LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global short-staple spindles market to grow at a CAGR of close to 6% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global short-staple spindles market for 2017-2021. The report also presents the vendor landscape and a corresponding detailed analysis of the top vendors operating in the market. It also examines key emerging trends and their influence on current and future market scenarios.
“Asia leads the global textile and clothing market, because of which the demand for textile machinery is high in this region. Moreover, governments in different countries are providing tax incentives to encourage textile entrepreneurs to purchase modern machinery to improve the quantity and quality of textiles produced,” says Anju Ajaykumar, a lead analyst at Technavio for engineering tools research.
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Technavio heavy industry analysts highlight the following three market drivers that are contributing to the growth of the global short-staple spindles market:
- Increase in exports of garments
- Rise in domestic demand in APAC
- Growing technical textile market
Increase in export of garments
APAC constitutes the maximum share in manufacturing garments worldwide. Countries like China, India, Bangladesh, and Vietnam are the leading manufacturers in the region. Bangladesh and Vietnam import textile items from India in huge volumes to convert these raw materials into finished goods, which are further exported to other countries. The increase in textile manufacturing is directly proportional to the spinning machinery industry, which drives the global short-staple spinning market.
Rise in domestic demand in APAC
China, India, Bangladesh, and Vietnam offer great opportunities to the original equipment manufacturers (OEMs) of textile machinery due to favorable business conditions. The domestic demand for textiles is increasing in these countries, which is subsequently propelling the need for textile machinery. These countries are preferred destinations for establishing manufacturing plants owing to easy availability of raw materials, skilled workforce, and low labor costs.
“India is likely to show high market growth because of high demand for textiles, and favorable government schemes, such as the Make in India campaign, which was launched in September 2014,” says Anju.
Growing technical textile market
Technical textiles are used for technical performances and functional properties. The demand for technical textiles is primarily from end-user industries like automotive, construction, healthcare, protective clothing, agriculture, sports equipment/sportswear, and environmental protection. The increase in demand for technical textiles can be attributed to the growing economy, rising incomes, expanding construction sector, medical advancements, and increasing expenditure on healthcare. These industries demand textiles with features such as increased conductivity, filtration, flexibility, lightweight, reinforcement, resistance, and strength. The production of these textiles requires precision. Therefore, the rise in demand for such textiles worldwide has compelled OEMs to design machines that are efficient in terms of precision operation and ensure low wastage of textile.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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