LONDON, Aug. 03, 2021 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the fabrics market, and as per its global textile industry overview 2020, growth of the fabrics market in the historic period resulted from rapid growth in the automotive industry, strong growth in emerging markets, low-interest rate environment and urbanization. Factors that negatively affected growth in the historic period were increasing costs and oil price volatility.
The global fabrics market is expected to grow from $165.7 billion in 2020 to $183.9 billion in 2021 at a compound annual growth rate (CAGR) of 10%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $228.6 billion in 2025 at a CAGR of 6%.
Asia Pacific is the largest region in the global fabrics market, accounting for 54.6% of the total apparel and global textile industry 2020. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the fabrics market will be the Middle East and South America where growth will be at CAGRs of 12.5% and 12.0% respectively during 2020-2025. These will be followed by Africa and Asia Pacific, where the markets are expected to grow at CAGRs of 7.8% and 6.1% respectively.
The Business Research Company’s report titled Fabrics Global Market Report 2021: COVID-19 Impact and Recovery to 2030 covers major fabrics companies, fabrics market share by company, fabrics manufacturers, fabrics market size, and fabrics market forecasts. The report also covers the global fabrics market and its segments.
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The growth in the fabrics market through 2025 is expected to be driven by the increasing organized retail industry in developing economies. Organized retail provides companies with an openly competitive environment to foster strong business operations and spur innovations that increases efficiency and reliability.
For the companies in the fabrics market, organized retail provides well-established distribution channels to increase the product reach to a wider customer base. Healthy economic growth, changing demographic profile, and growing consumerism, are expected to augment the further growth of the retail industry, especially in developing countries. Thus, growing retail in developing countries is expected to provide global marketing opportunities for products and augment the growth of the fabrics market during the forecast period.
The projected increase in e-commerce activities is also expected to provide fabric manufacturers a global platform to sell their products and reach a wider global audience than before, increasing their customer base geographically. Thus, this drives the growth of the fabrics market during the forecast period.
In countries such as India, for instance, e-commerce portals have boosted the sales of traditional garments by giving larger exposure to producers who were confined to one geography where the weaving community was located. Also, the online fabric stores in India are serving premium fabrics from around the globe to fulfill the demand of fabric amongst millennials in order to create fashionable pieces.
Fabrics Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide textile market overviews, analyze and forecast market size and growth for the whole market, textile market segments, and geographies, textile market trends, textile market drivers, textile market restraints, leading competitors’ revenues, profiles, and textile market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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Apparel Global Market – By Type (Women’s Wear, Men’s Wear, Kids Wear), By Type Of Fiber (Man-Made Fibers, Cotton Fibers, Animal Based Fibers, Vegetable Based Fibers), By Distribution Channel (Online Sales, Offline Sales), And By Region, Opportunities And Strategies – Global Forecast To 2030
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