Textile Machinery Market Share, Growth, and Size Analysis: A Promising Forecast 2030
Fairfield Market Research, a leading provider of market research reports, has released a comprehensive analysis of the global textile machinery market, indicating promising growth prospects in the years ahead.
Market Analysis in Brief
Leaders in textile technology and machinery worldwide predict a resurgence in the textile machinery sector, driven by numerous international exhibitions and the continued momentum of production-oriented developments that began in 2021. The garment industry’s rapid expansion, coupled with the abundant supply of raw materials like cotton and jute, is a primary driver of this growth. Moreover, the textile machinery industry has rebounded significantly after the pandemic, with the Asian markets poised for stellar growth.
Key Report Findings
- The growth of the apparel and fashion industry is propelling the textile machinery market.
- The surge in popularity of smart textiles and the thriving trend of textile recycling will favor market expansion.
- Approximately 11% of global textile machinery exports are made in Italy.
- The Asia Pacific region anticipates the fastest growth in the near term.
Growth Drivers
Phenomenal Growth Post-pandemic
The textile machinery market experienced a significant impact from the COVID-19 pandemic, affecting the entire supply chain. Despite challenges such as raw material shortages and supply chain disruptions, unmet demand during the pandemic led to increased orders in 2021. The pandemic also brought sustainability, circular production, and digitalization to the forefront of manufacturers’ investments and decisions.
The Rise of Smart Textiles and Textile Recycling
The fast-fashion trend is driving the demand for textile machinery to create modern clothing with cutting-edge fabrics and designs. Additionally, the need for textile recycling, driven by environmental concerns, is fostering market expansion. Smart textiles with electronic components and advanced technologies are also contributing to growth, particularly in the medical and biomedical sectors.
COVID-19 Impact
The COVID-19 pandemic caused supply chain interruptions and manufacturing limitations, impacting the textile machinery market. Lockdowns and travel restrictions disrupted the supply of raw materials, affecting market growth. However, automated production methods and the need for personal protective equipment during the pandemic boosted the market to some extent.
Growth in Order Intake Across Italy
Italy is a major exporter of textile machines, with around 11% of global exports originating from the country. The Italian textile machinery market witnessed a 43% increase in orders received in the fourth quarter of 2021, indicating optimism in the industry. Milan will host the world’s largest textile machine exposition, ITMA 2023, in June 2023.
Soaring Nonwoven Fabric Consumption
The increasing demand for nonwoven fabrics is driving the adoption of textile machinery. Rising expenditures on cotton ginning equipment and the rapid development of the fashion industry are also contributing to market growth.
Growth Challenges
High maintenance costs and evolving government regulations are key obstacles for textile manufacturers. Government policies and a lack of financial assistance hinder industry competitiveness on a global scale.
Overview of Key Segments
Spinning Machines Dominant with Greater Operational Efficiency
Textile spinning machines are expected to dominate the market due to their high-speed production and quality yarn output. This segment’s ease of operation and yarn consistency maintenance contribute to its prominence.
Garments and Apparels Segment Leads
The garments and apparel application segment led the global textile machinery market in 2021, driven by rising consumer demand for clothing and fashion items. Population growth and urbanization in developing nations further support sector growth.
Growth Opportunities Across Regions
Asia Pacific Flourishes with Mounting Apparel and Clothing Sales
Asia Pacific, especially countries like India, Bangladesh, and Pakistan, is poised for growth in the textile machinery market due to increased retail penetration, attractive demographics, rising disposable incomes, and favorable government policies.
Key Competitors: Textile Machinery Market
Prominent players in the global textile machinery market include Benninger AG (Jakob Müller AG), A.T.E. Private Limited, Mayer & Cie. GmbH & Co. KG, Camozzi Group SpA., Lakshmi Machine Works Limited, Toyota Industries Corp, Itema SpA, LONATI SPA, Murata Machinery Ltd., OC Oerlikon Corp. AG, Navis TubeTex, and Rieter Holding AG.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/textile-machinery-market
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