The Global Textile Machinery market can be divided into four segments: Spinning Machinery, Weaving Machinery, Texturing Machinery, and Knitting Machinery.
The global textile machinery market is expected to grow substantially in the following years, stimulated by modernization of the various textile machineries employed to produce textiles throughout the world. The demand of textiles in residential construction and automotive industries owing to their utilization in individual households and vehicles is further leading to the growth of the market. Industry analysts have predicted that the market would grow at a CAGR of 14.02% between 2013 and 2018.
This report:Global Textile Machinery Market 2014-2018 highlights the current market scenario and key market trends of the industry. It also provides a meaningful insight on the market outlook and challenges which threaten the market.
Key market drivers
The growth of the global textile machinery industry is spurred by an increasing number of technological innovations, besides its growing demand in automotive and construction industries. Such innovations in the form of energy-saving machineries are responsible for the progress of the market as improved machines are being produced at lower prices. For instance, since the last few years knitting machines have been quite popular in Europe, which come with minimized environmental impact, as a consequence ofa large number of pollution curbing measures implemented in the region recently, adding to the market growth. Industry experts have forecast that the market outlook would be positive in the next few years, particularly in Europe, India and China, due to the arrival of such innovations. Another factor driving the market is the series of regulations which influence the textile market, as the textile machinery market is greatly dependent on the textile industry. Moreover, owing to the strong demand for disposable textiles in India and China, the global textile market is slated to touch USD 20.75 billion within 2015.
Besides Europe, China and India, the other nations which are expected to grow steadily in the next few yearsare Brazil, Peru, Colombia and Peru, as these regions are equipped with a stronger capacity to recover from the global recession which hit the world in 2009.
Key market players
Some of the key players which have been contributing significantly to the market share include Lakshmi Machine Works Ltd., Itema Holding SpA, Kirloskar Toyoda Textile Machinery Pvt. Ltd., Intertrad Group, Batliboi Ltd, Benninger AG, Truetzschler GmbH & Co. KG and others. One of the Indian players named Lakshmi Machine Works has recently opened a new textile plant in China, thereby gaining a secure grip in the Chinese textile market, which is considered to be the largest textile market in the world. The plant is believed to play a crucial role in enabling the organization to consolidate its foothold in Chinese and Indian markets.
Though there are several drivers which stimulate the market growth, challenges like high rates of volatility thwart the market’s progress as this market is likely to experience unexpected alterations.
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