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Global textile fibers market expected to reach $66.5 Bn by 2030

  

The global market for textile fibers is expected to reach $66.5 billion by the year 2030, growing at a compound annual growth rate (CAGR) of 6% over the analysis period of 2022-2030, according to a recent report by Research And Markets.

The market, which was estimated to be worth $41.7 billion in 2022, has been affected by the COVID-19 pandemic and subsequent global recession, but future prospects remain optimistic.

The United States market for textile fibers is estimated to be worth $11.4 billion in 2022, while China, the world's second-largest economy, is projected to reach a market size of $14.6 billion by 2030, growing at a CAGR of 9.7% over the same period. Japan and Canada are also expected to experience growth at rates of 3.3% and 4.8%, respectively, over the 2022-2030 period. In Europe, Germany is forecasted to grow at a rate of approximately 4% CAGR.

The Asia-Pacific region remains the dominant consumer of textile fibers, while synthetic fibers are expected to post healthy expansion. The scarcity and volatility of natural fibers production drive demand for synthetic fibers. The cotton fibers market is also discussed, along with cellulosic fibers and their sources.

 
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