New York, Jan. 28, 2021 (GLOBE NEWSWIRE) -- The global clothing fiber market is forecast to reach a market size of USD 248.18 Billion by 2027, and register a steady revenue growth rate over the next seven years, according to the latest report by Reports and Data. Growing demand for clothing fiber can be attributed to growth of the global apparel industry. Rising disposable income among consumers in developing economies is another key factor driving growth of the apparel industry. A rising number of consumers are exploring options and materials that are more cost-effective and comfortable, and more durable. In addition, favorable demographics, growing per-capita income, rising spending capacity, easy availability and visibility through online channels, increasing customer tendency towards branded and premium products, growing fashion trends, along with emerging retail landscape in fashion brands is fueling high market growth.
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Growing investments by various apparel brands in smart clothing is also driving demand for clothing fibers. Smart clothing has also been garnering robust traction in the global market, owing to growing customer inclination to express their personality and make a style statement. For instance, CuteCircuit produces clothing and accessories that are capable of display messages, chats and tweets. Additionally, researchers at Georgia Tech have developed energy-harvesting yarns that can be knit into washable fabrics. Energy-harvesting yarns function by leveraging advantages of static electricity, and can be woven into jumpers, socks, and other clothing and accessories, and these fabrics are capable of harvest sufficient-enough energy from a wearer’s body movement or motion to power a smartphone.
The COVID-19 impact
Clothing fiber market witnessed a setback amid the COVID-19 pandemic. A major impact on sales was due to abrupt halt of consumer footfalls in physical brick and mortar stores, malls, clothing chains etc., lack of experienced personnel at physical stores driven by customer fear related to risk to enter retail outlets and potential infection risks to COVID-19. Also, implementation of lockdown restrictions and social distancing, disruption in supply chain, and unavailability of workforce and transportation were other factors to consider. As the situation improved gradually however, demand and supply gaps have been bridged, and operations are and services are expected to resume to get acclimatized to the new normal.
Further key findings in the report
- By product type, synthetic fiber segment contributed to the largest revenue share in the global clothing fiber market in 2019. Synthetic fibers possess excellent elasticity, and do not wrinkle easily. Synthetic fibers are normally more durable and cost-effective than natural fibers like cotton. Also, synthetic fibers can bear heavy loads without snapping.
- The demand for clothing fibers for kid’s wear is owing to growing inclination in parents in purchasing new clothes for their children. Furthermore, rising demand for high-quality children's wear is pushing apparel manufacturers to bring innovations in their production process to cater to the customer demand, which, in turn, drives the market growth.
- The clothing fiber market in the Asia Pacific contributed to the largest market share in 2019, owing to high demand for clothing from a large population in the region and increasing acceptance of fashion trends from the western culture in the region.
- Key market participants include Toray Industries Inc., Asahi Kasei Corporation, Eastman Chemical Company, BASF SE, Bombay Dyeing and Manufacturing Co. Ltd., Teijin Ltd., DuPont, Propex Operating Company LLC, Mitsubishi Chemical Holdings Company, and Reliance Industries Ltd.
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For the purpose of this report, Reports and Data has segmented the global clothing fiber market on the basis of product type, end-use, and region:
- Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Cotton
- Synthetic
- Animal-based
- Others
- End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Women’s Wear
- Men’s Wear
- Kid’s Wear
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- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
- North America
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