Date : May 17, 2012
This week Global Industry Analysts, Inc. (GIA) has announced the release of a global report on the World Textile Machinery market.
According to the report the global market for textile machinery is projected to reach close to US$23 billion by 2017. The main drivers for this growth of the textile machinery market include the improving economic environment in this market, increasing demand for non-woven textile products, plus the growing demand in the emerging markets, especially in the Asian region.
This report states clearly that the market is now experiencing a shift from conventional machinery requiring manual labour to more sophisticated machinery. Final ownership costs, flexibility and versatility comprise the determining factors for new equipment purchases. In addition, the market is now facing the emergence of more technologically advanced machines at highly competitive prices owing to the introduction and adoption of new technologies in the industry.
After the toughest decrease in 2008 because of the economic downturn, which had a negative impact throughout the textile industry, the main exporters of textile equipment like Japan, Italy, Germany, China and Switzerland, who saw dramatic decreases in sales, have been reporting on better results ever since 2010. Still, the economic issues in the European Union were not stimulating sales in the internal markets. So the local textile machine manufacturers were and are seeking to export in foreign markets: Turkey, South-east Asia, China.
As stated in the newly released report, the Asian region represents the largest and the fastest growing regional market for textile machinery worldwide. Growth in the market is expected to be driven by the fabric machinery segment. The shift of operations from the US and Europe to the region is attributed as the main cause of the present-day booming market in the region. Still, as mentioned in the report, textile production will not be stopped completely in North America and Europe, where the local companies will stick to lean manufacturing tactics and techniques to stay competitive.
The Textile Machinery Report is available (for a fee) at the GIA site.