The report shows that adopting data analytics, AI, IoT and 3D technologies has redefined clothing production, with 3D printing technology gaining ground to minimise waste and bolster sustainability. Concerted efforts toward enhanced modern tool kits could boost the visibility of fashion and household textiles.
The demand for low-cost clothing has prompted brands to inject funds into a high volume of synthetic and sustainable garments. Temperature-sensitive clothes have received uptake to help regulate internal temperature and negate the requirement for myriad outfits for various seasons. Temperature-responsive garments are poised to boost sustainability in the apparel sector.
In accordance with the report, fashion brands are furthering their efforts on environmental goals with bullish efforts to reduce plastic waste and amp up plant-based technologies for fabrics. The demand for vegan leather has led to a paradigm shift in fashion production, with leading brands emphasising making apparel with an environmentally friendly approach. Since most plant-based materials are produced in labs, these garments have been touted as cruelty-free, fostering the vegan fashion trend.
Textile manufacturers have upped investments in recyclable fabrics and sustainable packaging to bolster their environmental profile. The report mentions that technical textiles will likely witness bullish investments with heightened demand for durability and strength from the automotive, construction, marine and aerospace industries. The Europe market is expected to witness investment galore in bio-based polyester and fashion textiles.
As stated, Asia Pacific’s textile industry share will be pronounced with buoyant investments in garments and apparel across China, India, and Bangladesh. Some factors, such as cheap labour, advanced infrastructure, and a smooth supply chain, encourage investors to infuse funds into the region.
For instance, in October 2021, it was reported that Bangladesh would be receiving US$2.5bn from textile factory owners to keep up with the soaring demand and augment production capacity. Moreover, 2.5 million spindles are expected to be installed in the country. Furthermore, strong penetration of digitisation has propelled the e-commerce footprint across emerging economies, a trend likely to continue in the ensuing period.
Textile manufacturers and other stakeholders will likely emphasise organic and inorganic strategies, including technological advancements, innovations, product offerings, R&D activities, and mergers & acquisitions.
Stakeholders are expected to prioritise the following trends and opportunities to tap into the global market:
- Textile manufacturers should prioritise investments in recyclable fabrics, sustainable packaging, and product recycling to bolster environmental profiles. To illustrate, in January 2022, Levi’s introduced circular 501 jeans made from organic cotton and recycled materials.
- Technical textiles are expected to see increased investment, especially from the automotive, construction, marine, and aerospace industries.
- The European market is expected to focus on bio-based polyester and fashion textiles due to the rising concerns of plastic pollution