Global textile industry: recent trends in the market
The textile industry encompasses the production and sale of materials such as cotton, yarn, fiber and finished products or apparels. Conjecture is that the global textile industry might give a CAGR of approximately 5% until the year 2020.The global textile mills market might predictably reach the value of more than 800 billion USD. The global apparel and non-apparel industry might exceed the value of almost 1000 billion USD in the next couple of years. The global textile exports market may fluctuate in the future as more and more nations embrace domestic production.
The textile industry is an ever-growing market with key competitors being the countries China, European Union, the United States and India. China’s textile exports went up by roughly 3% in the year 2018. China is the leading textile manufacturing country and is almost worth 1/4th of the global textile industry with an export value of more than 100 billion USD. The textile industry of the European Union has Germany, Spain, France, Italy and Portugal on the forefront with a value of more than 1/5th of the global textile industry and is currently valued at more than 160 billion USD. India is the third largest textile manufacturing industry and holds an export value of more than 30 billion USD. India is responsible for more than 6% of the total textile production globally and is valued at approximately 150 billion USD. India is followed by the United States in the exports of textile. The United States has now become one of the largest consumers of textile being responsible for almost 75% of the total textile imports. China, Japan, India and United States dominate the global textile industry.
The textile and apparel industry has been growing proportionally with the changes in the world of garments. The global textile industry has seen both rise and fall in the year 2018. The leading production of cotton was achieved by India, China and United States at around 6,200, 6,000 and 4,500 thousand metric tonnes produced by the countries respectively. Arvind ltd., the Indian textile company, manufacturing cotton garments might also expand to other materials soon and is in talks with the Dutch tech company DyeCoo to practice the concept of CO2 dyeing as an environment-friendly option of dyeing. India apparel industry might soon introduce a customized standard of garment sizes. The Indian textile industry is valued at around 40 billion USD. The Brexit deal might bring a lot of uncertainty in the global textile industry. To get further details regarding the current scenario of the global textile industry, please refer to the following reports.
