Asia-Pacific Dominates the $22 Billion Global Textile Machinery Market, According to New Report
Source: PR Web (press release), WA Date: 2007-07-11
Asia-Pacific Dominates the $22 Billion Global Textile Machinery Market, According to New Report
Asia-Pacific dominates the world textile machinery market, in terms of both market size and growth rate. Accounting for over half of the global pie, the Asia-Pacific textile machinery market is projected to reach nearly US$14 billion by 2010. The European market represents the second largest, with value sales of nearly US$6.5 billion in 2006. Together, these two regions account for more than 80% of the world market. United States market follows at a distant third, with estimated share of about 7%.
San Jose, California (PRWEB) July 9, 2007 -- A new report on textile machinery has been released by Global Industry Analysts, Inc. "Textile Machinery: A Global Strategic Business Report" highlights key trends, issues, and challenges in the global textile machinery market. Market analytics are provided for each of the major markets including the US, Canada, Japan, Europe (France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of Europe), Asia-Pacific, Latin America, and Rest of World.
World textile machinery market is witnessing healthy growth, driven primarily by the removal of quotas and growing domestic demand from emerging economies such as China and India. Among the four product segments analyzed in the report, textile parts & accessories market represents the largest as well as the fastest. The segment, accounting for about 35% of the global market, is forecast to grow at a CAGR of 5% over the next five years. Other textile machinery market comprising bleaching, mercerizing & dyeing machinery, textile printing machinery, textile finishing machinery, and textile drying machinery, forms the second largest with a 25% share.
Textile Machinery: A Global Strategic Business Report
Fiber-fabric machinery market and fabric machinery market, the other two analyzed in the report, are forecast to witness a modest CAGR of about 4% each over the coming years.
As market for textile machinery is very closely influenced by textile market, regulations affecting this market have a direct impact on the textile machinery market. Global textile production and consumption trends have long been subjected to and governed by a set of trade regulations. Among these regulations, prominent one was the Agreement on Textile and Clothing (ATC), formerly known as Multifiber Arrangement (MFA). Although, expiry of ATC on 31st December 2004 left a quota free environment for the textile industry, owing to surge in textile exports from Asia especially from China in 2005, the USA, the EU and some other countries eventually triggered reintroduction of quotas on certain products. Consequently, the quotas affected Chinese textile exports to the USA in the first six months of 2006 to register a decline. Nevertheless, exports to other nations, which are free of restrictions continued to increase for China. However, post 2008 with the removal of all quotas completely, investments in the textile industry are expected to increase, which would in turn bolster the industry. Particularly, shipments from Asian countries excluding Japan are expected to boost the worldwide textile machinery market. As a matter of fact, in 2005, spindles shipments from China, India and Pakistan accounted for nearly 86% of the total worldwide shipments.
Production process of textile machinery is cyclical in nature. It depends on the equipment purchases, which slow down during recession and accelerate when the economy is sound. Textile mills tend to invest in the machinery when interest rates prevailing in the market are considerably low. Demand for textile machinery is indirectly dependent on the demand in other sectors including housing and automobiles. As the textile machinery is used for manufacturing home carpets and upholstery for furniture and automobiles, the changing fashion trends affect the demand for textile equipment.
The rapid pace of technological innovations taking place in the textile machinery market has resulted in production of more efficient machines at low prices. Total automation at a reasonable cost and flexibility has become the watchword of the market. Traditional textile machinery relies on cheap labor and hence though the volume of cloth sold is high, the cloth suffers from poor quality. Demand for sophisticated machines that produce high quality cloth with lesser knots is increasing. Whatever be the technology, the purchasing decision is greatly influenced by the machines’ versatility, flexibility and selling price.
Leading players in the world textile machinery market include American Textile Machinery, Batliboi Ltd., Benninger AG, Jemtex, Kirloskar Toyoda Textile Machinery, Lakshmi Machine Works Ltd., Lonati S.P.A., Mayer & Cie GMBH & CO. KG, Murata Machinery Ltd., Promatech SpA, Rieter AG, Saco Lowell, Inc., Santoni SpA, Saurer AG, Savio Macchine Tessili SpA, Sclavos International, Shima Seiki Mfg., Ltd., Sultex Limited, TMT Machinery, Toyota Industries Corporation, Tubular Textile LLC, Veejay Lakshmi Engineering Works Ltd., West Point Foundry and Machine Co., and Willy Grob AG.
