Experts: the textile manufacturing market will recover from COVID-19
The pandemic caused by Coronavirus (COVID-19) has affected every aspect of life globally, including the business sector. This has brought along several changes in market conditions.
The Business Research “Paper, Plastics, Rubber, Wood And Textile Global Market Report 2021: COVID 19 Impact and Recovery to 2030“ published in January 2021 says that the global paper, plastics, rubber, wood and textile market is expected to grow from $5782.49 billion in 2020 to $6365 billion in 2021 at a compound annual growth rate (CAGR) of 10.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8049.66 billion in 2025 at a CAGR of 6%.
According to research, Asia Pacific was the largest region in the global paper, plastics, rubber, wood and textile market, accounting for 40% of the market in 2020. North America was the second largest region accounting for 23% of the global paper, plastics, rubber, wood and textile market. Africa was the smallest region in the global paper, plastics, rubber, wood and textile market.
The research states that the outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on textile manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. Steps by national governments to contain the transmission have resulted in halting of manufacturing activities and a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses during 2021. However, it is expected that textile manufacturing market will recover from the pandemic.
European Parliament states that fast fashion – the constant provision of new styles at very low prices – has led to a big increase in the quantity of clothes produced and thrown away. To tackle the impact on the environment, the EU wants to speed up the move towards a circular economy.
In March 2020, the European Commission adopted a new circular economy action plan, which includes an EU strategy for textiles, which aims to stimulate innovation and boost reuse within the sector. Parliament is set to vote on an own-initiative report on the circular economy action plan in early 2021.
Cluster LATIA Export Development is aiming to tackle COVID-19 and fast fashion trend. Cluster is developing an apparel and textile product line to represent itself in foreign countries. The uniting factor of the products will be keywords: sustainable, functional, ergonomic. All 10 members-companies of the cluster each presenting their production with a certain product.
