Textile Machinery Market Value to Reach US$ 41.2 Bn by 2031: TMR Study

Textile Machinery Market Value to Reach US$ 41.2 Bn by 2031: TMR Study

Due to the region’s continued dominance of the market in 2022 and the expansion of import and export activities in nations like China and India, the textile industry has experienced continuous growth.

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.

Weaving machines, spinning machines, finishing machines, dyeing machines, ginning machines, quilting machines, and knitting machines are a few of the common textile machines.

Leading market players are generating revenue and gaining an advantage over rival businesses thanks to the introduction of new textile machinery. 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: In recent years, consumers’ demand for traditional textile products has increased. The increased demand is largely due to the products’ increased aesthetic appeal. Demand for textile machinery has increased due to the rise in demand for traditional textile products, which has aided in market expansion.
  • Increase in Demand from Online Distribution Channels: Since they wanted to physically inspect the product before making a purchase, customers have long preferred various offline distribution channels to buy textile machinery products. However, as the e-commerce sector has continued to expand, consumers have shown interest in buying textile machinery products from various online distribution channels, including e-commerce websites and company-owned websites. The availability of goods at lower prices and doorstep delivery are significant drivers of demand growth from online distribution channels. The growth of the textile machinery market is being helped by an increase in demand from online stores.

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

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. The expansion of the textile industry, rapid industrialization, particularly in developing economies, and an increase in textile and apparel export and import activity in nations like China and India are likely to support market growth in the region over the coming few years. Due to the ease of access to land and labor in nations like India, major players are likely to set up R&D centers and manufacturing facilities for textile machinery.
  • In the upcoming years, it is anticipated that the North American market will experience significant growth. Large presence of major producers, soaring textile demand, and rising disposable income among consumers in nations like the U.S. and It is anticipated that Canada will contribute to growing the size of the regional market soon.
  • The market in Europe is expected to expand significantly over the next few years as a result of rising demand for knitting machines and a surge in the import and export of textile machinery from nations like 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

There are many local and foreign competitors in the competitive global market. During the anticipated period, the competition is likely to get more intense as new players enter the market.

Established players in the textile machinery market are spending a lot of money on R&D to create new products that satisfy consumer demands. Increase in demand for improved products is likely to help create business opportunities in the next few years.

Toyota Industries Corporation, Santex Rimar Group, Saurer Intelligent Company, Benninger AG, and Rieter are just a few of the major players in the market.

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

Custom research and consulting services are offered by Transparency Market Research, a global market research firm with US registration in Wilmington, Delaware. The business carefully examines the variables influencing demand dynamics across a range of markets. The market perspectives and insights assess opportunities across various segments. Analysis of the opportunities in the market segments based on source, application, demographics, sales channel, and end-use will help predict market growth over the coming ten years.

Thousands of decision-makers benefit from our unique combination of quantitative forecasting and trends analysis, which is made possible by skilled teams of analysts, researchers, and consultants. The various tools & techniques we employ, along with our exclusive data sources, always reflect the most recent developments. Transparency Market Research uses rigorous primary and secondary research techniques in all of its business reports and has a wide range of research and analysis capabilities.

Reference: https://www.globenewswire.com/

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