LONDON--(BUSINESS WIRE)--The silk market is expected to grow by USD 6.87 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
Despite the abundance of man-made fibers and the development of silk-look microfibers during the last decade, the demand for silk has sustained due to consumer preference. Silk has been in demand since its origin as ceremonial and traditional wear in APAC. The demand for silk from Western and European markets is also increasing rapidly every year. The main silk-consuming countries, such as Europe, the US, and the oil-rich Middle East, have increased the consumption of silk due to growing affluence and increasing purchasing power. This has increased the requirement of silk in the textile industry, thereby, driving the growth of the market.
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As per Technavio, the increasing use of silk in medical applications will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Silk Market: Increasing Use of Silk in Medical Applications
Silk has remarkable mechanical properties. Although silk fibers were extensively used for sutures earlier, it is now being used to manufacture a range of biomaterials such as sponges, gels, and films for medical purposes. Silk can be modified chemically through amino acid side chains to change the surface properties or to restrain the cellular growth factors. The degradability of silk biomaterials can be related to the mode of processing and the corresponding level of beta-sheet crystallinity. Several primary cells and cell lines have been successfully grown for various silk biomaterials, and they demonstrate a wide range of biological results. Silk scaffolds have been successfully used in wound healing and in tissue engineering of cartilage, tendon, bone, and ligament tissues. Thus, the use of silk in medical applications is increasing, thereby driving the growth of the market.
“Factors such as the increase in R&D on spider silk, and the rising demand for Eri and Muga silk will have a significant impact on the growth of the silk market value during the forecast period,” says a senior analyst at Technavio.
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Silk Market: Segmentation Analysis
This market research report segments the silk market by application (textiles, cosmetics, and medicine), type (mulberry, tussar, and eri), and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the silk market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increase in disposable income, presence of a large number of textile manufacturers, and the increase in purchasing power due to the increasing employment of women.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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