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Fabrics Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Fabrics Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • January 2021
  • 300 pages
  • ID: 6009731
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major companies in the fabrics market include Toray Industries Inc; Luthai Textile Co Ltd; Vardhaman Group; Arvind Ltd and Bombay Rayon Fashions Ltd.

The global fabrics market is expected to grow from $165.67 billion in 2020 to $183.59 billion in 2021 at a compound annual growth rate (CAGR) of 10.8%. 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 $228.36 billion in 2025 at a CAGR of 6%.

The fabrics market consists of sales of fabrics by entities (organizations, sole traders and partnerships) that manufacture fabrics, through processes such as weaving and knitting. A fabric is a cloth formed by weaving, knitting, tufting or bonding together. Fabric mills include broad woven fabric mills, narrow fabric mills, non-woven fabric mills and knit fabric mills. They are engaged in weaving fabrics, felts and narrow fabrics, and they also further finish and fabricate fabric products. Fabrics are mainly used as raw materials for manufacturing apparels and home furnishings products. The fabrics market is segmented into broadwoven fabrics; narrow fabric mills and schiffli machine embroidery; non-woven fabrics and knitted fabrics.

Asia Pacific was the largest region in the global fabrics market, accounting for 55% of the market in 2020. Western Europe was the second largest region accounting for 13% of the global fabrics market. Africa was the smallest region in the global fabrics market.

Increasing demand for online shopping is expected to drive the fabrics manufacturing market. Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically driving the growth of the apparel manufacturing market. 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.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the fabrics manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in halting of manufacturing activities and a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the fabrics manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

The demand for smart fabrics is increasing rapidly. This is mainly driven by the growing use of smart fabrics in various sectors including fashion, entertainment, medical, transportation, sports and fitness, and military. Smart fabrics are textiles that can interact with their environment and respond to a physical stimulus including those from mechanical, electrical, thermal and chemical sources. Sensors, actuators and fabrics are the major components of smart fabrics. The materials used in smart fabrics include optical fibres, metals and conductive polymers. An example of smart fabrics is D-Shirt offered by French company Cityzen Sciences, which comes with a wide range of functions to record heart rate, GPS location, route, altitude and speed .

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