Several textile industries have shown promising growth in the last year. As conditions become more favorable, they will continue to prosper in the global market. Details on these three industries and more can be found on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to discover high quality leads, contact prospects, and source quotes. Register today to connect with over seven million companies around the globe.
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Global Smart Textiles Market Thrives
Smart textiles might be a new segment in the global textile and apparel industry, but its staggering growth rate over the last few years has proven its potential to be one of the biggest sectors in the global textile market.
This growth is mainly driven by the uptrend in the wearable technology industry, increasing demand for sophisticated electronics, miniaturization of electronic components, and the rapid growth of wireless sensor networks. While the textiles cost more than other types of fabrics, their versatility and the increasing accessibility of new technology mean that these products are here to stay.
Organic Cotton Market Grows as Consumers Demand Sustainability
With growing concerns over sustainability and pollution globally, more organizations are beginning to turn to organic cotton when manufacturing textiles. Conventional cotton accounts for around 11% of global pesticide sales despite using less than 3% of cultivated land, and many of these pesticides are harmful to people. While organic cotton is more costly, it has a much smaller environmental impact.
The global organic cotton market was worth USD 15.76 billion in 2014/15 and shows stable growth, according to Textile Exchange. While cotton prices had been declining for several years, they began to pick up again in 2016, when consumption exceed production for the first time in 6 years. As more people are beginning to factor in sustainability when buying clothing and other products, using organic cotton can give companies an edge over their competitors. With cotton demand and prices on the rise once more, the future is looking bright for this market.
Global Polyester Market Continues Its Stable Growth
Polyester is now one of the most commonly used fibres in the global textile and apparel industry, accounting for more than half of the overall fibre used worldwide. The share of polyester fibres used in the global mills industry is estimated to reach over 57.4% by 2020, meaning that the usage of polyester will be significantly more than the usage of cotton, cellulosic, wool and acrylic combined.
Today, polyester is already the most widely used fibre in all major segments of the global textile and apparel market. A report by Zion Research indicates that the global market is expected to surpass USD 115 billion by 2020, representing a CAGR of over 5% over the five-year period. While growth is projected to slow down in the near future, polyester will continue to be a dominant fiber.
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