Wilmington, Delaware, United States, March 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - As per a Transparency Market Research study, the global textile machinery market was valued at US$ 26.2 Bn in 2022 and is estimated to advance at a compound annual growth rate (CAGR) of 5.3% during the forecast period from 2023 to 2031.
Textile machinery are used to process natural fiber products, such as cotton and silk, and different artificial fiber products, such as nylon and polyester. Textile machines can produce 1,200 rolls a month on average and have adjustable configuration by accommodating an extensive range of roll sizes and diameters.
Some of the popular textile machines are weaving machines, spinning machines, finishing machines, dyeing machines, ginning machines, quilting machines, and knitting machines.
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Launch of new textile machinery is helping prominent market players generate revenue and gain an edge over other companies. Additionally, leading market players are collaborating with other market players to expand their presence and increase revenue share.
Key Findings of Market Study
- Rise in Demand for Conventional Textile Products: There has been a rise in demand for conventional textile products among consumers in the last few years. A key factor contributing to the surge in demand is the aesthetic appeal offered by the products. Rise in demand for conventional textile products has triggered the demand for textile machinery and helped in market development.
- Increase in Demand from Online Distribution Channels: For many years, consumers have preferred different offline distribution channels to purchase textile machinery products since they wished to physically examine the product before purchase. However, with continuous growth in the e-commerce industry, consumers have shown interest in purchasing textile machinery products from different online distribution channels, such as e-commerce websites and company-owned websites. Key factors contributing to rise in demand from online distribution channels are product availability at reduced prices and doorstep delivery. Increase in demand from online websites is assisting textile machinery market growth.
Textile Machinery Market - Key Drivers
- Continuous expansion in the textile industry worldwide is anticipated to drive the global textile machinery market during the forecast period
- Increase in integration of different advanced technologies, such as machine learning and artificial intelligence in textile machinery is estimated to help business growth in the next few years
- Rise in availability of different raw materials, such as jute and cotton, is likely to trigger the demand for textile machinery and propel the market in future
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Textile Machinery Market - Regional Insights
- The market in Asia Pacific held dominant share in 2022 and is expected to account for significant share during the forecast period. Continuous growth in the textile industry, rapid industrialization, especially in developing economies, and rise in export and import activities for textile and clothing in countries such as India and China, are likely to help market development in the region in the next few years. Leading players are likely to establish R&D centers and textile machinery production units in countries such as India, due to the ease of availability of land and labor.
- The market in North America is anticipated to witness significant growth in the next few years. Large presence of leading manufacturers, surge in demand for textiles, and increase in disposable income among customers in countries such as the U.S. and Canada, are anticipated to help expand the regional market size in the near future.
- The market in Europe is projected to witness strong growth in the next few years due to increase in demand for knitting machines and surge in import and export activities of textile machinery in countries, such as the U.K. and Germany
- Middle East & Africa is anticipated to offer profitable business opportunities for leading players in future due to increase in investment in the production of apparel products, leading to rise in demand for textile machinery in countries such as the U.A.E.
Textile Machinery Market - Key Players
The global market is competitive and has several international and local players. Entry of new players is likely to intensify the competition during the forecast period.
Well-established textile machinery market players are investing significantly in research and development activities to manufacture new equipment that meet consumer needs. Increase in demand for improved products is likely to help create business opportunities in the next few years.
Few key players operating in the market are Toyota Industries Corporation, Santex Rimar Group, Saurer Intelligent Company, Benninger AG, and Rieter.
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The global market has been segmented as follows:
By Machine Type
- Spinning Machines
- Weaving Machines
- Knitting Machines
- Dyeing Machines
- Finishing Machines
- Ginning Machines
- Yarn Processing Machines
- Non-woven Machines
- Steamer and Dryer
By Distribution Channel
- Direct
- Indirect
By Region
- North America
- Asia Pacific
- Europe
- Middle East & Africa
- South America
About Transparency Market Research
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