The COVID-19 virus impacted the global landscape with complete lockdowns and industry-wide closures. With operations at a halt and companies closed, business activities faced drastic consequences of the worldwide pandemic. Industrial foundations collapsed as the implemented lockdown was extended for a year-long period. The largest textile industry in Asia suffered from severe lockdowns and restrictions as virus impacts intensified in Asian regions. The countries with a high demand for Asian textile products suffered the loss of millions due to a supply shortage. On the other hand, the loss was reflected in the Asian textile industry and market with decreased export demand for textile products and raw materials. The virus disrupted the global supply chains of the textile industry as there was no material or product to be traded.
The textile industry features several competitors with ever-increasing growth and expansion opportunities. The rapid modernization and streamlining of the textile industry with technology are attributed to its high efficiency and improved evolution. The textile industry is a critical factor in the global economy, generating millions in revenue annually. The industry dynamics, technological trends, operational process, and competitive landscape are continuously changing, which formed the following directions:
Demand for Natural Fibers
Regarding natural fibers, the composites are lightweight but offer more strength and longevity as compared to conventional fibers. There are extensive applications and usages for natural fiber in the automotive industry for interior and exterior purposes. These fibers are acquired from natural resources of plants and animals, including cotton, silk, linen, hemp, wool, jute, and cashmere. The fibers obtained from these resources are used to produce apparel, garment, medical dressings, and construction materials. The increasing demand for natural fibers will dominate the textile industry in the coming years.
The Transition to Non-Woven Fabrics
The global rate and aging population increase have surged demand for hygienic textile products, including diapers, sanitary napkins, and incontinence products for adults. The non-woven textile materials are utilized as geotextiles for constructing durable roads. These fabrics are comparatively less expensive, which makes them the optimal option for the construction industry. The low maintenance feature of these fabrics makes them the perfect option for automobile interiors and exteriors. The increase in technologization and textile innovation are the driving factors for boosted demand for non-woven fabrics.
The latest development and integration of Artificial Intelligence (AI) and related technology will drive the textile industry’s operational efficiency and product quality. With the rise of 3D printers and machine learning techniques, AI can help reduce production and design time while optimizing lead times. Laser-cutting machines, nanotechnology, and sewing robots will help improve the conventional dynamics of the industry. The global pandemic evidenced the dire need for effective blockchain technology for a transparent, traceable, and stable supply chain. The rapid integration of AI technology in the textile industry will further create more opportunities to enhance the industry’s and textile businesses’ growth.
The use and trade of recyclable fibers allow textile business owners to gain increased tangible benefits. Sustainable fibers have the capability to substitute resource-intensive raw materials while giving rise to intelligent textiles. It holds significant potential for effective utilization in the automotive, construction, and medical industries. Strategic partnerships are also on the rise during the lockdown. These partnerships benefit the first-tier supplier to meet the target customer’s demands and reduce lead times. Demographics, cost-effective production, efficient leads, and competitive skills will determine future textile investments.
Competitive Textile Landscape
Considering the market shares in the pandemic, the current industry needs more market share as it is presently fragmented and populated with high competition. The global governments introduced rationalized taxation and customs duties for raw materials and manufactured textiles.
With vaccines in development and improved treatments available, the economy is now in the restructuring phase. Restarting and restructuring the economy at a specific pace is essential to eliminate the wealth and productivity gaps. Even though it requires tactical changes, adapting broader process capabilities and sustainable approaches could bridge the infrastructure gap. Effective coloration and stable partnerships unlock value-adding aspects of investment. Recovering from the drastic impacts of the pandemic will take work. However, with new approaches and technology integration, the industry could reap long-term benefits and build resilience to bounce back from any future crisis.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.