Perform a Porter's 5 forces analysis of the following industry. Provide detailed answer. (25 marks)

The Textile Industry

The textile industry consists of firms that manufacture and distribute fabrics for use in clothing, furniture, carpeting, and so forth. Several firms have invested heavily in sophisticated manufacturing technology, and many lower-cost firms located in Asia have begun fabric production. Textiles are not branded products. Recently, tariffs on some imported textiles have been implemented. There are numerous firms in this industry; the largest have less than 10 percent market share. Traditional fabric materials (such as cotton and wool) have recently been threatened by the development of alternative chemical-based materials (such as nylon and rayon) although many textile companies have begun manufacturing with these new materials as well. Most raw materials are widely available, although some synthetic products may be periodically in short supply. There are numerous textile customers, but textile costs are usually a large percentage of their final product's total costs. Many users shop around the world for the low prices on textiles.