According to a new report from Grand View Research, the global textile market was valued at USD 925.3 billion in 2018 and is projected to reach approximately USD 1.2 trillion by 2025 at a compound annual growth rate of 4.24%. Within this growth, the textile yarn market is estimated to be worth USD 12.6 billion by 2020 according to B2B research company Markets and Markets™. As the global textile industry continues to grow, it is generating greater demand for raw materials, novel applications and new production processes.
Second to oil, the textile industry is one of the largest contributors to harmful environmental effects. According to the UN Partnership on Sustainable Fashion, it is responsible for approximately 10% of greenhouse gas emissions and 20% of wastewater production globally. As a result, the need for textile companies to alter their approach to manufacturing and production is drastically increasing. There are two major sustainability initiatives exhibited by various companies - circular fashion and closed loop systems, including recycling, waste reduction, and pollution reduction and prevention to address sustainability issues.