Pune,India, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The global textile machinery market size was valued at USD 47.19 billion in 2022 and the market is anticipated to grow from USD 49.70 billion in 2023 to USD 73.42 billion by 2030, exhibiting a CAGR of 5.7% over the estimated period. Textile machinery is a category of industrial equipment developed for producing and processing textiles. It includes different stages from spinning and weaving to dyeing and finishing. Fortune Business Insights™ provides this information in its research report, titled “Textile Machinery Market, Forecast 2023-2030”.
Industry Development:
February 2022: The British Textile Machinery Association joined the International Textile Manufacturers Federation (ITMF) for helping British firms make strong connections.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5.7% |
| 2030 Value Projection | 73.42 billion |
| Base Year | 2022 |
| Textile Machinery Market Size in 2022 | 47.19 billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 120 |
| Segments covered | By Type, By Application, By Region |
Drivers and Restraints:
Surging Trend of Integration of Industry 4.0 in Textile Machinery to Impel Market Growth
One of the major factors propelling the textile machinery market growth is an increasing trend of integration of Industry 4.0. The higher uniformity and quality of final products can be achieved, given the ability of automated systems to monitor and control different aspects of textile production continuously. In addition, mass customization is offered by Industry 4.0 technologies, which enables textile manufacturers to serve individual customer preferences in an efficient manner.
However, the steep capital investment may impede the market growth. The textile manufacturing machine, mainly the latest generation of machinery leveraged with sustainable properties, digitization, and automation, incurs substantial costs.
COVID-19 Impact:
Upheavals in Production Activities Hindered the Market Growth
The COVID-19 pandemic’s impact on the market was multifaceted due to decreased investment and demand for machinery, upheavals in supply chains, closure of plants, and other factors. Moreover, the overall uncertainty situation impacted the cautious machinery procurement strategies. Thus, these factors negatively influenced the market growth.
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Report Coverage:
- It assimilates key market drivers and restraints.
- It profiles the rankings of key market players accordingly.
- It includes key market developments and information on different market segments.
- It provides a comprehensive market assessment.
- It assesses the COVID-19 pandemic’s impact on the market.
Textile Machinery Market Segmentation Analysis:
Crucial Role of Finishing Machines in Enhancing Textile Quality to Fuel Segment Growth
On the basis of type, the market is categorized into weaving machines, finishing machines, knitting machines, spinning machines, and others. The finishing machines segment is anticipated to account for the largest textile machinery market share during the forecast period. Finishing machines are essential in the enhancement of textile performance, quality, and appearance. This factor is bolstering the finishing machines segment growth.
Garments and Apparel Segment to Lead Due to Demand for Customization
By application, the market is segmented into household and home textiles, garments and apparel, technical textiles, and others. The garments and apparel segment is anticipated to register the largest share during the forecast period due to evolution in the fashion trends and demand for customization.
From the regional perspective, the market is divided into Europe, South America, the Asia Pacific, North America, and the Middle East & Africa.
Regional Insights:
Asia Pacific Holds the Largest Share Owing to the Flourishing Textile Industry
The Asia Pacific textile machinery market accounts for the largest share. The regional growth can be attributed to the expanding textile industry due to abundant raw materials, cost-effective production, and a large labor force.
The market in North America is rising due to the presence of established textile industries in U.S. and Canada. The demand for machinery which can produce high-performance textiles in the region is driving the market growth
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Competitive Landscape:
Leading Companies Focus on Partnerships to Boost Their Presence
Prominent companies, including the Murata Machine, Rieter, Trützschler Group, and Itema Group are focusing on improving sustainability and the performance of machinery by developing innovative solutions. Several companies are also focusing on partnering with international bodies to extend their geographical footprints while maximizing their revenues.
A List of Key Manufacturers Operating in the Global Market:
- A.T.E. Private Limited (India)
- Murata Machinery (U.S.)
- Rieter (Switzerland)
- Itema Group (Italy)
- Qingdao Jingtian Textile Machinery Co., Ltd (China)
- OC Oerlikon (Switzerland)
- Trützschler Group (Germany)
- Savio Macchine Tessili S.p.A (Italy)
- Toyota Industries Corporation (Japan)
- SHIMA SEIKI MFG., LTD (Japan)
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Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Textile Machinery Market Key Players Market Share/Ranking, 2022
- Global Textile Machinery Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Type (USD)
- Spinning Machines
- Weaving Machines
- Knitting Machines
- Finishing Machines
- Others
- By Application (USD)
- Garments and Apparel
- Household and Home Textiles
- Technical Textiles
- Others
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Continued….
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