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Textile raw materials are materials that are made of thin fibers and filaments spun into yarns and are woven into fabrics. In the textile industry, raw material plays an important role in the continuous production of high-quality fabrics and they are selected as per the manufacturing facility of the companies i.e., either they have a composite mill or only a spinning, weaving, dyeing finishing. Fabrics such as cotton, wool, silk, jute, and man-made fibers such as nylon polyester are some of the commonly used raw materials for textile manufacturing especially clothing and apparel. Countries tend to achieve strong and consistent growth when they have adopted certain measures to improve their effectiveness and take initiatives to support the companies in their upliftment. The US government has taken certain steps to boost America’s textile production which will positively impact the revenue and production volume of the sector. For instance, in 2021 US government launched a new waiver process in its Buy America Act, which will allow US companies competing for government contracts to review submission for waivers in Buy America Law. Such a new waiver process will incentivize the domestic textile production and will stimulate more investment in US textile manufacturing, increasing textile production volume in US Hence, the rise in production volume will lead to more usage of raw materials, adding more growth to Textile Raw Material Market in US was valued at US$5,375.6 million in 2016 and has grown to US$6760.0 million in 2020.
US plays a vital role in the global cotton market as it is one of the major producers and exporters of fiber. Cotton as raw material has high applicability in various textile items such as it has major use in manufacturing Various types of clothing and apparel, in house textile, it is used for curtains, cushions, draperies, rugs, etc. and in medical textiles it is used for making sanitary products, surgical covers, etc. Such high consumption of cotton in the above-mentioned sectors makes it a necessary textile raw material and the upsurge in demand for cotton will lead to an increase in its production. US is the world leader in textile research and development, with the US textile complex developing next-generation textile materials such electronic textiles that can monitor heart rate and other vital signs, antimicrobial fibers, lifesaving body armor, and new fabrics that adapt to the climate to make the wearer warmer or cooler. Such rapid developments in the textile sector will result in more effective usage of raw materials for manufacturing next-generation textile products.
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Countries in the North American region like Mexico and Canada are some of the largest textile and apparel sector markets of the US In 2020, the United States Mexico Canada Agreement replaced North America Free Trade Agreement and provided more opportunities to the US for exporting its textile materials such as fabrics and fibers. For instance, as per the United States, International Trade Commission Mexico and Canada were the major importers of US textile and apparel accounting for up to 36.3% in 2020. Also, the fabrics, apparel, and miscellaneous textile products made up the bulk of US exports to Canada and Mexico, with these two destinations accounting for 55.0 percent of exports of fabrics, 51.6 percent of exports of apparel, and 45.1 percent of exports of miscellaneous textile products. The increasing demand for the US made textile and apparel in such major North American countries will have a positive impact on the production of US textile output as a result of which the textile raw material market in US will also increase.
The dressing style of American society is elective and predominantly informal, hence diverse cultural roots are reflected in their clothing. Fashion is a product of the modern age and with rapid urbanization, increase in disposable income, and growing demand for qualitative apparel like tops, trousers, shirts from major companies like Code Denim, American Eagle, Vetta, Valani, Sira, etc. the consumption of fashionable textile items has also increased. For instance, as per the Bureau of Economic Analysis, the spending on fashion items majorly including clothing and footwear increased up to 62.48% in the second quarter of 2021 in US compared to 2.26% for the same period in 2019. Clothing items form a major part of the fashion sector and the growing consumption of such items will make major companies like Code Denim, American Eagle increase their production output, increasing usage of raw materials further boosting the growth of the textile raw material market in US.
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Textile Raw Material Market in US Growth – Drivers
Increase in consumer demand for textile and apparel items
The United States is among the leading countries like France, Italy, the United Kingdom, and Japan where fashions and attire business are given utmost importance as it displays the identity of an individual in front of the world. The American consumer is very particular about their clothing style and it differs from city to state. Fast fashion is becoming common because of the speedier manufacturing method, increase in consumers appetite for up-to-the-minute styles, and increase in purchasing power especially among young people. E-commerce shopping changed the shopping trend for consumers from traditional stores more towards online retailing platforms. The growing popularity of US made textile products has led to an increase in consumer demand in other major countries for these products which have increased exports of US textiles and apparel. As per the Office of Textile and Apparel, The exports of textile and apparel from the United States were up by 18.62 percent year-on-year in the first ten months of 2021 showing an increase of $18.803 billion during January-October 2021 compared to $15.850 billion in 2020. According to the US Department of Commerce, the 2020 US online apparel sales accounted for 46% of total apparel sales and helped the US apparel segment to stay afloat during a pandemic. In such context, US increased production of textiles increased usage of raw materials and fabrics in them, thereby boosting the growth of the textile raw material market in US.
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The Major Players in this Market Include
The major companies in textile raw material market in US include Herrschners Inc., Spinrite Inc., Champion Thread Co., Safety Components, Standards Textile Co. Inc, Cone Denim, American Silk Mill, Lion Brand Yarn Company, Elevate Textiles, American & Efird. The key focus of the companies has shifted to acquisition and product launch.
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