China's Textile machinery market likely to be around $8 bn in 2007
Source: Fibre2fashion Date: 2007-01-09
Currently, China's fiber consumption is nearly 27 million tons. According to the "11th Five-Year" plan of textile industry, China's fiber consumption will reach 36 million tons by 2010. There is still an increment of 10 million tons in five years, average annual growth of about 2 million tons.
In the just past 2006, the increased consumption of textile industry surpassed the average. The growth is expected to reach 3 million tons this year. The first year has already digested one-third of the five-year’s increment. Especially cotton textile industry is estimated to reach 12 million spindles in 2007.
On one hand, the growth is still extended and on the other some enterprises have accelerated the building of plants before more stringent macro-control measures issued by the state. With intensified macro-control efforts from the state, in particular, having introduced ‘strict control over the approval system of new projects’, the growth rate of textile industry will certainly slow down in 2007.
In 2006, China's textile machinery sales volume was about 50 billion yuan, with US $1.2 billion of exports, and $3-3.5 billion of textile machinery equipment imports, China maintained to have the world's largest consumer capacity of $8 billion in textile machinery market.
Despite the slow growth of domestic demand in 2007, a basic market size of $8 billion is expected to remain the same. Therefore, more growth of textile machinery industry should be transferred to export market.
If the sales volume of China's textile machinery products could reach 60 billion yuan, and exports could exceed $2 billion by 2010, China will become the world's largest textile machinery manufacturing base.
