Textile Staples Market Expected to Behold a CAGR of 4.9% through 2017-2027
Verfasser: ShashiiPawar on Wednesday, 19 July 2017In terms of value, the global market size of the textile staples market is expected to expand from nearly US$ 125 Bn in 2017 to over US$ 200 Bn by 2027, registering a CAGR of 4.9% during the forecast period 2017 – 2027. The global textile staples market is expected to create total incremental opportunity of nearly US$ 82 Bn between 2017 and 2027. Several factors are responsible for this significant market growth.
Growth in the automotive and transportation sector in APEJ region bodes well for the textile staples market
Textile components are widely used in transportation vehicles and systems including cars, trains, buses, airplanes and marine vehicles. The automotive sector is witnessing rapid development in China along with parts of Southeast Asia. In a fluctuating economic environment, the Chinese automotive industry has registered steady sales growth. Also, India’s economy is expected to grow at a robust pace in the coming years as most economic indicators predict a positive outlook towards the automotive industry, driven by strong consumer demand. This in turn will have a positive effect on the textile staples market during the forecast period.
Growth in per capita spending in the APEJ region boosts the global textile staples market