Textile Market Feature

A recent study by Cotton Incorporated's 2024 Lifestyle Monitor has revealed a growing trend among consumers: an increased awareness and concern about the sustainability of their clothing choices.

The global cotton market has been experiencing a significant downturn for over two years, with demand plummeting and prices following suit.

A recent report by Nature has put India in the spotlight for generating the highest amount of plastic pollution globally, releasing an estimated 9.3 million tonnes of plastic waste annually. While this is cause for serious concern, the country's burgeoning textile industry is stepping up to offer a glimmer of hope by increasingly turning to recycled plastic, particularly in the form of recycled polyester (rPET).

In a significant step towards a more sustainable textile industry, Unifi, a global leader in recycled and synthetic yarns, has unveiled its latest innovation: a new white-dyeable filament yarn and ThermaLoop insulation material, both made entirely from recycled polyester feedstock.

Recently, five Indian cotton companies were banned by the Global Organic Textile Standard (GOTS) for falsifying documents and employing fictitious shipping companies to claim organic certification.

As per various industry reports and expert projections India’s cotton spinning industry, is poised for a recovery in the financial year 2024-25 (FY25).

Global fiber production witnessed a historic peak of 124 million tons in 2023, almost a 7 per cent increase from the previous year reveals Textile Exchange's latest Materials Market Report.

Indian cotton prices have witnessed a modest increase of late, diverging slightly from the overall stable trend in the global cotton market.

Cotton yarn exports witnessed robust growth in the fiscal year 2023-24, both in terms of value and quantity, marking a significant rebound from the previous year. The increase was primarily due to higher demand from China and Vietnam, along with a general uptick in global textile trade. As per Texprocil statistics, the total value of cotton yarn exports for fiscal year 2023-24 reached $3,777.57 million, which is 37.25 per cent increase from the S$2,752.41 million recorded in 2022-23.

Global fiber production reached a record-breaking 124 million tonnes in 2023, a robust recovery in the textile industry after the disruptions caused by the pandemic. As per Textile Exchange's ‘Materials Market Report’, this indicates a growing demand for textiles worldwide. The report highlights the dominant role of Asia in global fiber production, with China and India leading the pack. China lead the pack with 52 per cent share and India follows at 18.3 per cent. The US, Pakistan and Brazil are the other top fiber producers.

India's polyester industry heavily relies on two crucial raw materials: Monoethylene Glycol (MEG) and Purified Terephthalic Acid (PTA). While domestic production attempts to keep pace with growing demand, a considerable gap necessitates substantial imports, influencing prices and impacting the industry's overall dynamics. India's polyester requirements driven by growing textile and packaging industries, has led to a steady rise in demand for MEG and PTA. While precise domestic consumption figures for are challenging to obtain, industry estimates

India's burgeoning polyester industry finds itself at a crossroads. While domestic production of vital raw materials like Monoethylene Glycol (MEG) is steadily increasing, the country still remains heavily reliant on imports. This dependence has created a complex scenario where affordable imports are essential for downstream industries, but simultaneously pose a threat to the profitability of domestic MEG producers. The recent initiation of an anti-dumping investigation into MEG imports from Kuwait, Saudi Arabia, and Singapore highlights this delicate balancing act.

India’s Kasturi Cotton brand and initiative was launched with the ambitious objective of revolutionizing the country’s cotton industry and re-establishing it as a premier source of high-quality cotton in the global market.

The Indian cotton spinning sector, a critical link in the textile value chain, is currently grappling with a complex set of challenges due to fluctuating prices, evolving demand patterns, and global economic uncertainties.

In the midst of Plastic Free July, a global campaign to end plastic waste, the fashion industry stepped up to address the growing problem of microplastic pollution stemming from synthetic fabrics.

As Bangladesh's garment manufacturers increasingly turn to India for cheaper yarn, boosting growth of their ready-made garment (RMG) industry, Bangladesh's domestic yarn manufacturers are concerned about their own survival.

The global textile industry is witnessing a significant shift towards polyester, with its market share steadily increasing, while cotton faces challenges in maintaining its position.

India’s nylon sector is facing internal conflict as the spinning and weaving industries present opposite demands to the government.

The Chinese fiber market has been witnessing contrasting trends since the start of 2024.

The 62nd Dornbirn Global Fibers Congress (GFC) concluded on September 13th, leaving a lasting impression on the global textile industry.