Irish market research firm Research and Markets in its report has mentioned that Global Textile Machinery Market will grow at an expected CAGR of 11 per cent in 2016-20.
Growth in the market will be driven by the soaring demand for nonwoven fabric which is a web structure of the individual fibres that are neither woven nor knitted. The textile manufacturing process comprises web formation, web bonding, and finishing, thus require textile machinery at each and every step of production.
Also Read – Nonwovens market to touch US $ 47.7 billion-mark by 2020
Another factor which will boost sales of textile machinery in the global market is the demand for textiles from industries like automotive, construction among others. These technical textiles have increased conductivity, filtration, flexibility, lightweight, reinforcement, resistance, and strength. The manufacturing of these textiles needs precision, compelling OEMs to design machines that are effective in terms of precision operation and ensure low wastage of textile, the analyst mentions.
The Market researcher has also projected that Asian region will account for a market share of more than 90 per cent of the total market share by 2020. The forecasts for growth in this market are driven by the domestic demand and exports to countries like the US and Europe.
Also Read – Technical textiles market will be of US $ 193.7 billion by 2020
Additionally, the upsurge in manufacturing activities and infrastructure developments across the globe will lead to extensive growth of textile machinery market in the coming years.
