What’s Next for the Global Textiles Sector?
April 21, 2023 The textile sector is not immune to the global uncertainties and predicted slow global economic growth.
The recent report by the International Monetary fund (IMF) expects the economy to have a “Rocky Recovery,” with global growth pegged at 2.8% this year and expected to grow at 3% in 2024. Textile products are dependent on consumer buying power and their interest. Hence, the industry must watch the economy while working on fashion products for the next year.
As the European Union (EU) zone is an important importer of commodity and fashion products from India, Bangladesh, and Vietnam, the forecast that the economies of the EU and the United Kingdom will slow down this year before rebounding to about 2% in 2024 is not a positive news for the textile sector.
The current tight economic and political situation is providing an opportunity for the textile sector to assess its landscape and strategize plans for its future. The industry needs to work on applicable aspects of sustainability and look for opportunities beyond its comfort zone.
These aspects were clear in a recent discussion with Professor Sergiy Minko, Georgia Power Professor in Fiber and Polymer Science at the University of Georgia.
Georgia Power Professor in Fiber and Polymer Dr. Sergiy Minko (center) visits the Nonwovens and Advanced Materials Laboratory at Texas Tech. Also pictured (from left) are Dr. Jan Halamak, Mirza Khyum, and Dr. Seshadri Ramkumar. (PHOTO: S. Ramkumar)
Minko, who originally hails from Lviv in Ukraine and visited Texas Tech University to deliver a seminar and initiate collaborations, is well suited to analyze the global situation and its impact on the textiles sector. He insisted that the industry should investigate sustainability with a 360-degree approach.
“Not only sustainable materials are needed, but the sector also needs to look into sustainable dyeing and finishing,” he states.
As nations are investing in funding for economic revival and where R & D investments play their role, the textile industry should seize this opportunity. Minko agrees that investments in research by governments are needed to boost the textiles and soft materials industry.
He notes that textiles have a vital role to play in the health care and environmental segments, and the industry should focus on these areas. The industry needs to push more into a risk-taking approach and build the “Start-up Ecosystem.”
“Research in companies is expensive, and start-ups can serve as a bridge between academic laboratories and the industry,” he says. When proof of concept is established by start-ups, major companies will be willing to buy the start-ups, creating opportunities for high paying jobs and liquidity for SMEs to invest in research and new products.
Agreeing that society must initially pay more for sustainable products, Minko believes it is worthwhile in order to leave a sustainable world for our future.
The textiles sector should focus on cost-effective sustainable approaches, better outreach and engagement with the consumers. and focus on products that save lives and protect the environment.
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