Asia Pacific Textile Market Trends, Share, Revenue, Growth Drivers, Challenges, Future Strategies and Competitive Analysis 2023-2033


Asia Pacific Textile Market Trends, Share, Revenue, Growth Drivers, Challenges, Future Strategies and Competitive Analysis 2023-2033: SPER Market Research

 Category : Consumer & Retail

 Published: Sep-2023
 Author: SPER Analyst

Asia Textile Market is projected to be worth USD 495.79 billion by 2033 and is anticipated to surge at a CAGR of 2.76%.

The primary focus of the textile industry revolves around the creation, manufacturing, and supply of textiles, including yarn, fabric, and garments. These textiles can originate from either natural sources or be synthetically produced using chemicals from the chemical industry.

Asia Textile Market Driving Factors and Challenges

The Asian textile sector has experienced rapid growth since the economic downturn, primarily driven by evolving consumer preferences and demands. The industry is undergoing modernization due to increasing sophistication in people's clothing preferences. Furthermore, there is a significant upswing in the market for technical textiles, which find applications in various products such as automotive components, mattress covers, bags, tents, parachutes, and more. Consumers are showing a growing inclination towards purchasing unique and innovative products, contributing significantly to the expansion of this industry. The Asia-Pacific apparel and non-apparel manufacturing market has shown consistent improvement in the past five years, and this growth trend is expected to continue in the forecasted period. The factors driving this market growth include rising disposable incomes and the prominent presence of fast fashion, which has propelled China to become the leading clothing exporter. In India, growth has been spurred by cost-effective labour and raw materials, advancements in textile technology, and the "Make in India" policy. However, the Japanese apparel industry has faced challenges from countries like China and Bangladesh, which offer more competitively priced products.

However, the textile market in Asia is characterized by intense competition among numerous players, resulting in potential price conflicts and margin pressures. Furthermore, the presence of unregulated industrial waste has led to the implementation of more stringent laws and regulations governing textile production. This challenge is particularly prominent in developing nations that are still in the process of industrialization. The accumulation of improperly managed industrial waste poses a significant obstacle to the industry's growth, as it can harm the environment in the vicinity.

Impact of COVID-19 on Asia Textile Market 
The textile industry has been significantly harmed by the COVID-19 crisis, causing difficulties for brands, manufacturers, and workers on multiple fronts. This pandemic has exposed serious vulnerabilities within garment supply chains and underscored the consequences that sourcing decisions can have on supplier factories and their employees. Given that a substantial portion of global garment production is concentrated in Asia, this region remains at the forefront of the adverse effects reverberating throughout the supply chain.

Asia Textile Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Arvind Ltd, Bombay Dyeing and Manufacturing Company Ltd, Bombay Rayon Fashions Ltd, Cotton Corporation of India, Fabindia Overseas Pvt Ltd, Raymond Ltd, Texhong Textile Group, Vardhman Textiles Ltd, Weiqiao Textile, Others.

Asia Textile Market Segmentation:

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

By Application: Based on the Application, Asia Textile Market is segmented as; Clothing, Household, Industrial and Technical, Other Applications.

By Region: This research also includes data for Australia, Bangladesh, China, India, Pakistan and rest of Asia-Pacific.

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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