“Market Research Reports, Business Consulting Services & Analytics”Increasing Demand for Secondhand Textile Machinery is expected to hinder the Textile Machinery Market GrowthIndustryARC, in its latest report, predicts that Textile Machinery Market size is forecast to reach $33.2 billion by 2026, growing at a CAGR of 6.3% from 2021 to 2026. The growth of Textile Machinery market is attributed to the factors such as growing automation process, various government policies and regulations, rising textile industry and others. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Key takeaways:
1. Growing competition among textile producers along with increasing investment in textile production is paving a way towards the market growth for textile machinery market.
2. Increased implementation of Textile Machinery in the Garments/Apparels sector for enhancing skin sensory comfort and thermo-physiological comfort with rising investment towards development of products is expected to open up new opportunities for market growth.
3. APAC region is anticipated to dominate the global Textile Machinery market in the forecast period 2020-2025 owing to rising industrialization, economic development and others. The manufacturers in this region are strengthening indigenous R&D efforts and technological back-up which was almost nonexistent earlier.
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Segmental Analysis:
1. Polyester segment is anticipated to witness significant market growth with CAGR 8.5% during the forecast period 2021-2026. Polyester is ideal for the application of water, dirt, and fire-resistant finishes as it does not absorb moisture but does absorb oil.
2. APAC region held the highest market share in 2020 with market share of around 74%. Currently, Japan is supporting the growth of the textile machine sector through rationalization and trade promotion.
3. According to A New Textiles Economy Report 2019, polyester accounts for roughly half of the overall fiber market and around 80% of synthetics fiber. Polyester is employed to make apparel, home furnishings, industrial textiles, computer and recording tapes, and electrical insulation, among other things.
4. Garments sector held the highest market share in 2020 and is projected to grow with CAGR of 7.2% during the forecast period 2021-2026. Growing need for skin-sensitive textiles would drive up demand for cotton, which is the safest fiber into which Textile Machinery can be integrated thereby boosting the market’s development.
Competitive Landscape:
The top 5 players in the Textile Machinery industry are –
1. Oerlikon
2. Rieter
3. Picanol
4. Toyota Industries
5. American Textile Machinery Association
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