This industry comprises (1) establishments primarily engaged in finishing of textiles, fabrics, and apparel, and (2) establishments of converters who buy fabric goods in the grey, have them finished on contract, and sell at wholesale. Finishing operations include: bleaching, dyeing, printing (e.g., roller, screen, flock, plisse), stonewashing, and other mechanical finishing, such as preshrinking, shrinking, sponging, calendering, mercerizing, and napping; as well as cleaning, scouring, and the preparation of natural fibers and raw stock.
An essential qualitative trend observed in NAICS 31331, Textile and Fabric Finishing Mills, is the increasing demand for sustainable and eco-friendly practices. Consumers and businesses alike are prioritizing environmentally responsible processes, leading mills to adopt waterless dyeing technologies and organic fabrics to reduce their carbon footprint. This shift is significantly influencing production methods and material choices.
Additionally, digital printing technologies are gaining traction, offering more customized and intricate design possibilities while reducing waste. The industry is also witnessing a growing integration of smart textiles, including anti-microbial and moisture-wicking properties, thanks to advancements in material science.
Automation and AI-driven quality control systems are becoming critical, enhancing efficiency and reducing labor costs. Globalization continues to impact the sector, with various mills expanding operations to emerging markets to tap into lower manufacturing costs and new consumer bases.
Forecasts suggest that the near future will see further emphasis on sustainability, with stricter environmental regulations and increasing consumer awareness driving higher standards. Innovation in bio-based solutions for textile treatments and finishes is expected to grow, meeting the demand for greener alternatives. Overall, the convergence of technology, sustainability, and globalization will shape the textile and fabric finishing industry significantly.
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.