Market for textile staples advances with support from the automotive sector

Market - Mohit Shah - Sep 26,2017

Rating -

stars - based on 21 reviews

market for textile staples advances with support from the automotive sector

Based on analytics and research evaluations, the textile staples market on the global scale is expected to grow over US$ 200 Bn approximately by the end of 2027.

Presently, the demand for textile components related to transportation vehicles and systems such as cars, buses, trains, airplanes etc., is quite prominent. This boost in the market for textile staples is majorly contributed by the automotive sector across China as well as several regions of Southeast Asia.

Further, it is analyzed that India’s economy is likely to grow at a vigorous pace in the coming years since most economic indicators point towards a positive outlook for the automotive industry, primarily driven by strong consumer demand. This factor is directly hovering the global textile staples market till the period between 2017 and 2027. According to crisp analytics, the market size for textile staples is expected to swell at a value over US$ 200 Bn by 2027. At this pace, the concerned market is anticipated to register a CAGR of 4.9%, which is quite decent.

Currently, the U.S. is spotted as a significant consumer of technical textiles, trailed by Western Europe and Japan. However, as per active reports, the industry in developed countries like the United States and Japan is evolving in a substantial way. It is important to know that, the U.S. has established a strong foothold in the production of technical textiles as a result of its skilled and technical manpower together with an ample amount of raw materials.

Cotton staple tends to remain the dominant variety since rising middle class in developing countries hold a special inclination towards cotton. However, in developed regions, the consumers worried about the environment are also selecting natural fibres. With all such factors, the global textile staples market is indeed on a roll.

 

For more information on this report visit: http://www.mrrse.com/textile-staples-report