Textile Staples Market Size Anticipated to Grow at a CAGR of 8.4% During the Forecast Period 2021-2026

Textile Staples Market is projected to grow at a CAGR of 8.4% during the forecast period 2021-2026. Staples are discrete-length fibers that can differ in composition. Textile staples are thin wire staples that are mostly used for adding labels to fabrics in the textile industry where natural or synthetic fibers should be harmed as little as possible. Depending on the fabric, almost any fine or medium wire staples can be used for upholstery. The most popular upholstery staples are 20 and 22 gauge staples. Due to periodic overcapacity and pressure on pricing, cyclic trends in natural and synthetic fibers are a major restriction on the textile staples market.

COVID-19 Impact

The key driver of market growth constitute high demand for textile worldwide. APAC is the lucrative market for the textile industry due to lower production costs, due to the availability of raw materials and labor at cheaper rates. Strict environmental regulations are however hampering business growth. Overall, the market situation for textiles is gradually and slowly recovering, even as the impact of Covid-19 is enormous and the recovery is gradual. By reducing economic growth, the pandemic has reduced textile demand in China, which is the largest textile importer and the fastest growing textile economy. The Coronavirus pandemic has affected all aspects of the world's economy significantly. Nevertheless, the sectors that would be particularly hard hit are those that fall into this group under the category of non-essential, such as clothing and accessories.

Key Takeaways Asia-Pacific dominates the Textile Staples market owing to increased manufacturing of technical products with abundant supply of raw materials. In the absence of sufficient economic growth to generate high demand or the closure of facilities to reduce its effects, new capacity induces periods of global or regional overcapacity, resulting in marginal downward pressure. The market drivers and restraints have been assessed to understand their impact over the forecast period. The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The other key areas of focus include the various applications in Textile Staples market and their specific segmented revenue. Textile Staples Market Segment Analysis - By Fiber Type Natural Fiber held the largest share in the Textile Staples market in 2020. Natural fiber composites are comparatively lighter and have more power than traditional fibers, and are also commonly used for interior and exterior applications in the automotive industry. These fibers are commonly used, among others, to produce fabrics, apparel, building materials, medical dressings, and vehicle interiors. The abundance of natural fibers in China, India, and the United States, in particular cotton, is a major contributor to the growth of the global textile industry. Silk is used in upholstery and clothing, as it is fine as well as coarse in all variations. Wool and jute are used for their strength, elasticity, and softness as textile fabrics. During the forecast era, the growing consumption of natural fibers, such as cotton, silk, wool, and jute, would drive the global textile market. Textile Staples Market Segment Analysis - By Application Apparels has been the primary market for Textile Staples in 2020 growing at a CAGR of 7.9% for the forecast period. Factors such as unpredictable developments in fashion and the short product life cycle have improved the category of apparel. With an increase in living standards and the demand for well-furnished homes, its use in interior design has increased. In the global apparel industry, women’s apparel held major share of approximately 30% followed by men’s apparel consisting 20% of the share in 2020. In an effort to curb the COVID-19 pandemic, the textile-clothing industry, which had already been in trouble for the past decade, suffered from containment measures and the closure of non-essential stores in several countries. Weak market demand has resulted in lower sales for brands and shops that have been forced to limit, delay or even withdraw textile clothing orders, impair or cancel imports of textile fibers such as cotton. Textile Staples Market Segment Analysis - By Geography APAC dominated the Textile Staples market with a share of more than 45% in 2020, followed by North America and Europe. As China and other developing countries such as India are major producers of textile staples, Asia Pacific excluding Japan (APEJ) has been regarded as the source region for exports. However, due to steady income growth driving demand for textile staples, the region is slowly becoming a significant consumer as well. There has been a rapid rise in household consumption of cotton in developing regions than in other areas of the world in recent years. It is also likely that the increased penetration of organized retail would boost textile consumption in the domestic markets, especially in India. The U.S. is a significant consumer of technical textiles, followed by Western Europe and Japan. However, the technical textile industry in developed countries such as United States and Japan is maturing in a significant way. India has become a key market for technical textile products due to the rapid economic growth that has led to infrastructure development as well as higher disposable incomes. In addition, due to its skilled and professional manpower and the abundant availability of raw materials, the country has built a foothold in the development of technical textiles. Textile Staples Market Drivers Growth in the Automotive The industry will augment 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. India's economy is also expected to expand at a robust pace in the coming years, as most economic indicators, led by strong consumer demand, forecast a positive outlook for the automotive industry. This will in turn have a positive impact on the demand for textile staples during the forecast period. Growth in Per Capita Spending in the APAC Region boosts the Textile Staples Market China and other developing countries, such as India, are major producers of textile staples, so APAC has been viewed as a source area for exports. However, due to steady growth in incomes, the region is gradually becoming a significant consumer as well, driving demand for textile staples. Household cotton use has risen more rapidly in developing regions than in other areas of the world in recent years. Increased penetration of organized retail is expected to boost textile consumption in domestic markets, especially in India. Textile Staples Market Challenges Cyclical Pattern of Textile Staples can restrict the Market Growth The demand for textile staples represents the industry's cyclical trend, including natural and synthetic fibers with periodic overcapacity and the resulting price pressure. This cyclical existence emerges, in part, from investments made at the height of the cycle with available funds to cash high margins, thus changing the supply-to-demand balance as new capacity comes on-stream in large quantities. In the absence of adequate economic growth to generate higher demand or the closure of facilities to mitigate the effects, new capacity generates a phase of regional or global overcapacity, often leading to marginal downward pressure. This cyclical trend is expected to hamper demand growth at a worldwide level during the forecast period. Textile Staples Market Market Landscape Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Textile Staples market. Major players in the Textile Staples market are DuPont, Lenzing, International Fibres Group, Toray Group, Thai Acrylic Fiber, Reliance Industries, Indorama Ventures, Chori Company W. Barnet, Synthesia, The Woolmark Company and Others.