New York, USA, Nov. 15, 2021 (GLOBE NEWSWIRE) -- A new report on the global silk market has been added by Research Dive to its repository. As per the report, the market is expected to garner $11,353.6 million by 2028, growing at a CAGR of 7.1% from 2021 to 2028. This report provides thorough insights into the present condition and future outlook of the global industry. The report is drafted by professional market analysts and assures to be a reliable source of data and detailed market insights for new players, investors, prevailing market players, stakeholders, shareholders, and more.
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Factors Impacting the Market Growth
Increasing advancements in the technology used in sericulture and growing demand for silk products worldwide are boosting the growth of the global silk market . Furthermore, the growing preference for vegan silk (as it involves cruelty-free production processes) is projected to give rise to profitable opportunities for the market growth during the forecast period. However, the expensive nature of raw silk is anticipated to hinder the market growth.
COVID-19 Pandemic Impact on the Silk Market
The abrupt rise of the COVID-19 pandemic has negatively impacted the growth of the global silk industry. The pandemic has shattered the silk production industries owing to the dearth of raw materials and transportation facilities amidst the lockdown period. This has restrained the global market growth significantly. However, as soon as the pandemic situation resolves and the production of silk resumes, the demand for silk is likely to surge in the coming years.
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The report segments the global silk market into type, application, and region.
Mulberry Silk Sub-segment to Dominate the Market
Among type segment, the mulberry silk sub-segment is projected to observe significant growth by garnering $7.430.2 million in the projected period. The rising demand for mulberry silk owing to its various advantages such as finest quality, natural, pure white color, and odorless is anticipated to be one of the factors boosting the sub-segment’s growth.
Textile Sub-segment to Observe Remarkable Growth
Among application segment, the textile sub-segment is expected to grab major share of the market and garner $9,745.8 million during the forecast period. The growth of this sub-segment is mostly because the demand for silk is rising tremendously in textile industries owing to its light weightiness, shiny appearance, luxurious texture, and good strength.
Asia-Pacific Region to Dominate the Market
The report analyzes the global silk market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. Among these, the Asia-Pacific region market is expected to garner a revenue of $10,286.4 million during the estimated timeframe. The growth of this region market is mainly owing to the rising contribution of key countries in this region including India, Thailand, China, and Uzbekistan in the production of silk.
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Leading Players Functioning in the Global Silk Industry Including -
- EntoGenetics inc.
- Sichuan Nanchong Liuhe (Group) Corp.
- Bolt Threads
- Spiber Technologies AB
- China Silk Group Co.,Ltd.
- Zhejiang Jiaxin Silk Corp.,Ltd
- Shengkun Silk Manufacturing Co.,Ltd
- Libas Textiles Ltd.
- Anhui Silk Co. Ltd.
- Amsilk GmbH
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The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players functioning in the global industry. For instance, in June 2020, Siyaram, an Indian blended fabric and garment-manufacturer, introduced a novel range of anti-coronavirus textiles to curtail the spread of COVID-19 disease. This range of textiles has been verified by the certified labs of the World Health Organization.
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