November 14, 2022 02:11 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Nov. 14, 2022 (GLOBE NEWSWIRE) -- The worldwide textiles market size anticipates spiraling growth due to high demand for a myriad of applications in various industries. Textile is a ductile material with qualities of also being strong, light, and flexible. It is used in the automotive, construction, and medical industries and has a huge demand in industries, which is propelling the market growth. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Textiles Market, 2022-2029.”
The report elucidates the different propellants to the textiles market growth. For instance, textile finds its application in the automotive industry to manufacture carpets, sun visor, sunroofs, seat cover linings, and others. Similarly, the medical industry benefits from textile application in sutures, hard tissue implantations, soft tissue implantation, etc. Factors like these are acting as a stimulant to market growth and have been discussed along with other factors supporting market growth.
The world is facing major economic challenges due to the COVID-19 pandemic. Several industries are experiencing hindrances in their operations due to dynamic market situations. Lockdowns, social distancing norms, and curfews have resulted in disrupted supply chain networks. The uncertain efficacy of vaccines is questionable, and thus it is unclear to comment on how long the situation may persist this way. Nonetheless, our research report’s thorough analysis will help you gain a detailed comprehension of this niche market.
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Fortune Business Insights™ lists out all the textiles market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
The report follows an innovative research methodology that contains data triangulation based on bottom-up and top-down approaches. The information used to predict the forecast for multiple segments at the country, regional, and global levels is gathered through interviews with reputed stakeholders. The report also incorporates the use of Porter's Five Forces Analysis for the forecast. The report focuses on the present status and future opportunities for the textiles market. The report also focuses on the recent developments in the industry, including information on new product launches, expansions, and key market trends.
Booming Clothing Industry Will Favor Textiles Market
The clothing industry is witnessing spiraling growth due to rapid digitization. Whether online or offline, promotional activities and campaigns are fueling the demand for textiles by clothing companies. Advertisements, collaborations with celebrities for promotion, fashion shows, etc., are acting as a stimulant to textile demand. Similarly, second-skin wear is emerging as a new trend due to the revolution of seamless wood. These innovations in clothing will open new opportunities for the textile market growth in the future.
However, textile production results in industrial waste, which, when unmanaged harms the environment. This is likely to act as a restraint in market growth.
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Based on the product, the market segments into nylon, fiber, polyester, etc. Based on raw material, the market divides into cotton, silk, wool, chemicals, etc. Based on application, the market is organized as technical, household, fashion, and clothing, etc. Geographically, the market is categorized into North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
Asia Pacific to Hold the Lion’s Share in Global Market
Asia Pacific has abundant natural resources, growing manufacturing industries, a rising disposable income, and the developing countries like India, Bangladesh, and Pakistan are driving the market growth due to increased activities in the clothing industry. Favorable government policies in these countries are fueling the market growth as well. For instance, India offers 100% Foreign Direct Investment in the textiles market. India is also amongst the largest contributors to textile in the region.
North America is likely to hold second place in the market growth as the fast-growing market has witnessed an increase in income levels, better living standards increased working population, etc. These factors are contributing to the market growth in the region.
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Expansion of Bombay Dyeing’s Retail Stores to Expedite Product Sales
The textiles market experiences a dynamic demand from various industries. The market has been witnessing an increasing trend of expansions, and new product launches as several players worldwide are devising new strategies to stay at the top of the game. For instance, Bombay Dyeing opened 100 new stores to expand its franchise. This helped the company to grow at a rapid pace and enhance its reach to consumers.
Textile Market Size Highlights of the Report:
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