Asia-Pacific, With A Value Of $234 Billion In 2021, Was The Largest Region In The Textile Market

Asia-Pacific was the largest region in the textile market and was worth $234.2 billion in 2021. The market accounted for 0.69% of the region's GDP. The textile market in the Asia-Pacific is supported by the rapid economic growth of the countries, leading to an increase in expenditure on textile industries and their automation. According to the data from the World Bank, in 2020, the Gross Domestic Product (GDP) in Bangladesh was worth 324.24 billion US dollars, as compared to 302.56 billion US dollars in 2019. Also, the Gross Domestic Product (GDP) in Vietnam was worth 271.16 billion US dollars in 2018, as compared to 261.92 billion US dollars in 2019. GDP in China averaged 2,820.59 USD billion from 1960 until 2021, reaching an all-time high of 17,734.06 USD billion in 2021.

The global textile market size is expected to grow from $530.97 billion in 2021 to $575.06 billion in 2022 at a compound annual growth rate (CAGR) of 8.3%. The textile market share is expected to grow to $760.21 billion in 2026 at a CAGR of 7.2%.

Toray Industries Inc. was the largest competitor in the textile market in 2021, with a 1.81% share of the market. Toray Industries, Inc. is a multinational corporation headquartered in Japan that specializes in industrial products centered on technologies in organic synthetic chemistry, polymer chemistry, and biochemistry and other business areas like fibers and textiles, as well as plastics and chemicals. The company was established in 1926 and is headquartered in Tokyo, Japan. Toray Industries, Inc.'s strategy is focused on strengthening its product portfolio with new product launches that are sustainable. For instance, in March 2022, Toray Industries, Inc., announced that it had developed a high-strength textile that employs Toyoflon, a low-friction polytetrafluoroethylene (PTFE) fiber. The new textile retains the outstanding friction resistance of fluoropolymers. Toray will draw on the features of the new textile to broaden applications, including for industrial machinery, plant facilities, automotive parts, and bearings.