Valley Cottage, NY, November 21, 2017 (Newswire.com) - Future Market Insights (FMI) states in a new report that the global market for textile staples is witnessing a steady increase in terms of value as well as volume. As per the study, the competition within the market is on a rise due to a large number of players present and the continual entry of new participants in this market. DuPont, Invista, W. Barnet GmbH, Teijin Frontier, and Reliance Industries are some of the leading players in this market. These companies are aggressively focusing on innovations and product improvement through technological advancements to gain a strong foothold in the global market, reports the research study.
The opportunity in global market for textile staples is likely to touch US$125 bn by 2017 end. Researchers at FMI expect this market to rise at a CAGR of 4.90% during the period from 2017 to 2027 and reach a value of US$200 bn by the end of the forecast period.
Rise in Purchasing Power of Consumers to Boost Demand for Textile Staples
“Since, textile components are utilized extensively in transportation vehicles, such as cars, airplanes, buses, trains, marine vehicles, the global market for textile staples gains immensely from the development in the automotive industry across the world,” says a FMI analyst. Economic growth in developing countries and strong consumer demand are also propelling this market considerably.
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Going forward, the market is expected to benefit from the significant rise in per capita spending in the forthcoming years. The increasing consumption of household cotton is also projected to drive the growth of this market in the years to come. However, the cyclical pattern of this market, leading to periodic overcapacity and resulting in pressure on pricing, may limit the market’s growth in the near future, states the research report.
Cotton Staples to Maintain High Demand
The demand for cotton staples, among all textile staples, is relatively higher. With the increasing number of middle class consumers, with special preference for cotton textile, this segment is likely to remain registering a greater demand than other textile staples in the years to come. Synthetic textile staples, especially polyester, are also projected to witness steady rise over the next few years, thanks to the technological advancements.
Apparel has emerged as the key application area of textile staples and is expected to remain so over the forthcoming years on account of the rising population across the world. The interior flooring and the automotive segments are also projected to report noticeable demand for textile staples in the near future, notes the research study.
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APEJ to Retain Dominance
In terms of the region, Asia Pacific excluding Japan (APEJ) has surfaced as the market leader in the global textile staples market, thanks to the presence of established players in a large number. With the fast-paced economic growth and the rising disposable income of people in this region, the APEJ market for textile staples is expected to retain its position over the period of the forecast. The emergence of India as a prominent market for technical textile products is also predicted to add to the market for textile staples in APEJ in the years to come, notes the research study.
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Source: Future Market Insights