Asian region to account for a market share of more than 90% of the total textile machinery market share.
Technavio’s market research analysts have predicted that the global textile machinery market may grow at 8 percent by 2022.
This market analysis includes a detailed segmentation of the global textile machinery market by product type (spinning, texturing, weaving, knitting, and finishing machinery). It also outlines the market shares for key regions like Asia, Europe, and the ROW. The leading vendors analyzed in this report are Itema, Rieter, Saurer, LMW, Murata, and Trützschler.
Technavio market research analysts have estimated the spinning machinery segment to be the largest market segment during the forecast period. Much of this segment’s growth can be attributed to the expansion of spinning machinery capacities in countries like India and China. Since these companies experience a high demand for cotton exports, the expansion of spinning machinery capacities will help these countries to maintain and meet a sustainable demand for spinning machinery during the forecast period.
Largest market segment
Spinning machinery segment
In this market study, analysts have estimated the Asian region to account for a market share of more than 90% of the total textile machinery market share by 2022. The prospects for growth in this market are impelled by the domestic demand and exports to countries like the US and Europe.
Also, the rise in manufacturing activities and infrastructure development will lead to the substantial growth of this market segment during the predicted period.
The global textile machinery is a competitive market and is primarily dominated by international players. In this market, the manufacturers are focusing on R&D activities to bring out innovative and efficient machinery, which would help reduce the overall operational cost.
Furthermore, established players such as Trutzschler are setting up manufacturing centers in Asian countries due to the rising demand for textiles and the availability of low-cost labor in this region.