The Global Textile Fabrics Market To Reach $942.8 Billion Globally By 2031 At 6.7% CAGR─Says Allied Market Research
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The growth of the fashion and apparel industry, surge in investments, expansion of the oil and gas sector, and advancements in the chemical industry drive the growth of the global textile fabrics market.
PORTLAND, Ore. : Allied Market Research published a report, titled, "Textile Fabrics Market by Fabric Type (Cotton, Polyster, Polyamide, Others), by Application (Fashion & Clothing, Household, Technical): Global Opportunity Analysis and Industry Forecast, 2021-2031".
According to the report, the global textile fabrics industry generated $498.0 billion in 2021, and is anticipated to generate $942.8 billion by 2031, witnessing a CAGR of 6.7% from 2022 to 2031.
The Polyester Segment To Maintain Its Leadership Status Throughout The Forecast Period
Based on fabric type, the polyester segment held the highest market share in 2021, accounting for more than half of the global textile fabrics market, and is estimated to maintain its leadership status throughout the forecast period.
Moreover, the same segment is projected to manifest the highest CAGR of 6.9% from 2022 to 2031, owing to the increase in demand for polyester in the textile industry as it offers durability, strength, great finishing, and more.
The report also discusses segments including polyamide, cotton, and others.
The Fashion & Clothing Segment To Maintain Its Lead Position During The Forecast Period
Based on application, the fashion & clothing segment accounted for the largest share in 2021, contributing to around three-fifths of the global textile fabrics market, and is projected to maintain its lead position during the forecast period.
Moreover, the same segment is expected to portray the largest CAGR of 6.9% from 2022 to 2031, owing to the rise in demand for apparel from the fashion industry coupled with the growth of e-commerce.
The report also analyzes segments such as household and technical.
Asia-Pacific To Maintain Its Dominance By 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global textile fabrics market, and is likely to dominate the market during the forecast period.
Moreover, the same region is expected to witness the fastest CAGR of 7.0% from 2022 to 2031.
This is owing to an increase in consumer spending on apparel accessories in the region.
The report also analyzes North America, Europe, and LAMEA regions.
About Allied Market Research
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon.
Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions."
AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
