Industrialization and Economic Development in Major Developing Countries is Anticipated to Drive the Textile Machinery Market during the Forecast period 2020-2025. Global Textile Machinery market size is forecast to reach $33.2 billion by 2026, growing at a CAGR of 6.3% from 2021 to 2026.
Growth in the global textile trade result in investments in regions with a strong supply base for clothing and textile goods. While the EU and the US continue to dominate the apparel business, countries such as China, India, and Russia are emerging as prospective apparel consumption destinations. The high growth of the market in emerging economies is primarily driven by the large increase in population and increased per capita spending on apparel. Growing consumption of textile and apparel products in developing countries and a gradual economic recovery is set to boosts the market growth during the forecast period 2020-2025.
APAC dominated the global textile machinery market with a share of 74% in 2019 and is expected to continue its dominance during the forecast period 2020-2025. China is a world leader in textile exports with substantial installations of spindle, rotor, and shuttle-less weaving machines. According to World Trade Organization (WTO), China, European Union (EU28), and India remained the world’s top three exporters of textiles in 2018. Altogether, these top three accounted for 66.9% of world textile exports in 2018.
China produces a full range of textile machinery, including not only spinning, weaving, and processing, but also embroidery, knitting, and nonwoven plant machinery. Furthermore, India is the world's largest producer of cotton, and its textile businesses require numerous types of technology, increasing the need for textile machines. In terms of installed capacity of spindles and open-end rotors, India is the second biggest country. Shipments of short staple spindles and open-end rotors have continuously increased in India. India's strong and rising industrial competitiveness has elevated it to the forefront of the textile machinery industry. As a result, rapid industrialization and economic development in major emerging nations such as China and India are expected to drive the textile machinery market.
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Textile Machinery Market Growth Drivers:
Technological advancements related to textile drives the usage of new textile machinery
Textile processing machinery is undergoing several technical breakthroughs, such as nanotechnology innovation, digital printing technology, biotechnology, ultrasonic wet processing technology, and plasma technology, which is driving the textile machinery market over the projection period. Printing, dyeing, bleaching, and mercerizing have all seen new equipment introduced. Textile producers are investing in the purchase of textile machinery owing to the latest textile finishing technology, which is utilized to increase fabric quality. Water usage is reduced during and after the dyeing process with ultra-low liquor-ratio machines. Nanotechnology in clothing saves energy and resources while also producing more scientific clothes with features like water repellency, fire resistance, and self-cleaning. Another recent textile industry breakthrough is the use of laser printing, which gives clothing a more consistent appearance. Digital printing is chosen for intricate and multilayer printing, whereas 3D printing is used to make unique apparel. As a result, in order to apply such cutting-edge technology and advances to textiles, there is a growing need for the most up-to-date textile machinery, which drives the textile machinery market.
The Major Players in this Market Include
Major players in Textile Machinery include Oerlikon, Rieter, Picanol, Toyota Industries, American Textile Machinery Association, Batliboi, Benninger, Intertrad Group, Itema Group, Itema and among others. In March 2017, Tongda launched new ring spinning frame in DTG 2017 Dhaka Bangladesh, and displayed the new model ring spinning frame F1568 Model. This machine has more advantages than previous model, it has oil bath system for gears, and electric cam system for lifting. It ensures that spinning mills can make top quality yarns from their spinning machines.
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