Global Textile Market Outlook to 2028

Global Textile Market Overview

• The global textile market is valued at USD 1,065 Billion, based on a five-year historical analysis. This growth is primarily driven by the increasing demand for apparel and home textiles, coupled with advancements in manufacturing technologies. Factors such as rising disposable incomes and changing consumer preferences for sustainable and innovative textiles further fuel this growth.

• Countries like China, India, and Bangladesh dominate the textile market due to their well-established manufacturing bases and abundant availability of raw materials like cotton and synthetic fibers. Additionally, cost-effective labor and supportive government policies in these regions have attracted significant foreign investments, further strengthening their market positions.
• Production-Linked Incentive (PLI) Scheme launched inMarch 2020by the Indian government. This initiative aims to enhance domestic manufacturing capabilities and reduce reliance on imports in the textile sector. As of 2024, the government has approved 64 applications under this scheme, which collectively propose a total investment of INR 19,798 crore (about USD 2.4 billion) and are expected to generate approximately 245,362 jobs.

Global Textile Market Segmentation

Global Textile Market is divided into further segments:

• By Product Type: The global textile market is segmented by product type into natural fibers, synthetic fibers, and blended textiles. Recently, synthetic fibers have dominated the market under this segmentation due to their cost-effectiveness, durability, and versatility in various applications. The widespread use of polyester and nylon in industries such as apparel, home textiles, and industrial textiles contributes to their market leadership.

• By Region: The global textile market is segmented by region into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific dominates the market owing to its strong manufacturing capabilities, abundant raw material availability, and significant consumer base. China and India, as leading producers, contribute to the region's dominance.

• By Application: The global textile market is segmented by application into fashion and clothing, household textiles, technical textiles, and industrial textiles. Fashion and clothing hold a dominant market share in this segment due to the ever-changing fashion trends and increasing consumer spending on apparel. Brands leveraging fast fashion and e-commerce platforms have significantly influenced this segment's growth.

Global Textile Market Competitive Landscape

The global textile market is dominated by a few key players who leverage their strong manufacturing capabilities and innovative technologies. The market includes a mix of global conglomerates and regional players.

Global Textile Industry Analysis

Market Growth Drivers

• Rising Consumer Awareness: The statement about the global fashion industry consuming approximately93 billion cubic meters of water annuallyis not supported by the latest data. The textile industry as a whole was responsible for the consumption of79 billion cubic meters of waterin 2015, and it is estimated that textile production contributes to around20% of global clean water pollutionfrom dyeing and finishing products.
• Rapidly Changing Fashion Trends: The acceleration of fashion cycles is indeed leading to increased demand for quick turnaround in textile production. This trend is compounded by advancements in information and communication technologies (ICTs), which facilitate faster design and production processes.
• Technological Advancements in Textile Production: Technological innovations have revolutionized textile manufacturing, enhancing efficiency and product quality. The integration of ICTs allows manufacturers to offer integrated "total package" solutions, which meet global retailers' demands for speed-to-market and large-scale production.

Market Challenges

• Economic Uncertainty: The fashion industry is currently experiencing a cyclical slowdown, compounded by high inflation rates and rising costs of living. Consumers are becoming increasingly price-sensitive, leading to a decline in discretionary spending on apparel. Only20% of fashion leadersexpect improvements in consumer sentiment for 2025, indicating a cautious market outlook.
• Sustainability Gap: There is a growing demand for sustainable practices in textile production, yet many brands struggle to meet these expectations. The need to shift towards sustainable materials, such as recycled polyester and organic cotton, is pressing, but the transition is often slow due to existing supply chain limitations and higher costs associated with sustainable sourcing.

Global Textile Future Market Outlook

Over the next five years, the global textile market is expected to experience significant growth driven by innovations in manufacturing processes, the rising demand for sustainable textiles, and the expansion of e-commerce platforms. Furthermore, increasing adoption of smart textiles and investments in technical textiles are likely to shape the future of the market.

Market Opportunities

• Sustainable and Eco-friendly Textiles: The growing consumer demand for environmentally friendly products presents an opportunity for the textile industry to invest in sustainable practices. Innovations in recycling technologies and the use of organic materials can help manufacturers meet this demand. For example, the adoption of sustainable practices can reduce the industry's environmental footprint, aligning with consumer preferences for eco-friendly products.
• Emerging Markets: Emerging markets offer significant growth opportunities for the textile industry. Countries with expanding middle-class populations and increasing disposable incomes are experiencing a rise in demand for apparel and textiles. For instance, the Asia-Pacific region accounted for a substantial share of the global textile mills market, indicating the potential for growth in these markets.