December 14, 2022 15:00 ET | Source: FACT.MR FACT.MR
Rockville, Dec. 14, 2022 (GLOBE NEWSWIRE) -- The global textile machinery market is estimated to garner US$ 52 billion by 2033, advancing at 6.1% CAGR from 2023 to 2033, as per a new industry analysis by Fact.MR, a market research and competitive intelligence provider.
Textile machinery is used to convert raw fibers into textiles through knitting, weaving, crocheting, felting, tatting, braiding, and bonding. It includes anything from quilting machines and lace making to textile finishing and spinning machinery used in wool mills, cotton mills, and garment factories to make various garments. Numerous manufacturers are currently using automated textile machinery to improve product consistency, save manual labor, and design seamless dresses and garments with detailed embroidery.
Substantial development in the apparel industry, combined with an ample supply of raw materials such as jute and cotton, are primary factors bolstering the market growth. Furthermore, the developing fast-fashion trend is driving up demand for textile machinery used to create modern clothing with unique fabrics, patterns, designs, colors, and styles. This can also be ascribed to the growing popularity of high-end apparel as a result of increased urbanization, rising disposable incomes, and the growing impact of social media.
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Aside from that, the increasing demand for textile recycling owing to increasing environmental concerns and growing awareness among individuals about the negative impact of waste incineration are driving market expansion.
Prominent players are introducing medical textile machines that offer modular and configurable assistance to satisfy the needs of customers. This, together with the rising incidence of chronic diseases and the growing use of medical textiles for first aid, surgical, clinical, and hygienic purposes, is expected to drive market expansion.
Key Takeaways from Market Study
“The worldwide textile machinery market is likely to profit from the continuously developing textile and apparel industry. High demand for spinning machines from both developing and developed countries is expected to drive market expansion,” says a Fact.MR analyst
Key Segments of Textile Machinery Industry Research
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Asia Pacific is projected to dominate the worldwide textile machinery market. Foreign corporations' increasing investments in the garment and textile industries are major factors driving the regional market growth.
The largest markets for textile machines in Asia Pacific are India, Vietnam, China, Japan, South Korea, and Indonesia. The presence of a major textile industry and expanding apparel demand are boosting regional growth. Moreover, increased investments in the textile industry by multinational corporations in India are also propelling regional growth.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global textile machinery market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market on the basis of machine type (spinning machines, weaving machines, knitting machines, texturing machines, others), distribution channel (direct, indirect), application (garments and apparel, household and home textiles, protective textiles, medical, automotive, others) across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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