Global textile market projected to reach USD 2.6 trillion by 2030

The global textile market was valued at approximately USD 1.8 trillion in 2023 and represented nearly 2% of global GDP, employing more than 300 million people worldwide. According to projections from Dataintelo, the market is expected to expand to USD 2.6 trillion by 2030, growing at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2030. The sector has recovered from a contraction of nearly 12% in 2020 and continues to show steady growth despite recent economic and supply chain challenges.

Key Statistics at a Glance 

1. 2024 Market Size & 7-Year Growth Outlook (2023–2030)

The textile market reached approximately USD 1.8 trillion in 2023, recovering from a  pandemic-driven dip of nearly –12% in 2020. Since 2021, annual growth has averaged 4.6%,  supported by: 

• Resurgence in apparel demand (+7.2% in 2022) 

• Increased home furnishing sales (+5.1% in 2023) 

• Technical textile expansion (+6.5% YoY in 2023) 

Forecast Through 2030 

By 2030, the market is projected to add USD 800 billion in incremental value, representing a  44% increase over 2023 levels. 

2. Regional Breakdown: 58% Dominated by Asia-Pacific 

Asia-Pacific (APAC) 

• Market share (2023): 58% 

• CAGR (2024–2030): 6.2% 

• Largest producers: China, India, Bangladesh 

• China textile & apparel exports (2023): USD 303 billion 

• India textile market size (2023): USD 165 billion 

• Bangladesh garment exports (2023): USD 47 billion 

APAC’s cost advantage remains significant: 

• Average garment manufacturing cost: 20–30% lower than Europe

• Labor cost per hour: China (~USD 6), India (~USD 2), U.S. (~USD 23) North America 

• Market share: 18% 

• U.S. textile exports (2023): USD 28 billion 

• Technical textiles account for 45% of regional output 

• Automation investment grew 12% YoY in 2023 

Europe 

• Market share: 16% 

• Focus on sustainable textiles 

• EU textile recycling target: 55% by 2025 

• Italy textile exports (2023): USD 36 billion 

3. 5 Major Textile Segments by Revenue Share (2023) 

Technical Textiles: Fastest-Growing Segment 

Technical textiles, used in automotive, healthcare, and construction, represent 30% of total  revenue and are projected to reach USD 950 billion by 2030. 

Growth drivers: 

• Automotive lightweight materials (+7.4% demand in 2023) 

• Medical textiles (+9% post-pandemic increase) 

• Infrastructure geotextiles (+6% annually) 

4. Sustainability Metrics: 8–10% Growth in Eco-Textiles

Sustainability is reshaping the textile industry with measurable impact: • Textile industry contributes 8–10% of global carbon emissions 

• Water consumption: 93 billion cubic meters annually 

• Polyester accounts for 52% of total fiber production 

• Recycled polyester growth: 6.8% CAGR (2024–2028) 

• Organic cotton production increased 20% between 2021–2023 

Brands investing in recycled fibers report: 

• 15–25% reduction in carbon footprint 

• 10–18% energy savings 

• 8–12% higher production costs, offset by 20–30% premium pricing 5. Trade & Export Data: 2023 Performance Snapshot 

Global textile and apparel exports reached approximately USD 940 billion in 2023,  compared to: 

• USD 820 billion (2020) 

• USD 890 billion (2021) 

• USD 910 billion (2022) 

Top 5 Exporters (2023) 

China’s export volume declined 2.8% YoY in 2023, while Vietnam grew +9% YoY, signaling  supply chain diversification. 

6. Cost Structure Breakdown (Per Garment Example) 

Average production cost of a $20 retail T-shirt: 

• Raw materials: $4.50 (22.5%)

• Labor: $3.20 (16%) 

• Transportation: $1.80 (9%) 

• Overheads: $2.50 (12.5%) 

• Marketing & retail margin: $8.00 (40%) 

Manufacturers typically operate at 5–12% net margins, while retailers achieve 30–50% gross  margins. 

7. Digitalization & Automation: Productivity Gains of 15–25% 

Between 2021 and 2024: 

• Smart factory adoption increased 18% globally 

• AI-based quality inspection reduced defects by 30–40% 

• Automated cutting systems improved fabric utilization by 12–15% 

• Lead times reduced from 90 days (2019 average) to 60–70 days (2024 average) Factories implementing Industry 4.0 technologies report: 

• 20% productivity gains 

• 15% reduction in operational costs 

• ROI within 2–3 years 

8. Risks & Volatility Metrics 

Key measurable risks include: 

• Cotton price volatility: ±25% fluctuations (2022–2023) 

• Freight cost spike: +300% during 2021 peak 

• Inventory surplus in 2022: +18% compared to 2021 

• Labor shortages impacting 35% of global manufacturers (2023 survey data) Inflation increased production costs by 8–12% in 2022, moderating to 3–5% in 2024. 2030 Forecast: 44% Market Expansion 

By 2030: 

• Global market size: USD 2.6 trillion 

• Sustainable textiles share: 20% of total production 

• Technical textiles approaching 35% of total revenue

• Digitalized factories projected to exceed 50% of global production facilities Emerging markets in Africa are expected to grow at 7–9% CAGR, outpacing global averages. Conclusion: Data-Driven Outlook for the Textile Market 

The textile market, valued at USD 1.8 trillion in 2023, is on track to reach USD 2.6 trillion by  2030, growing at a steady 5.4% CAGR. Asia-Pacific controls 58% of global production, while  technical textiles and sustainable materials lead growth at 6–10% annually. Global exports  reached USD 940 billion in 2023, and automation investments are delivering 15–25%  productivity gains. 

Despite risks such as raw material volatility (±25%) and cost inflation (8–12% peak in 2022),  the industry remains resilient. Measurable shifts toward sustainability, digitalization, and  regional diversification indicate that the next 5–7 years will be defined by efficiency gains,  eco-innovation, and supply chain transformation. 

In quantitative terms, the textile industry is not just growing — it is evolving, optimizing, and  scaling toward a 44% larger global footprint by 2030. 

Read A Full Research Report: https://dataintelo.com/report/global-textile-market