The global textile manufacturing industry is currently in the middle of a period of rapid change. In the last two decades, several structural changes have led to a new business environment that the textile industry around the globe has had to adapt to. The market size for the industry has continued to grow and is anticipated to see a 4.3% overall growth through 2027. Rising disposable income, population, and urbanization in emerging economies, like the textile industry in India and Mexico, are projected to drive market growth.
But with this growth comes challenges, challenges that need to be faced head on in order to keep up with global demand. Companies within the textile market size need to understand these challenges so they can make the right changes in order to find success and keep losses to a minimum.
Here’s a better look at some common issues facing the Textile Industry today.
By the Numbers
In the United States, the textile industry has cemented its stance in the global market. In 2018, the value of U.S. man-made fiber and filament, tactile, and apparel shipments totaled nearly $77 billion, a $4 billion growth from the prior year.
In 2018, the U.S. saw $30 billion in shipments for yarns and fabrics, $27.4 billion for home furnishings, carpet, and non-apparel products, $11.6 billion for apparel, and nearly $8 billion for man-made fibers. These numbers show that the fundamentals for the United States textile industry are sound, even though some markets for U.S. textiles and apparel saw a dip in recent years.
So, how can companies within the textile industry move forward, especially in a rapidly changing world?
What Are the Challenges in the Textile Industry?
A very important factor that affects the textile industry around the globe is how innovative it is now and will be in the future. Strong and innovative materials, chemicals and machinery manufacturing have been important contributions towards helping the textile industry in efforts to be sustainable. The global exhaustion of available resources, the rising global population, rapid changes, and erratic pattern pertaining to climate, as well as the advancement of technology, are some of the factors that influence the decisions made from the top down in the textile industry.
These factors are also influencing the future requirement of textile products and have a major hold on the industry in all parts of the globe. These factors also determine the working of textile industries from raw material to textile processing and design. The demand will continue to rise as the global population will reach more than 8 billion by 2025, and nearly 10 billion by mid-century.
With exhaustion of resources facing the globe now, more emphasis on recycling is needed. Bigger textile manufacturers and users have already started to focus on this move, such as Adidas, which is utilizing plastic to weave into its fabrics. Another major change that the global textile industry is expecting is the shrinking size of the apparel markets in Europe and the United States.
Currently, these regions around the globe still stand for the majority of the world’s consumption and production of textile industry manufacturing, but by 2025, markets in China and India are expected to overtake the western hemisphere, becoming bigger than that of the U.S. and the European Union. What’s more, luxury brands have already started to tap into the Asian markets since domestic demand in Asia has been escalating rapidly.
The global manufacturing value chain is expected to see more investment worth more than $350 billion in the U.S. to cater to the additional apparel market demand of U.S; $1 trillion by the middle of this decade.
Energy Efficiency in the Textile Industry
Energy efficiency has already been one of the top priorities of textile industries around the globe. This trend has been around for more than a decade, but the demand, and also the need of sustainability in textile products, has seen a sharp rise recently. The textile processing and textile engineering has been radically changed, and textile manufacturing units make it a point to mention this in company profiles in order to win more trust with customers and clients.
Considering the changing climate conditions, it’s expected that textile crops that require very little attention will pick up momentum. The focus will, however, be on growing organic crops for textile. The natural fibers are more than likely to get the attention of consumers as fabrics made from these fibers are not only helpful, but also result in a reduction in chemical waste.
About Irving Weber Associates
At Irving Weber Associates, Inc., we understand what it takes to run a successful Dry Cleaner, Coin Operated Laundromat, Linen Supply business, Textile Restoration, or Commercial Launderer, including investing in a comprehensive Insurance Program to ensure that you are financially protected against claims. Our programs offer overall business insurance coverages including General Liability, Property, Site Pollution Liability, Boiler & Machinery Equipment Breakdown, Workers’ Compensation, Business Auto, and many more. For a detailed look at how we can help you safeguard your business with a custom-tailored package, please contact our experts today at (800) 243-1811.