easy availability, will increase the global market's growth during the predicted time. Natural fiber led the call for textile and accounted for over 44.0% share of the worldwide revenue in 2020; this is an estimate of their use in the fashion and clothing industry's diverse application.
Another challenge is the unauthorized production unit in China, which was discovered in march 2021; it serves as a compelling challenge in the textile market's growth. The presence of scattered and unorganized textile production sectors in china which use toxic dyeing chemical and dangerous material is forcing the government to impose strict regulation and ban on the operation.
Another significant report in March 2021 is the worker's right violation. Many big companies' workers are being denied this right by working for long hours and are being paid low wages that meet the legal minimum, which is by far low beyond living wage. Most painful is that workers do not have the right to complain if he/she wants to retain their position. A report shows that 94% of Cambodian workers investigated violated overtime regulation, and that same factory dismissed 40 workers for refusing to do overtime work.
The market has been experiencing an increasing trend of expansion and mergers acquisition. Many companies are trying to increase their sales through various government official trade agreements and partnerships with e-commerce portals such as Amazon, e-Bay, and others.
The market is fragmented due to the other small and medium scale manufacturers, especially in countries such as China and India. However, the easy availability of low-cost labor and government support to develop various major players' business units in the countries mentioned above is expected to add to global growth positively.
This report aims to provide a detailed analysis of the global textile industry. It focuses on essential events on the market dynamics, technology 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.