The global textile machinery market boasts a valuation of US$ 29 billion in 2023, with a forecasted surge to US$ 52 billion by 2033, showcasing a notable compound annual growth rate (CAGR) of 6.1% during the ten-year projection period.
Textile machinery plays a pivotal role in transforming raw fibers into textiles, encompassing processes like knitting, weaving, crocheting, felting, tatting, braiding, and bonding. The machinery caters to diverse applications, ranging from quilting and lace making to textile finishing and spinning, serving wool mills, cotton mills, and garment factories in the production of various garments. The industry is witnessing a shift towards automated solutions, aiding manufacturers in enhancing product consistency, reducing manual labor, and crafting seamless garments with intricate embroidery.
The market’s robust growth is fueled by significant advancements in the apparel sector and a steady supply of raw materials such as jute and cotton. Additionally, the surge in demand for textile machinery is attributed to the fast-fashion trend, driven by the need for creating contemporary clothing featuring unique fabrics, patterns, designs, colors, and styles. The rise in popularity of high-end apparel, propelled by increased urbanization, rising disposable incomes, and the influential role of social media, further contributes to this momentum.
Environmental concerns and a heightened awareness of the adverse effects of waste incineration are propelling the demand for textile recycling, thereby expanding the market. Key players are responding to this trend by introducing medical textile machines designed to offer modular and configurable solutions, meeting customer needs. This development aligns with the growing utilization of medical textiles for various applications, including first aid, surgical, clinical, and hygienic purposes, contributing to further market expansion.
According to a Fact.MR analyst, “The global textile machinery market is poised to benefit from the ongoing evolution in the textile and apparel industry, with a notable demand surge for spinning machines from both developing and developed nations, driving market expansion.”
The textile equipment market in North America is on the rise, fueled by growing demand from the textile and clothing sectors.
Leading the North American market, the United States is actively contributing to market expansion through increased export initiatives. The country’s vibrant apparel industry is a key driver, creating a heightened demand for specialized machines for production. Additionally, the growth in population and disposable income within the United States plays a crucial role in supporting and sustaining market growth.