Technavio has added released a new market research report on the global textile machinery market, which is expected to grow at a CAGR of 11% between 2016 and 2020. Rising demand for non-woven fabric across the healthcare, automobile, aerospace, and construction industries is propelling the demand for textile machinery. Asia dominates the global market for textile machinery, accounting for90% of the overall market revenue. Much of this region’s growth comes from the increase in manufacturing and infrastructure development, owing to owing to availability of low-cost skilled labor and raw materials.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
Rise in cotton export demand has made India a popular region in the textile machinery market, especially in the spinning machinery segment. Increase in spinning and weaving capacities has surged the demand for textile machineries especially in Gujarat, Maharashtra, and Telangana. These Indian states have surplus cotton supply, which has spurred growth prospects in the domestic spinning machinery manufacturing industry,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
The spinning machinery segments leads the global textile machinery market, accounting for 93% of the total market share. This segment includes short staple spindle, long staple spindle, and open-end rotor spindle. Open-end rotor machinery is very popular as it combines spinning and winding in a single machine, which helps end-users achieve economical production.
The key vendors in the global textile machinery market include Itema, LMW, Murata, and Truetzschler. It is a competitive market and is dominated by international players. The global players are extending their foothold in developing nations owing to the rising demand for textile and availability of low cost labor in these countries.
A more detailed analysis is available in the Technavio report, Global Textile Machinery Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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