North America Textile Market Size

North America Textile Market Analysis

The North America Textile Market size is estimated at USD 99.82 billion in 2024, and is expected to reach USD 120.58 billion by 2029, growing at a CAGR of 3.85% during the forecast period (2024-2029).

• Due to various factors, including automation, import competition, and shifting U.S. comparative advantages for related products, the scale of the textile and clothing manufacturing industry has dramatically decreased over the past few decades. However, American textile production is slowly making a comeback.
• According to the U.S. government, one job in textile production supports three more jobs. 534,000 people were employed throughout the entire textile supply chain in the United States in 2021, from textile fibers to clothing and other sewed goods. As per national statistics, American shipments of textiles and clothing in 2021 were valued at USD 65.2 billion. Regarding exports of goods related to textiles, the United States ranks second globally. The fiber, textiles, and clothing exports in 2021 were valued at USD 28.4 billion.
• The global market is highly competitive due to lower salaries offered by nations like China and India and their large production of goods. However, wages aren't the sole factor in creating and sustaining a profit in the U.S. textile sector. The incorporation of top-notch materials and research and development results in completed goods. These goods are mainly profited from automation, energy expenses, and tax considerations, all of which affect the bottom line. These are only a few advantages American textile companies have over their rivals abroad.
• The non-profit business and investment council ThinkHUGE, composed of representatives from Honduras, the U.S., Guatemala, and El Salvador, has announced new textile investments in the Northern Triangle valued at USD 340 million. Recently, Elcatex committed to spending over USD 140 million to expand its activities in the yarn, textile, and clothing industries.