China textile is estimated to exhibit moderate CAGR during the forecast period (2020-2026). The China textile market had been booming the past decade, replacing Europe as the world’s largest textile manufacturer and exporter, currently providing one-third of the world with textiles and apparel (UNCTADstat, 2019). The textile sector has been vital to China’s early industrialization process and is expected to remain the same. Low labor costs have certainly played an important role in bringing this evolution. However, some shifts are occurring, and they pose severe challenges for the continued maintenance of the country’s position in the industry.
Browse the full report Description China Textile Market Size, Share & Trends Analysis Report by Material (Cotton, Jute, Silk, Synthetic, Wool, and Others), by Application (Fashion and Clothing, Industrial/Technical, and Household) Forecast Period (2020-2026) at https://www.omrglobal.com/industry-reports/china-textile-market
China’s low labor cost advantage, which is at the root of the nation’s dominance in the textile sector, is fading as its surrounding lesser developed neighbors become more cost-competitive. Moreover, the Chinese textile industry suffers from declining returns on capital and low-profit figures. However, the Chinese government has been actively launching numerous policies, thrusting the nation’s textile enterprises to create niche-products, capital-intensive textile goods, and international brands.
In addition, the textile industry has been an important one for the country creating thousands of jobs in the manufacturing sector. By 2023, Beijing wants to create 1 million textile jobs in Xinjiang (Patton, 2016). In 2017, there were already more than 2700 registered textile companies in the area, employing around 350,000 local residents. Whereas the goal of 1 million jobs has not yet been reached, new policy measures have been implemented to encourage the expansion of the sector in the area (Xinhua, 2018). In 2017, the local government launched its 13th Five-Year Development Plan for new industrialization in Xinjiang. Among other industries, the textile industry is highlighted as one of the most important employment-providing and development-steering industries in the region.
Market Coverage
Key questions addressed by the report
o Recovery Timeline
o Deviation from the pre-COVID forecast
o Most affected region/segment
China Textile Market Report Segment
By Material
By Application
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