Global Silk Market Size & Share to Surpass $28.53 Billion by 2028 | Vantage Market Research


WASHINGTON, March 13, 2023 (GLOBE NEWSWIRE) -- The Global Silk Market was valued at USD 17.2 Billion in 2021 and is projected to reach USD 28.53 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 7.5% over the forecast period 2022-2028.

Market Overview

The growth rate of the Silk market will be further accelerated by the growing knowledge of the benefits of employing lubricant-based solutions because of their corrosion resistance, inflammability, and lack of hazardous ingredients. Expanding trade by air transportation will also spur an increase in market value. Other market growth drivers anticipated to support the growth include the automotive industry's rise and defense spending.

We forecast that the textile industry category in Silk market sales will account for more than 53% of total sales by 2028. Silk's end use in textiles is expanding quickly. This economy sector contributes significantly to the textile industry because of Silk's exceptional qualities, including its sensuous feel, shiny look, lightweight, and high strength. Additionally, Silk is used to make clothes, Silk comforters, veterinary sutures, and parachutes, which are expected to drive the segment during the analysis period.

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Market Dynamics

Rising Demand for Silk in the Textile Market
Textile is the use of Silk that is expanding the fastest. The textile business, which is continually growing and altering in terms of supply and demand, includes Silk as a significant element. Because of its luster, plush feel, super lightweight, durability, and durability, Silk is a popular textile material. It is used in various textiles, including cushions, wall art, draperies, furnishings, bridal gowns, blouses, scarves, and neckties. Thanks to its absorbency, Silk is also quite comfortable, especially in hot weather. Its low conductivity keeps warm air near the skin during chilly conditions.

Development and Advanced Products to Drive the Market Growth
The market's increasing investment rate is a significant driver throughout the predicted period. Users of the XR platform risk having a hallucinogenic experience. It transports users to a completely different digital environment. The investment is increasing because of its enormous potential. The industries of education, retail, tourism, gaming, and healthcare are market innovators.

Furthermore, head pose monitoring technology is in high demand. The Silk market is increasingly in demand thanks to these technologies. Additionally, eye-tracking cameras and sensors are some of their innovations that are highly sought-after in the market. The Silk (XR) market is therefore driven by rising investment in technology.

Top Players in the Global Silk Market

  • Anhui Silk Co. Ltd.(China)
  • AmSilk GmbH (Germany)
  • Wujiang First Textile Co. Ltd. (China)
  • Zhejiang Jiaxin Silk Co. Ltd. (China)
  • Sichuan Nanchong Liuhe (Group) Corp. (China)
  • ShengKun Silk Manufacturing Co. Ltd. (China)
  • Wujiang Wanshiyi Silk Co. Ltd. (China)
  • Libas Textiles Ltd (Bangladesh)
  • Bolt Threads (U.S.)
  • Jiangsu Sutong Cocoon And Silk Co. (China)

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Top Trends in Global Silk Market

  • One trend that Vantage Market Research (VMR) expects to see in the Silk industry is the use of Silk in clothing and apparel. One of the key areas of the economy in places like Europe is the apparel sector, specifically the Silk sector. Germany and Italy are the two largest markets for Silk fabrics in Europe. Customers in Italy and Germany favor fibers, and a wide range of Silk textiles are imported for clothes, accessories, and homewares. Silk is one of the most significant fabrics created in Italy. However, the European garment and textile business is diverse due to its specific characteristics: openness, flexibility, and absorbency.
  • Another trend that VMR predicts will continue in the Silk industry is the rising varieties of Silk. The fact that Silk protein contains permease and chymotrypsinogen, which can easily cross the dermis skin layer and enter the bloodstream, is one of the main factors contributing to its expanding use in some industries. Additionally, naturally occurring amino acids in Silk protein make it appealing to diverse end customers who manufacture supplements and cosmetics.

