Market Trends of Global Textile Testing, Inspection and Certification (TIC) Industry
This section covers the major market trends shaping the Textile Testing, Inspection & Certification (TIC) Market according to our research experts:
Trade of Textile Products Driving the Market
The production and trading of textiles require testing, inspection, and certification services to ensure that they conform to quality-related standards, which also helps them gain recognition worldwide. The global textile industry growth continues to be driven by the world's largest textile producing countries and the top textile exporters in 2020, mainly owing to their rising production and sales of materials such as cotton, yarn, fiber, and other finished products or apparel. While China remains the world's largest textile producer and exporter, other major textile markets such as the EU, India, and the US, are also showing an impressive annual growth rate over the last few years. It is expected that the global textile industry will grow proportionally with the fast-changing fashion market around the world, meaning that the world's largest textile producing countries and top textile exporters are still full of opportunities to flourish further over the near future.
China is currently the world's largest textile producer and exporter of both raw textiles and garments, accounting for over half of the global textile output every year. The United States is the leading producer and exporter of raw cotton, while also being the top importer of raw textiles and garments. India is another one of the world's largest textiles producing countries and largest textile exporters. It holds an export value of more than USD 30 billion a year. India is responsible for more than 6.9% of the world's total textile production and its textile industry valued at approximately USD 150 billion. Bangladesh has emerged as a prominent competitor in the textile and apparel industry. Low labour cost and a massive workforce have enabled Bangladesh to become the third-largest exporter of textiles and apparel in the world. Bangladesh has an export value of USD 38.73 billion as calculated in 2020. Interestingly, the country is the 2nd largest textile exporter of western fast fashion brands and excels in bulk order.
Growth of E-commerce:
Quality is important for successful e-commerce sellers. Pre-shipment product inspections (PSI) is a critical step that a responsible e-commerce seller needs to undertake before shipment to avoid compromising on quality. Pre-shipment inspections are also a requirement for many countries. The global e-commerce market reached a value of USD 13 Trillion in 2021. Rapid urbanization across the globe is one of the key factors driving the growth of the market. The spread of the coronavirus disease (COVID-19) has provided a further push to e-commerce activities as customers shift toward online platforms for ordering essential items amid lockdown and social distancing measures.
Asia-Pacific remains the largest market for retail eCommerce with digital sales amounting to nearly USD 2.992 trillion in 2021. Latin America saw USD 85 billion in e-commerce sales in 2021, up 25% from USD 68 billion in 2020. The Indian e-commerce market is expected to grow to USD 111.4 billion by 2025, up from USD 46.2 billion in 2020. Russia, the UK, and the Philippines saw more than 20% ecommerce sales growth in 2021. China continues to lead the global ecommerce market, accounting for 52.1% of all retail ecommerce sales worldwide, with total online sales just over the USD 2 trillion mark in 2021. It also has the world's most digital buyers, USD 824.5 million, representing 38.5% of the global total.
