Textile Industry Maps Opportunities for Innovations in Fashion Apparel
03 May 2023: Global textile industry size stood at USD 1.7 trillion in 2022 and will witness an upward growth trajectory with the rising footprint of retail outlets and supermarkets, according to “Textile Industry Data Book, 2023-2030” published by Grand View Research.
Soaring adoption of data analytics, AI, IoT and 3D technologies has redefined clothing production. For instance, 3D printing technology has gained ground to minimize waste, a sought-after investment to bolster sustainability. Concerted efforts toward enhanced modern tool kits could boost the visibility of fashion and household textiles.
Fashion brands have furthered their efforts on environmental goals with bullish efforts to reduce plastic waste and amp up plant-based technologies for fabrics.
Since most plant-based materials are produced in labs, these garments have been touted as cruelty-free – fostering the vegan fashion trend. The fashion textile market size was valued at USD 1.2 billion in 2022 and will depict a 7% CAGR from 2023 to 2030. The growth outlook is partly due to the adoption of more ethical practices, including investing in cruelty-free, eco-friendly and fur-free options.
The household textile market share will rise with surging consumer spending on renovation and furnishing. Notably, retailers are poised to inject funds into sustainable home décor. For instance, in March 2023, IKEA teamed up with Canopy to procure viscose for home textiles only from responsible producers, alluding to efforts toward forest-friendly and lower-carbon sourcing of materials.
Textile manufacturers have upped investments in recyclable fabrics and sustainable packaging to bolster their environmental profile. To illustrate, in January 2022, Levi’s introduced circular 501 jeans made from organic cotton and recycled materials.
Technical textile will likely witness bullish investments with heightened demand for durability and strength from the automotive, construction, marine and aerospace industries.
Asia Pacific textile industry share will be pronounced with buoyant investments in garments and apparel across China, India and Bangladesh. Some factors, such as cheap labor, advanced infrastructure and a smooth supply chain, encourage investors to infuse funds into the region.
In October 2021, it was reported that Bangladesh would be receiving USD 2.5 billion from textile factory owners to keep up with the soaring demand and augment production capacity. Moreover, 2.5 million spindles are expected to be installed in the country. Furthermore, strong penetration of digitization has propelled the e-commerce footprint across emerging economies, a trend likely to continue in the ensuing period.
Textile manufacturers and other stakeholders will likely emphasize organic and inorganic strategies, including technological advancements, innovations, product offerings, R&D activities and mergers & acquisitions. To illustrate, in January 2023, Invista announced the rollout of Navy Blue Cordura TrueLock Fabric with extended UV strength stability, UV-fade and abrasion resistance and durable color vibrancy. The launch will augur well for military, tactical and law enforcement applications.
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