North America Textile Market Share, Trends, Demand, Revenue, Key Players, Growth Drivers, Challenges and Future Opportunities Till 2033


North America Textile Market Share, Trends, Demand, Revenue, Key Players, Growth Drivers, Challenges and Future Opportunities Till 2033: SPER Market Research

 Category : Consumer & Retail

 Published: May-2024
 Author: SPER Analyst

North America Textile Market is projected to be worth USD 141.5 billion by 2033 and is anticipated to surge at a CAGR of 4.08%.

The design, manufacture, and distribution of yarn, cloth, clothes, and accessories are the focus of the textile market industry. Natural or manufactured raw materials that may include chemical industry products can be used. Many nations rely heavily on the textile and apparel sectors to support their national economies. The market for textile clothing is being driven by the younger generation's growing awareness of the newest fashion trends. Growing willingness to pay a premium for high-quality clothing, rising expenditure on apparel and accessories from online retailers, and growing consumer awareness of eco-friendly and sustainable fashion all contribute to the textile garment market's expansion.

North America Textile Market Driving Factors and Challenges

Drivers: Growing Knowledge of the Most Recent Fashion Trends Among Young People The coolness of their attire and social acceptance are the main concerns of the teenagers. Teenagers will therefore make decisions when they shop that are more focused on brands. The majority of teenagers will purchase at establishments that offer premium, high-end designer clothing. Spending more on online platforms for clothing and accessories The digital world and the fashion industry are becoming increasingly intertwined. In the fashion industry, digital platforms and digital marketing methods are becoming more commonplace. With the growth of e-commerce, which enables businesses to interact with customers through virtual reality, many new brands have appeared. When it comes to e-commerce sales, the sector with the largest growth is fashion and online clothes.

Challenges: Several factors, including as automation, competition from imports, and the United States' growing comparative advantage in related industries, have contributed to the substantial decline in the size of the textile and clothing manufacturing sector in recent decades. A wide range of challenges, such as social, environmental, and economic ones, also face the textile sector. The economic concerns include shifting consumer demand, volatile raw material prices, and fierce competition from low-cost suppliers in emerging economies. In addition, the globalization of the supply chain has made these problems more urgent and increased concerns about job losses in historically textile-producing regions. Pollution, resource depletion, and waste generation are environmental concerns facing the textile industry.

Impact of COVID-19 on North America Textile Market
The extensive lockdowns and interruptions to global supply chains, particularly in the fashion and apparel industry, caused the market for textiles to first decrease sharply. The closure of retail sites and a decline in consumer spending resulted in lower sales and revenue losses for numerous textile manufacturers. Because of the closure of manufacturing facilities to comply with social distancing laws, these challenges grew worse. But the sector recognized opportunities for creativity and flexibility in the middle of the crisis.

North America Textile Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; American Eagle Outfitters Inc., DuPont de Nemours Inc., Elevate Textiles Inc., Guilford Mills Inc., Hennes & Mauritz AB, Levi Strauss & Co., Mohawk Industries Inc., Nike Inc., Standard Textile Co. Inc., The Dixie Group Inc., Welspun India Ltd, WestPoint Home Inc.

North America Textile Market Segmentation:

By Application: Based on the Application, North America Textile Market is segmented as; Clothing, Industrial/Technical Applications, Household Applications.

By Material Type: Based on the Material Type, North America Textile Market is segmented as; Cotton, Jute, Silk, Synthetics, Wool.

By Process: Based on the Process, North America Textile Market is segmented as; Woven, Non-woven.

By Region: This research also includes data for United States, Canada, Mexico.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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