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Textile Fabrics industry Size
WILMINGTON, DELAWARE, UNITED STATES, July 9, 2024 /EINPresswire / -- Allied market Research recently released a comprehensive report titled "Textile Fabrics Market by Fabric Type (Cotton, Polyester, Polyamide, Others), by Application (Fashion & Clothing, Household, Technical): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global textile fabrics market is expected to reach $942.8 billion by 2031, growing from $498.0 billion in 2021 at a CAGR of 6.7% during 2022-2031.
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Key Drivers of Growth:
The market's expansion is primarily driven by increased activities in the oil & gas exploration sector and the continuous growth of the fashion and apparel industry. Advancements in the chemical industry and rising investments are also contributing factors. However, fluctuating raw material prices could pose challenges. On a positive note, heightened competition in professional sports is expected to create new growth avenues.
Polyester Segment Dominance:
In 2021, the polyester segment dominated the market, capturing approximately half of the total market share. It is projected to grow at a CAGR of 6.9% throughout the forecast period. The increasing demand for polyester, driven by its durability and strength, will contribute significantly to market expansion.
Lucrative Opportunities in Fashion & Clothing:
The fashion & clothing segment led the market in 2021, accounting for nearly three-fifths of the total market share. It is expected to maintain the highest CAGR of 6.9% from 2022 to 2031. This growth is fueled by rising apparel demand from the fashion industry and the expanding e-commerce sector.
Rapid Growth in Asia-Pacific:
The Asia-Pacific region held the largest market share in 2021, accounting for around two-fifths of the total market. It is projected to grow at the highest CAGR of 7.0% during the forecast period, driven by increased consumer spending on apparel accessories.
Key Market Players:
Major players in the textile fabrics market include DuPont de Nemours, Inc., Klopman International, Weiqiao Textile Co. Ltd, Wolfin Textile Ltd., Loyal Textile Mills Ltd, and others. These companies are focusing on strategic initiatives such as acquisitions, mergers, partnerships, and collaborations to expand their business footprint.
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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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Allied Market Research
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