Currently worth $530.97 billion, the global textile market is expected to grow at 8.3 per cent CAGR to reach $575.06 billion in 2022. The sector’s market share is expected to grow at 7.2 per cent CAGR and be worth $760.21 billion in 2026. Growth will be dominated by the Asia-Pacific market valued at $234.2 billion in 2021. The market accounted for 0.69 per cent of the region's GDP during the year, as per a Press News Wire report.
Expanding economy drives textile growth
Rapid economic growth in Asia Pacific is driving textile market growth in these countries. World Bank data shows, in 2020, Bangladesh’s GDP increased to $324.24 billion from $302.56 billion in 2019. China’ GDP also averaged $2,820.59 billion from 1960 until 2021, to reach an all-time high of $17,734.06 billion in 2021.
The textile industry in the Asia-Pacific region is increasingly moving towards making clothes made from organic fabrics as they are easy to maintain and clean. More and more companies are adopting organic fibers such as cotton, wool, hemp, linen, etc as these are grown according to national organic standards without the use of any toxic pesticides.
Demand for organic fibers rising
Companies are using organic fabrics for both apparel and home textiles as demand for products made with natural raw materials is rising.
A Japan-based multinational corporation, Toray Industries is seeing increased demand for organic textiles. The company manufactures industrial products using popular technologies used in the organic synthetic chemistry, polymer chemistry, and biochemistry and other business areas like fibers and textiles, as well as plastics and chemicals.
Established in 1926, the Tokyo-headquartered Toray Industries strengthens its product portfolio by launching new sustainable products. In March 2022, the company developed a new high-strength textile employing Toyoflon™, a low-friction polytetrafluoroethylene (PTFE) fiber. The fiber will be used by Toray to broaden its application into industrial machinery, plant facilities, automotive parts and bearings.