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A textile is a ductile material comprising of a linkage of natural or artificial fibers. Some of the industries which help to propel more demand for textile include construction, automotive, medical, and others. Textiles are used in the construction of bridges, buildings, roads, tunnels, and dams since it has mechanical qualities such as flexibility, lightness, and strength. Additionally, the textile is also being used in the construction of automobiles for its sunroof, seat belt, carpet, seat cover lining, sun visor, and others. Furthermore, textile also has its application in the medical industry and some of its major uses are soft tissue implantation, hard tissue implantation, sutures, and others. Therefore, the use of textile in the above industries acts as the major propelling factor which is generating more sales for the growth of the market.
Moreover, increasing requirements of textile in the household products also act as one of the major driving factors which help to draw more demand for the product. Some of the household products include curtains, towels, potholders, washing cloth, bed sheets, and others. These household products services as the propelling factor which helps in the growth of the market.
The innovation of tech-infused wears which has the ability to heat up and cool down in the arena of textiles and clothing is now becoming one of the most trending innovation which is fostering the growth of the market. According to the Inventor’s Business Daily, companies like Nike and Under Armour are focusing on collaboration with Google parent Alphabet and Microsoft in the development of smart clothing technology.
The rising growth of the clothing industry acts as one of the driving factors which propels the growth of the market. This is due to the increase in promotional campaigns done by clothing & apparel companies. Some of the promotional activities include fashion shows, advertisements done in television, social and print media, doing collaborative work with celebrities and others are propelling more demand for the growth of the market. According to FASH455 Global Apparel & Textile Trade and Sourcing, the global textile mills market revenue in 2016 is projected to be USD 748.1 billion.
The innovation of seamless wood which has the ability to transform into second-skin wear is now becoming one of the most trending wears which act as an immense opportunity for fostering the growth of the market.
However, due to the availability of unmanaged industrial waste especially in developing countries act as one of the major accelerating factor which creates more government rules and regulation in the manufacturing of textile is hampering the growth of the market.
Key Market Driver -
Raising growth of clothing industry is increasing the demand of textile which act as one of the major driving factor for the growth of market.
Key Market Restraint -
Unmanaged industrial waste which is hamful for the environment act as one of the major restraining factor which hampers the growth of the market.
The major key players which are operating in the textile market include Aigle SAS, Arvind, Ltd., Ashworth, Inc., Bombay Dyeing & Manufacturing Co Ltd, Bruno Banani Underwear GmbH, Canterbury of New Zealand Ltd., Cone Mills Corporation and others. These players are directing towards coming up with the finest product to meet the requirements of their consumers to propel more production and foster the growth of the market.
The global textile market is segmented by product, by raw material, by application, and by region.
On the basis of product, the market is fragmented into the natural fiber, nylon, polyester, and others. The natural fiber is expected to be the largest fragment based on product this is because natural fibers are acquired from plants and animals which comprises of jute, cotton, linen, wool, silk, and cashmere are largely used for manufacturing of different types of goods helps to foster more demand as compared to of fragments.
Based on raw material the market is divided into cotton, chemicals, wool, silk, and others. Cotton is anticipated to be the major shareholder in the market owing to its outstanding durability and its ability to resistance to hypoallergenic and dust mite.
Furthermore, based on the application the market is grouped into house-hold, fashion & clothing, technical, and others.
Fashion & Clothing holds the major share based on the application this is because there is increasing growth of clothing industry due to an increase in promotional activities like discounts, but one gets one free, marketing and advertising on social and print media and others are resulting to propel the growth of the market.
According to geography, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The Asia Pacific is the major dominating region and is anticipated to continue its dominance during the coming years. Some of the contributing factors which drive to the growth of the market in this region include a huge presence of natural resources, growth of manufacturing industries, the rise of disposable income, and others. According to India Today, India's total textile exports during the financial year of 2017-18 is US$ 39.2 billion which act as one of the largest contributors in this region.
North America is the second dominating and fastest-growing region in the textile market. The factors contributing to the growth of the market in this region are a rise in income level, an increase in the working-class population, homes of the world-leading clothing brands, high standard of living, and others.
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