The global textile industry, grappling with a slowdown since the second half of 2022, is looking towards a more optimistic horizon in the first half of 2024, according to a recent survey conducted by the International Textile Manufacturers Federation (ITMF). The survey, undertaken in November 2023 and encompassing stakeholders across the textile value chain, revealed that 44% of participants anticipate a favorable change in business situations in the initial six months of the upcoming year.
The International Textile Manufacturer Federation (ITMF) has unveiled the latest edition of its International Textile Industry Statistics (ITIS), offering insights into productive capacity and raw materials consumption in the short-staple organized (spinning mill) sector across global textile-producing nations.
The global textile yarn market, currently valued at $14.4 billion, is poised for substantial growth, projected to achieve a 5.1 percent compound annual growth rate (CAGR) and reach $18.5 billion by 2028, according to a recent report by Markets and Markets. This upward trajectory is attributed to various factors, including the expanding middle-class population in emerging economies and the development of technically advanced yarns.
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