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Top Report Findings

  • Based on Types, the mulberry Silk category controls most of the Silk market's revenue. Mulberry Silk is largely used in the textile sector. Mulberry Silk is also added to blend with other natural fibers, including cotton, to improve the properties of the base fabric. Increasing the caliber of Silk is expected to boost the Silk market by increasing demand for mulberry Silk.
  • Based on the End User, the textile category controls most of the Silk market's revenue. The textile industry, which is always expanding and adjusting to shifts in supply and demand, includes Silk as a crucial element. Because of its lustrous color, velvety feel, compact size, durability, and sturdiness, Silk is used in textiles. It is used in many household items, including cushions, wall hangings, draperies, furnishings, and many other kinds of clothing.

Recent Developments in the Global Silk Market

  • In January 2022, AMSilk GmbH, a global supplier of cutting-edge, high-performance bio-based Silk materials, revealed that it had partnered with Mercedes-Benz to create revolutionary, environmentally friendly automobile door pulls as part of the automaker's most recent technology initiative, the VISION EQXX.
  • In November 2022, Kraig Biocraft Laboratories, Inc. declared that it had converted $8 million in convertible debentures with Yorkville Advisors from debt to equity. The company is in a position to begin 2023 free of any liabilities relating to convertible debt owed to Yorkville Advisors thanks to this closeout, which takes place several months earlier than expected.

Mulberry Silk Category in Silk Market to Generate Over 39% Revenue

For better understanding, based on the device type, the Silk market is divided into Mulberry Silk, Tussar Silk, and Eric Silk.

During the forecast period, the Silk market is anticipated to experience the highest CAGR for the mulberry Silk category. Mulberry Silk, which is fully natural, odorless, and pure white, is one of the highest-grade Silks. Due to these distinctive qualities, mulberry Silk is in high demand in the international market. Furthermore, introducing unique and inventive products drives the mulberry Silk market.

On the other hand, the eric Silk category is anticipated to grow significantly. One of India's largest industries is the garment sector, specifically Silk. Eri Silk is mostly used in weaving in India's northeast, but it has enormous potential for knitting, crocheting, and embroidery. Because of the nature of its staple (short) fibers, it must be spun rather than reeled. It is heavier than other Silks and has a texture or behavior similar to wool or cotton.

Asia Pacific Region in Silk Market to Generate a Substantial Revenue
  
The Asia Pacific dominates the market throughout the projection period. The supply and demand for Silk may be concentrated, with the majority coming from Asia-Pacific countries. China and India are the world's largest and foremost Silk producers. The sericulture industry in China has a more than 6,000-year history. China also exports a lot of Silk to other countries.

Europe region is projected to grow faster during the forecast period. Germany and Italy are the two largest markets for Silk fabrics in Europe. Customers in Italy and Germany like natural fibers, so a wide range of Silk textiles for clothes, accessories, and home furnishings have been imported. Even though the European garment and textile business is broad, Silk is one of the most significant fabrics produced in Italy because of its unique properties, including breathability, flexibility, and absorbency.

Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on Silk Market Forecast Report (2022-2028).

Global Silk Market Segmentation

By Types

  • Mulberry Silk
  • Tussar Silk
  • Eri Silk

By End Users

  • Textile
  • Cosmetics
  • Medical

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

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Scope of the Report:    

Report AttributesDetails
Market Size in 2021USD 17.2 Billion
Revenue Forecast by 2028USD 28.53 Billion
CAGR7.5% from 2022 to 2028
Base Year2021
Forecast Year2022 to 2028
Key PlayersAnhui Silk Co. Ltd., AmSilk GmbH, Wujiang First Textile Co. Ltd., Zhejiang Jiaxin Silk Co. Ltd., Sichuan Nanchong Liuhe (Group) Corp., ShengKun Silk Manufacturing Co. Ltd., Wujiang Wanshiyi Silk Co. Ltd., Libas Textiles Ltd, Bolt Threads, Jiangsu Sutong Cocoon And Silk Co.
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options

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