Wazir Advisors arrived at 5 major trends that will mark the big shift in the textiles industry.
1. Polyester will continue to 1 drive global fibre market
Scalable and economical to produce
Suitable for a large variety of end uses due to enhanced fibre characteristics
Continuously evolving in terms of fibre properties
2. Manufacturing landscape will be influenced by 3 Cs-Cost, Competitiveness & Closeness
3. Adopting industry 4.0 will be the key to achieving manufacturing and supply chain excellence
Technology has been the major driver of any industrial revolution. The new trends are inclined towards automation and efficiency in production as well as gaining scale in advanced material, robotics, nanotechnology, AI, and IoT.
4. Fashion consumption will continue to evolve driven by technology and innovation
The market for fast fashion has been growing significantly by 21% over the past three years owing to the high growth of fast fashion pioneers.
Technology adoption in fashion will be fast tracked
5. Sustainability will be the main pillar of future growth
To Revive or even to Remain, the industry will need 'RE'-defining.
REcycle: New breakthrough have happened in the area of material recycling wherein used polyester clothing can be recycled through chemical processing to re-produce base raw material i.e. polyester granules which can be used further in the value chain.
REuse: Reuse of garments or other textile products either by fixing or transforming them is another way of extending the lifecycle of textile commodities.
REsale: Another way of utilising used clothing is through second-hand sales (resale and thrift & donations). In the US, approximately 15% of the discarded clothing is given for resale.
REntals: In present-day scenario, renting your outfits is no longer a stigma but is surely a sign of changing and evolving mindset towards textile consumption. The global online clothing rental market was valued at ~US$ 1.1 billion in 2018.
News courtesy: Fibre2Fashion
Courtesy - Image courtesy: Farzad Nazifi