Dublin, May 13, 2021 (GLOBE NEWSWIRE) -- The "Textile Machinery - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Consumers Turn Pessimistic Amid the Pandemic. Hit by Reduced Spending, Textile Industry Nose-Dives
Experiencing the knock-on effects from the beleaguered textile industry, global market for Textile Machinery is expected to slump by -30% in the year 2020 and thereafter recover to reach 10.9 million units by the year 2027 trailing a post COVID-19 CAGR of 9.1% over the analysis period 2020 to 2027.
COVID-19 has come down hard on the textile & fashion industry. Between 1Q and 2Q, the industry moved swiftly from shortage of raw material supply to order cancellations.
Retail sales of apparel & home furnishings worldwide are continuing to plummet in response to cutback son consumer spending as a result of rising unemployment & shrinking disposable incomes. The string of bad market fundamentals characterized by low demand, order cancellations, labor/raw material disruptions & revenue losses, is impacting the textile industry & its entire value chain & allied sectors.
The loss in consumer confidence and erosion of household wealth and discretionary spending will impact virtually every industry and business worldwide. The COVID-19 pandemic has therefore pushed consumers to conserve cash. With unemployment rates rising amid the virus induced economic crisis, consumers are cutting spending budgets. Unemployment rates have hit never-before highs with the US topping the charts with 12.5% unemployed as a % of total labor force.
Social outlook against this background remains grim with households expected witness erosion in wealth. Personal financial outlook, community, economy, job security confidence, purchasing and investment confidence are all tumbling as the human and economic cost of the global pandemic rises. Investments in procurement of new textile machinery, against this backdrop, is taking a direct blow as textile plants idle and/or function at less than 60% capacity. A part of the industrial machine tools market, textile machinery will feel the pain of declining manufacturing activity.
With roots in China, the world's supply chains are facing unprecedented disruption and shutdown. Interwoven with a demand crisis, the supply chain shocks are exerting a compounded blow to manufacturing companies worldwide. A combination of all the aforementioned macro-economic issues alongside more specific factors such as suspension of the transportation and changes in demand patterns have dealt a debilitating blow to the manufacturing industry. On a monthly basis, global manufacturing PMI continuously degraded from 52.2 points in January 2020 to 39.6 points in April 2020 and 42.4 points in May 2020.
This indicates severe contraction of manufacturing activity including new orders, production, employment, supplier deliveries, inventories, customers' inventories, commodity prices, order backlog, new export orders, and imports. Business investment confidence is tumbling amidst poor demand, falling profits, liquidity crunch and a reeling global economy. The great lockdown of 2020 has crushed the global economy and with it the manufacturing sector.
In the post COVID-19 period, growth will be led by the re-emergence of China as a key market. China represents the largest market for textile machinery. Once being a major importer of textile machinery, China transformed into a global hub for manufacturing of textile machinery and swiftly became a major exporter of world-class textile machinery to all parts of the world. China has remained the largest investor in textile machinery such as spinning, weaving, and knitting machinery over the recent past.
Favorable government support in terms of recent initiatives such as 'Made in China 2025' and 13th five year plan for the textile industry with focus on automation and value-added manufacturing has pumped significant investments into upstream textile plants. Textile machinery manufacturers in China have and will continue to invest heavily to address the increasing apparel demand from both Chinese and foreign customers. A major reason behind the popularity of Chinese textile machinery in Asian countries is its low cost and close proximity. Some of the machinery from China, cost about half the price compared to its western counterparts. Growth in the industry is supported by technological innovations.
China represents one of the major exporters of textile machinery, with China-made textile machinery accounting for more than 35% of worldwide textile machinery exports. The country manufactures more than 600 types of textile machinery and ancillaries. Chinese companies have developed various energy saving and emission reduction products at very competitive prices. Additionally, textile machinery companies have also incorporated Artificial Intelligence (AI) and Internet of Things (IoT) in their product offerings.
About 80% of the Chinese domestic textile machinery market comprises China-made products, while the remaining 20% is imported from other countries. Chinese provinces like Guangdong, Jiangsu, and Zhejiang account for about 70% of the country's overall textile machinery imports. All of these factors prime China for post pandemic growth resurgence.
