Industries in the Textile Mills subsector group establishments that transform a basic fiber (natural or synthetic) into a product, such as yarn or fabric, that is further manufactured into usable items, such as apparel, sheets towels, and textile bags for individual or industrial consumption. The further manufacturing may be performed in the same establishment and classified in this subsector, or it may be performed at a separate establishment and be classified elsewhere in manufacturing.
The main processes in this subsector include preparation and spinning of fiber, knitting or weaving of fabric, and the finishing of the textile. The NAICS structure follows and captures this process flow. Major industries in this flow, such as preparation of fibers, weaving of fabric, knitting of fabric, and fiber and fabric finishing, are uniquely identified. Texturizing, throwing, twisting, and winding of yarn contains aspects of both fiber preparation and fiber finishing and is classified with preparation of fibers rather than with finishing of fiber.
NAICS separates the manufacturing of primary textiles and the manufacturing of textile products (except apparel) when the textile product is produced from purchased primary textiles, such as fabric. The manufacturing of textile products (except apparel) from purchased fabric is classified in Subsector 314, Textile Product Mills, and apparel from purchased fabric is classified in Subsector 315, Apparel Manufacturing.
Excluded from this subsector are establishments that weave or knit fabric and make garments. These establishments are included in Subsector 315, Apparel Manufacturing.
The textile mills industry, classified under NAICS 313, is undergoing significant transformation driven by several qualitative trends. One prominent trend is the increasing demand for sustainable and eco-friendly textiles. Consumers are becoming more environmentally conscious, leading textile manufacturers to adopt sustainable practices such as using organic materials, reducing water usage, and minimizing chemical treatments. This shift is pushing companies to innovate and invest in greener technologies and processes.
Another trend is the integration of advanced technologies like AI and IoT in the production process to enhance efficiency and reduce waste. These technologies facilitate real-time tracking and automation, allowing for more precise and adaptable manufacturing processes. Additionally, digital printing is gaining popularity due to its flexibility and ability to produce intricate designs quickly without the need for long setup times.
Moreover, the COVID-19 pandemic has accelerated the reshoring trend, with companies re-evaluating their supply chains to focus on regional manufacturing and reducing dependence on international imports. This shift is expected to continue as companies seek to bolster supply chain resilience. Personalization and customization are also becoming significant trends as consumers demand unique, bespoke products. Textile mills are responding by offering more customizable options through digital platforms.
Looking to the near future, the industry is forecasted to continue its shift towards sustainable practices and digitalization. Enhanced collaboration between industry players to tackle environmental challenges will likely drive further innovation. The emphasis on sustainability and local production is anticipated to result in gradual growth, as companies that adapt effectively to these trends position themselves as leaders in the evolving textile landscape.
A review and comparison of financial performance of privately-help companies in specified SIC/NAICS industry segment, using industry standard benchmarks.
Answers come easily with iCFO. Review ROI, sales per employee, profit margins of the top 10%, top 25% and more, to identify areas of concern and opportunity. Examine what if scenarios and P&L impact of reducing costs or adding revenue.
It takes only five minutes to enter your data and produce a concise profile of your company’s fiscal state, including critical business ratios focusing on liquidity, profitability, asset efficiency, and growth.