New York, USA, Dec. 21, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global silk market is projected to garner a revenue of $34,102.5 million and rise at a CAGR of 8.2% throughout the estimated timeframe 2022-2031.
As per our analysts, due to the requirement of less initial investment and a more intensive industry, the global silk market is predicted to observe prominent growth during the forecast timeframe. Besides, the silk protein is desirable for use in the production of various cosmetics and supplements which is further expected to fortify the growth of the market over the estimated period. Moreover, the increasing use of silk in clothing and apparel is expected to create huge growth opportunities for the market during the analysis timeframe. However, fluctuating silk material prices may hinder the growth of the market throughout the forecast period.
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Segments of the Silk Market
The report has divided the market into segments based on type, end-user, and region.
Type: Mulberry Silk Sub-Segment to be Most Profitable
The mulberry silk sub-segment is predicted to hold the largest share of the market throughout the estimated timeframe. This is mainly because of the huge prominence of silk in the textile industry. In addition, the continuous launch of novel and innovative products with excellent resistance against mold, mildew, and dust mites is expected to fortify the growth of the market sub-segment during the analysis period.
End-User: Textile Sub-Segment to be Most Productive
The textile sub-segment is expected to hold the maximum share of the market during the forecast timeframe. This is mainly because silk is a crucial contributor to the textile industry owing to its lustrous appearance, light weightiness, and great strength. Moreover, the increasing use of silk in the production of surgical sutures, parachutes, clothing, and many more are predicted to upsurge the growth market sub-segment throughout the analysis timeframe.
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Asia-Pacific Region to Hold the Largest Share of the Market
The Asia-Pacific region of the silk market is expected to have a significant growth rate over the estimated timeframe. This is mainly due to the strong presence of highly competitive and leading manufacturing companies in this region. The growing population in this region together with the increasing number of startups are predicted to drive the regional growth of the market during the forecast timeframe.
Covid-19 Impact on the Silk Market
The outbreak of the Covid-19 pandemic has had a negative impact on the silk market. This is mainly because the silk industry faced various production-level challenges such as fluctuating cocoon and raw silk prices, labor shortages, transportation problems, declined sale of silk products, and many more during the pandemic period. However, the adoption of the internet and new technologies in the silk market to develop, transform and upgrade market scenarios by leading companies has increased the growth opportunities for the market during the period of crisis.
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Key Players of the Market
The major players of the silk market include
- AMSilk GmbH
- China Silk Group Co.Ltd
- Sichuan Nanchong Liuhe (Group) Corp.
- Zhejiang Jiaxin Silk Co.Ltd.
- Bolt Threads
- Xuzhou Shengkun Silk Manufacturing Co. Ltd.
- EntoGenetics Inc.
- Spiber Technologies
- Anhui Silk Co. Ltd.
- Libas Textiles Ltd.
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in July 2022, AMSilk, a leading producer of smart-performing biotech materials announced to scale up its production of high-performance bio-based silk materials and expand its production network outside of Europe by collaborating with brands Adidas. With this AMSilk aimed to become the world’s first industrial supplier of vegan silk biopolymers and produce large quantities of premium bio-fabricated silk materials in constant quality.
Further, the report also summarizes other crucial aspects including SWOT analysis, the financial performance of the key players, and the latest strategic development.
More about Silk Market:
- What are the Benefits, Drawbacks, and Various Uses of Silk?
- Why is Silk Crucial in the Textile Industry?
- Global Silk Market to Generate $34,102.5 Million in the 2022–2031 Timeframe Due to Rising Profitability in Silk Production for Farmers
