Textile Fabrics Market Size Worth $942.8 Billion by 2030 | CAGR: 6.7%: AMR
The global textile fabrics market is expected to grow owing to the expansion of the fashion and apparel industry and growth of the oil and gas sector.
Wilmington, Delaware, Nov. 07, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, “Textile Fabrics Market by Fabric Type (Cotton, Polyster, Polyamide, Others), by Application (Fashion & Clothing, Household, Technical): Global Opportunity Analysis and Industry Forecast, 2021-2031“. As per the report, the global textile fabrics market is predicted to garner $942.8 billion by 2031.The market was valued at $498.0 billion in 2021 and is projected to rise at a CAGR of 6.7% during the 2022-2031 period.
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Prime determinants of growth
Rise in the oil & gas exploration industry and the expansion of the fashion and apparel industry are expected to be the two main factors behind the growth of this market. Also, advancements in the chemical industry and surge in investments will also help the market to surge ahead. However, volatile prices of raw materials might create hurdles in the expansion of the market. Nonetheless, the rising level of competition in professional sports might create new growth opportunities in the market.
The polyester segment to be the most profitable during the analysis timeframe
By fabric type, the polyester segment accounted for the largest market share in 2021 with around half of the total share. Furthermore, the same segment is expected to have the fastest CAGR of 6.9% during the forecast period. Escalating demand for polyester due to various advantages such as durability and strength will help the market to rise in the coming period.
The fashion & clothing segment to offer the most lucrative opportunities
By application, the fashion & clothing segment garnered the maximum revenue in 2021 with nearly three-fifths of the total market share. Moreover, the same segment is expected to have the highest CAGR of 6.9% during the 2022-2031 period. Growing demand for apparel from the fashion industry, along with the growth of the e-commerce industry is predicted to help the growth of the segment.
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Asia-Pacific to grow rapidly during the forecast period
By region, the Asia-Pacific textile fabrics market held the largest market share in 2021 with around two-fifths of the total share. Moreover, the market in the same region is projected to have the highest CAGR of 7.0% during the forecast period. The rise in the market in this region can be attributed to the growth in consumer spending on apparel accessories.
Leading Market Players:
- DuPont de Nemours, Inc.
- Klopman International
- Weiqiao Textile Co. Ltd
- Wolfin Textile Ltd.
- Loyal Textile mills ltd
- Whaley Bradford Ltd
- Coville Inc
- Premier Textiles
- Yi Chun Textile Ltd
- China textile Co. Ltd
The report also provides a comprehensive study of the major companies of the market along with their business expansion strategies including acquisitions, mergers, partnerships, and collaborations.
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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.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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