Market Trends of Global Textile Machinery Industry
Spinning Machine Segment is the Fastest Growing Machinery Segment
The spinning machinery segment is expected to be the fastest-growing textile machinery segment over the next five years. Much of this segment's growth can be attributed to the expansion of the cotton spinning machinery. The cotton spinning machine market is likely to be driven by rising demand for textile goods and environmentally friendly fibers in emerging countries. Europe is a significant producer of textile machines.
Asia-Pacific is close to most of the countries that make clothes and textiles. This gives producers a huge chance to meet demand in the region.In order to lower operating costs, automation is in great demand in countries where production costs are high and labor is expensive. During the projected period, factors such as automation and rising demand are expected to provide a substantial potential for manufacturers to meet the need for technologically upgraded cotton spinning machines.
The Indian textile machinery industry is experiencing tremendous growth, facilitated by the country's booming textile and apparel markets. Cotton production in India is expected to reach 7.2 million metric tons (43 million bales of 170 kg each) by 2030, owing to rising consumer demand. Currently, the textile machinery industry plays an increasingly vital role in shifting India's textile and apparel industry from labor-intensive production to a more advanced and industrialized sector. With the growing demand for textile machinery in both domestic and international markets, the Indian textile machinery industry is expected to see greater development in the near future.
Asia-Pacific region is the Fastest Growing Region
The Asia-Pacific region is expected to dominate the global textile machinery industry. The rising involvement of foreign firms in the garment and textile sectors is an important element driving regional market expansion. Asia Pacific's major textile machine markets include India, Vietnam, China, Japan, South Korea, and Indonesia. The presence of a significant textile sector and rising garment demand are driving regional growth. Furthermore, growing investments by global firms in the textile sector in India are fueling regional growth.
From April 2016 to March 2021, Japan, Mauritius, Italy, and Belgium were the top FDI providers to India's textile sector (including dyed and printed textiles).. India achieved its highest-ever Textiles and Apparel (T&A) and Handicrafts export total of USD 44.4 billion in FY 2021-22, representing a 41% and 26% rise over equivalent amounts in FY 2020-21 and FY 2019-20, respectively. From 2017 to 2022, FDI invested USD 1522.23 million in the textile sector.
Because of schemes like the Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) Parks, the Production Linked Incentive (PLI) Scheme for Textiles, and the allocation of Rs. 1480 crore (USD 180.84 million) for the National Technical Textiles Mission (NTTM), FDI may increase in the Indian textile industry in the future.
