Textile Market Size (2024 - 2029)

Textile Market Analysis

The Textile Market size is estimated at USD 748 billion in 2024, and is expected to reach USD 889.24 billion by 2029, growing at a CAGR of 3.52% during the forecast period (2024-2029).

The COVID-19 pandemic has challenged the textile industry drastically in 2020. Asia, which is one of the largest markets for the textile industry in the world, has suffered from the prolonged lockdowns and restrictions in the majority of Asian countries along with the sudden drop in international demand for their products. The loss was particularly high in countries where the textile industry accounted for a larger share of the exports. According to the study by the International Labour Organization (ILO) the global textile trade collapsed during the first half of 2020. Also, exports to the major buying regions in the European Union, the United States, and Japan fell by around 70%. The industry also suffered several supply chain disruptions due to the shortages of cotton and other raw materials.

The textile industry is an ever-growing market, with key competitors being China, the European Union, the United States, and India. China is the world's leading producer and exporter of both raw textiles and garments. The United States is the leading producer and exporter of raw cotton, while also being the top importer of raw textiles and garments. The textile industry of the European Union comprises Germany, Spain, France, Italy, and Portugal at the forefront with a value of more than 1/5th of the global textile industry. India is the third-largest textile manufacturing industry and is responsible for more than 6% of the total textile production, globally. The rapid industrialization in the developed and developing countries and the evolving technology are helping the textile industry to have modern installations which are capable of high-efficient fabric production. These factors are helping the textile industry to record more revenues during the study period and are expected to help the industry further in the forecast period.

Textile Industry Segmentation

The report aims to provide a detailed analysis of the global textile industry. It focuses on market dynamics, technological trends, and insights on the geographical segments and the process, material, and application types. Also, it analyses the major players and the competitive landscape in the global textile industry. The Textile Industry is Segmented by Application Type (Clothing, Industrial/Technical Applications, and Household Applications), By Material (Cotton, Jute, Silk, Synthetics, and Wool), by Process ( Woven and Non-woven), and by Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa). The report offers market size and forecasts for the textile industry in Value (USD billion) for all the above segments.