Rapidly Increasing Demand for Spinning Machines to Drive the Global Textile Machinery, Says Fact.MR In Its Latest Published Industry Report
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.
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 global textile machinery market is valued at US$ 29 billion in 2023.
The market is anticipated to hit a valuation of US$ 52 billion by 2033.
Demand for textile machinery is projected to increase at a CAGR of 6.1% from 2023 to 2033.
Asia Pacific held 64% share of the worldwide textile machinery market in 2022.
Sales of spinning machines are expected to increase at a CAGR of 4.6% from 2023 to 2033.
“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
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.
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).
Check out more related studies published by Fact.MR Research:
Dog Bed Covers Market: Dog bed covers are used to protect the beds from paws and excreta of dogs. Moreover, they come with anti-microbial element to preserve dog’s health and their owners. Furthermore, they have become an integral part in developed economies with stringent animal and pet laws.
Sugarcane Fiber Market: Around 300 million tons of plastic produced in the world every year and considerable amount of that plastic is used in restaurant business. All of these plastics is either dumped into ocean or burnt and very small amount is recycled. In recent time sugarcane, fiber has emerged as alternative for plastic used in restaurant industry.
Geotextile Market: Enhanced filtration, reinforcement, and drainage offered by geotextile products is giving the geotextile market immense traction.
Sodium Borohydride Market: H.C. Brown and his boss Schlesinger discovered sodium borohydride at University of Chicago in 1942. Sodium Borohydride is also known as sodium tetrahydriodoborate and is considered to be one of the most adaptable reducing agent across the industrial verticals. It is upright reducing agent with selective reduction and stable performance.
Textile Mill Electric Drives Market: Continuous collaborations and jointly developed solutions that work well for the entire supply chain of the textile industry are estimated to contribute significantly to the gradual comeback of the global economy. However, factors, such as fluctuations in oil prices, political instability and global crisis, may a pose threat to the textile industry around the globe.
About Fact.MR
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.
Contact: US Sales Office 11140 Rockville Pike Suite 400 Rockville, MD 20852 United States Tel: +1 (628) 251-1583, +353-1-4434-232 E: [email protected] Follow Us: LinkedIn | Twitter | Blog