Select Competitors (Total 193 Featured):
- A.T.E. Enterprises Private Limited
- Batliboi Ltd.
- Benninger AG
- Itema S.p.A.
- Kirloskar Toyoda Textile Machinery Pvt. Ltd.
- Lakshmi Machine Works Ltd.
- Mayer & Cie GmbH & Co. KG
- Murata Machinery Ltd.
- Navis TubeTex
- OC Oerlikon Management AG
- Picanol Group
- Rieter AG
- Santoni S.p.A.
- Saurer AG
- Savio Macchine Tessili S.p.A.
- TMT Machinery Inc.
- Toyota Industries Corporation
- Trutzschler GmbH & Co. KG
- Veejay Lakshmi Engineering Works Ltd.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of Covid-19 and a Looming Global Recession
- Textile Industry Remains Hard Hit
- COVID-19 Inflicts Considerable Damage on Global Textile Machinery Industry
- Global Economy Stares at an Impending Crisis
- Textile Machinery: An Introduction
- Types of Textile Machinery
- Spinning Machinery
- Draw Texturing Machines
- Weaving Machinery
- Fabric Knitting Machinery
- Textile Finishing Machinery
- Outlook
- Regional Landscape
- Asian Countries Continue to Drive Future Market Growth
- China: The Frontrunner in the Textile Machinery Market
- World Textile Machinery Shipments
- Spinning Machinery
- Draw Texturing Machinery
- Knitting Machinery
- Weaving Machines
- Overview of Textile Industry
- Recent Market Activity
- World Brands
2. FOCUS ON SELECT PLAYERS(Total 193 Featured):
- A.T.E. Enterprises Private Limited
- Batliboi Ltd.
- Benninger AG
- Itema S.p.A.
- Kirloskar Toyoda Textile Machinery Pvt. Ltd.
- Lakshmi Machine Works Ltd.
- Mayer & Cie GmbH & Co. KG
- Murata Machinery Ltd.
- Navis TubeTex
- OC Oerlikon Management AG
- Picanol Group
- Rieter AG
- Santoni S.p.A.
- Saurer AG
- Savio Macchine Tessili S.p.A.
- TMT Machinery Inc.
- Toyota Industries Corporation
- Trutzschler GmbH & Co. KG
- Veejay Lakshmi Engineering Works Ltd.
3. MARKET TRENDS & DRIVERS
- Industry 4.0 Set to Reboot & Intensify Digitalization to Benefit Textile Machinery Industry
- Industry 4.0 Brings together Connectivity, Flexible Automation & Intelligence
- Artificial Intelligence to Bring Improved Quality Control in Textiles & Apparel Sector
- Advancements in the Weaving Machinery Market
- Sustainability Gains Prominence
- 3D Weaving Machines Becoming the Mainstay
- Fashion Conscious Women Bodes Well for Textile Machinery Market
- Increasing Demand for Technical Textiles Lends Traction to Market Growth
- Circular Knitting Machines: An Overview
- Macro Factors Driving the World Textiles Sector Generate Parallel Opportunities for Textiles Machinery
- Expanding Clothing & Textile Needs of Ballooning World Population
- Rapid Pace of Urbanization
- Rising Affluence of Middle Class Consumer Segment
- Technology Advancements Open New Growth Avenues
- Select Recent Product Developments/Innovations
- TRADE STATISTICS
4. GLOBAL MARKET PERSPECTIVE
- World 15-Year Perspective for Spinning Machines by Geographic Region - Percentage Breakdown of Volume Sales for USA, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2012, 2020 & 2027
- World 15-Year Perspective for Draw Texturizing Machines by Geographic Region - Percentage Breakdown of Volume Sales for USA, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2012, 2020 & 2027
- World 15-Year Perspective for Knitting Machines by Geographic Region - Percentage Breakdown of Volume Sales for USA, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2012, 2020 & 2027
- World 15-Year Perspective for Other Machine Types by Geographic Region - Percentage Breakdown of Volume Sales for USA, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2012, 2020 & 2027
III. MARKET ANALYSIS
IV. COMPETITION
- Total Companies Profiled: 193
For more information about this report visit https://www.researchandmarkets.com/r/v74q6e
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