Textile Production Fuelling Growth For Machinery
The global textile machinery market is predicted to grow at a healthy rate of 13.8 per cent in the next five years. This will be on account of the healthy growth in the textiles and apparel industry itself, besides increasing demand of technical textile products across various sectors in emerging economies. A Market Intelligence, report.
The textiles industry was among the worst affected during the global economic downturn in 2008, rendering textiles in majority of nations to be one of the most resilient sectors. The challenging market environment and economic conditions resulted in production cutbacks, layoffs and postponement of new investments. All these factors affected major textile machinery exporting countries such as China, Switzerland, Italy and Germany, and resulted in drastic declines in their export figures. Economic recovery in 2010 brought about a resurgence in the textile machinery industry as improving business climate and newer investments by major textiles players in emerging manufacturing destinations created fresh orders for the many textiles machinery manufacturers.
With further improvement in the economic condition across the world, many developing nations such as Turkey, India, China, Vietnam and Brazil became the new manufacturing hubs for the textiles industry. This shift in the manufacturing destination attracted attention of many European and other machinery companies such as Itema Group, Murata Machinery Ltd, Rieter AG, Savio Macchine Tessili SpA., Lonati SpA., Toyota Industry Corporation, Willi Grob AG, Mayer & Cie GmbH & Co.
Current global textile machinery market scenario
The global textile machinery market is estimated to grow at a promising rate of 13.8 per cent from 2015 to 2020, owing to healthy growth in the textiles and apparel industry, and increasing demand of technical textile products across various sectors in emerging economies. Asia Oceania dominated the global textile machinery market representing 89 per cent of the global market followed by Europe, Rest of the World (RoW) and North America with respective market shares of 7.6 per cent, 2.1 per cent and 1.3 per cent in 2014.