The global textile machinery market is witnessing a resurgence, driven by the rapid expansion of the garment industry and the increasing popularity of smart textiles. The market experienced significant growth in 2021, and the momentum continued in 2022, with the textile machinery industry rebounding remarkably after the impact of the COVID-19 pandemic. The availability of abundant raw materials like cotton and jute further promotes the growth of the textile machinery market.
Key Report Findings
The growth of the apparel and fashion industry is driving the textile machinery market. The surge in popularity of smart textiles and the thriving trend of textile recycling are favoring market expansion. Italy accounts for around 11% of global textile machinery exports. Asia Pacific is expected to witness the fastest growth in the near term.
Phenomenal Growth Post-Pandemic
The COVID-19 pandemic initially impacted the entire textile sector's supply chain, including the textile machinery market. However, unmet demand during the pandemic led to an increase and recovery in orders in 2021. The pandemic also brought sustainability, circular production, and digitalization to the forefront of manufacturers' investments and business decisions.
The growing fast-fashion trend is driving the demand for textile machinery to create modern clothing with cutting-edge fabrics, patterns, and designs. Additionally, the increasing need for textile recycling due to environmental concerns is fostering market expansion. The market for smart textiles embedded with electronic components and advanced technologies is also growing.
COVID-19 Impact
The COVID-19 pandemic led to supply chain disruptions and manufacturing limitations, impacting the textile machinery market. However, as restrictions eased, the market witnessed a rebound. The suspension of various manufacturing activities worldwide and travel restrictions caused a lack of raw materials, affecting market growth.
Growth in Order Intake Across Italy
Italy is a significant exporter of textile machines, with around 11% of global textile machinery exports made in the country. The index of orders received for Italian textile machinery increased by 43% in the fourth quarter of 2021. Milan will host the pending ITMA 2023, the biggest textile machine exposition in the world.
Soaring Nonwoven Fabric Consumption
The demand for textile machinery is anticipated to increase with rising demand for non-woven fabrics. The textile machinery market is also driven by the fashion industry's rapid development and rising per capita income.
Growth Challenges
High maintenance costs and evolving government regulations are major obstacles to adopting automated machines in the textile manufacturing industries.
Overview of Key Segments
The textile spinning machines segment dominates the market, while the garments and apparel application segment leads in revenue generation.
Growth Opportunities Across Regions
Asia Pacific dominates the market due to a rise in clothing and apparel sales, with India, Bangladesh, and Pakistan showing promising growth.
Key Competitors: Textile Machinery Market
Prominent players in the global textile machinery market include Benninger AG, A.T.E. Private Limited, Mayer & Cie. GmbH & Co. KG, Camozzi Group SpA, Lakshmi Machine Works Limited, Toyota Industries Corp, Itema SpA, LONATI SPA, Murata Machinery Ltd., OC Oerlikon Corp. AG, Navis TubeTex, and Rieter Holding AG.
