PUBLISHER: Grand View Research | PRODUCT CODE: 1362975
PUBLISHER: Grand View Research | PRODUCT CODE: 1362975
The U.S. textile market size is expected to reach USD 320.40 billion by 2030, growing at a CAGR of 3.1% during the forecast period, according to a new report by Grand View Research, Inc.. This growth is attributed to the increased spending for on fashion & apparel among the middle-income population groups.
Increasing awareness among the market players regarding the importance of worker safety and security, coupled with stringent regulations and high costs associated with workplace hazards, is anticipated to drive market growth. With the growing GDP and increasing employment in industries, workers' safety has become paramount. Companies emphasize worker safety and have established safety guidelines to reduce workplace hazards that adversely impact operational costs.
The number of workplace fatalities in the U.S. was estimated at 1,008 for the construction industry in 2020. The leading causes for these fatalities in the construction industry were falls, electrocution, being struck by an object, and being caught in/between. Lack of adequate protective equipment and clothing was cited as one of the leading causes of fatality in the aforementioned associated accidents.
The value chain of the U.S. textile industry comprises raw material suppliers, product manufacturers, distributors, marketers or sellers, and application industries. Raw materials offered by suppliers to manufacture textile products include cotton, chemicals, wool, silk, synthetic fibers, machinery, and others. BASF; Dow Inc.; SABIC; Exxon Mobil Corporation; and DSM are the major raw material suppliers in the textile market.
The availability of raw materials at cheap prices for textile producers is anticipated to be significantly influenced by the dropping crude oil prices as a result of rising crude oil inventory levels. However, it is anticipated that the supply of feedstock for textile manufacturers will be constrained by the rising demand for engineering polymer products as lightweight materials in rigid applications in the automotive, construction, and electronics sectors.