LONDON--(BUSINESS WIRE)--The new textile machinery market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the textile machinery market.
"One of the primary growth drivers for this market is the rising demand for non-woven fabrics”, says a senior analyst for the Industrials industry at Technavio. As the markets recover Technavio expects the textile machinery market size to reduce by 1.25 million units during the period 2020-2024.
Textile Machinery Market Segment Highlights for 2020
- The textile machinery market is expected to post a year-over-year growth rate of -15.38%.
- Based on the product, the spinning machinery segment led the market in 2019. This is due to the increased demand for spinning machines for cotton and fiber spinning applications.
- The market growth in the segment will be significant during the forecast period.
- APAC was the largest market for spinning machines in 2019. The increased investments by foreign companies in the textile and garment industry is one of the key factors driving the market growth in the region.
- China, India, Japan, Vietnam, and Indonesia are the key markets for textile machinery in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America.
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- The textile machinery market size is expected to accelerate at a CAGR of almost -3% during the forecast period.
- The textile machinery market is segmented by Product (Spinning machinery, Texturing machinery, Weaving machinery, Knitting machinery, and Finishing machinery) and Geography (APAC, Europe, North America, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Camozzi Group SPA, Lakshmi Machine Works Ltd., LONATI SPA, Mayer & Cie. GmbH & Co. KG, Murata Machinery Ltd., Navis TubeTex, OC Oerlikon Corp. AG, Rieter Holding AG, Toyota Industries Corp., and Trützschler Group
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