New York, USA, Oct. 19, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global silk market is anticipated to rise at a stable CAGR of 7.1%, thereby garnering a revenue of $11,353.6 million by 2028. This comprehensive Research Dive report presents a brief outlook of the current framework of the silk market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
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Dynamics of the Silk Market:
Drivers: Technological innovations in sericulture sector are predicted to be the primary growth driver of the silk market in the forecast period. Additionally, governmental push for improving the quality and productivity is expected to further drive the market forward.
Opportunities: Rising popularity of vegan silk across the globe is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, various technological advancements in the field of sericulture are anticipated to augment the growth rate of the market.
Restraints: However, high cost of raw silk may restrict the growth of the silk market in forecast period.
Impact of Covid-19 on the Silk Market
The novel coronavirus pandemic and the resulting lockdowns impacted the silk market in a negative way. The travel restrictions across the globe led to disruption in transportation facilities and made it difficult to access these facilities. Also, due to uncertainties, there was a decline in demand for silk clothes and fabrics which led to a slump in the market in the forecast period.
Check out Post COVID-19 Impact on Silk Market. Ask an Analyst to Get the Latest Trends.
Segments of the Silk Market:
The report has fragmented the silk market into segments based on type, application, and region.
Type: Mulberry Silk Sub-segment to be the Most Lucrative
By type, the solution sub-segment is expected to have the dominating share and register a revenue of $7,430.2 million by 2028. The presence of a huge global mulberry silk textile market is anticipated to help in the growth of this sub-segment.
Application: Textile Sub-segment to be the Most Profitable
By application, the textile sub-segment of the silk market is expected to have the highest market share and is projected to garner $9,745.8 million by 2028. Silk is crucial contributor to the textile industry owing to its remarkable features like luxurious feel, lustrous appearance, light weightiness, and great strength. This growing application of silk is predicted to be the primary growth driver of the sub-segment in the forecast period.
Region: Market in the Asia-Pacific Region to be the Most Dominant
By regional analysis, the silk market in Asia-Pacific region is predicted to grow rapidly in the 2021-2028 timeframe and is expected to reach $10,286.4 million by 2028. Presence of major silk producing countries such as India, Thailand, China, and Uzbekistan is expected to become main growth driver of the market in this region.
Prominent Silk Market Players:
Some leading players in the silk market are
- Anhui Silk Co. Ltd.
- Sichuan Nanchong Liuhe (Group) Corp.
- Shengkun Silk Manufacturing Co.,Ltd.
- Amsilk GmbH
- China Silk Group Co.,Ltd.
- Spiber Technologies AB
- EntoGenetics inc.
- Zhejiang Jiaxin Silk Corp.,Ltd
- Libas Textiles Ltd.
- Bolt Threads, among others.
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market. – Inquire here to get an access to the Key companies Development strategic Report
For instance, in June 2020, Mayfairsilk, a London-based entrepreneur trading in silk, announced the launch of finest silk sleep accessories collection and bed linen. This product launch is predicted to help Mayfairsilk to expand its footprint in the market in the coming period and consolidate its position as the leader of the market.
Finally, this comprehensive report also summarizes many crucial aspects of the silk market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Silk Market:
- Adoption of Vegan Silk Fabrics Expected to Boom the Growth of the Silk Industry
- Why is Silk Crucial in the Textile Industry?
