Address the Largest Market in the World in the Field of Textile Machinery
The global market for textile machinery can be divided into four segments: spinning, weaving, texturing machines and knitting machines.
In China, this market is booming because there are over 40 manufacturers of textile machinery significant size in China. See information on the Chinese market here and here
The global market for textile machinery tends to grow significantly, driven by the modernization of various production units to achieve different textiles worldwide. Demand for textiles in residential or automotive industry because of their use in individual households and vehicles also led to market growth.
It is predicted that the market will grow to 14.02% between 2013 and 2018. Source Global Textile Machinery Market 2014-2018
The growth of the global textile machinery industry is driven by a growing number of technological innovations, in addition to its increasing demand in the automotive and construction. These innovations in the form of energy-saving mechanisms are responsible for the market growth that improved machines are produced at lower prices.
The knitting machines
For example, over the past few years knitting machines have been very popular in Europe, which come with a minimized environmental impact, as a consequence of the OFA many curb pollution measures recently implemented in the region , adding to the growing market.
Industry experts have predicted that the market prospects are positive in the coming years, especially in Europe, India and China, due to the arrival of these innovations. Another important element to remember is that the market is the set of regulations that affect the textile market, as the market for textile machinery is heavily dependent on the textile industry.
In addition, due to the strong demand for disposable textiles in India and China, the world textile market is expected to touch USD 20.75 billion in 2015.
Besides Europe, China and India, other countries are expected to grow steadily over the next few years are Brazil, Peru, Colombia and Peru, as these areas are equipped with a strong ability to recover from the global recession that hit the world in 2009.
Key market players
Some of the key players who have been contributing significantly to the market share include
- Lakshmi Machine Works,
- Itema Holding SpA
- Kirloskar Toyoda Textile Machinery. ,
- Verdol Group INTERTRAD Group
- Benninger AG,
- Truetzschler GmbH & Co. KG.
Note that Lakshmi Machine Works has recently opened a new textile factory in China, gaining a secure grip on the Chinese textile market, which is considered the largest textile market in the world. The plant is expected to play a crucial role in helping to consolidate its presence in the Chinese and Indian markets.
While there are several drivers that stimulate market growth, challenges such as high levels of volatility counter market growth as this market is likely to experience unexpected changes.
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