Global Textile Machinery Market to Reach US$20.75 Billion by 2015

As per Global Industry Analysts, Inc, the worldwide market for textile machinery awakened to one of the toughest economic downturns, which impacted the overall rate of growth resulting in heavy market erosion and decline of both imports and exports in 2008-09.

Driven by demand for nonwoven disposable textile products the global market for textile machinery is projected to reach US$20.75 billion by the year 2015.

It was also stated that the increasing leaning towards environmentally friendly fibers is expected to push demand for textile machineries that employ eco-friendly textile processes.

Demand for textile machinery is indirectly dependent on the demand in other sectors including housing and automobiles. As textile machinery is used for manufacturing home carpets and upholstery for furniture and automobiles, changing fashion trends affect demand for textile equipment. Production process of textile machinery is cyclical in nature and is dependent on equipment purchases, which slow down during recession and accelerate when the economy is sound.

The primary textile machinery market worldwide was affected by the global economic crisis, and witnessed severe downturn beginning mid-2007, and carrying on until 2010. The period 2008-2010 recorded the worst declines, with market growth sharply plummeting to negative levels in most parts of the world. The year 2009 particularly proved to be the nemesis for the industry, with developed countries recording steep market erosions of 20%-25% for the year. Developing countries fared only marginally better during the year 2009. Despite an increase in demand for premium fabrics globally, the demand for textile machinery used in production of these fabrics did not increase proportionately.

The growth of the Asian textile industry would provide the much-needed impetus to the western textile machinery manufacturers for revival of their business. Growing demand for nonwoven disposable textile products such as tissues and filters, particularly from the growing Chinese and Indian economies, would open doors for growth in the textile machinery market The growing demand for environmentally friendly fibers is expected to push demand for textile machineries that employ textile processes that are highly eco-friendly. Textile machinery market in Asia and most of countries in Latin America such as Peru, Colombia and Brazil is forecast to grow at healthy rate in near future as the market in these countries is exhibiting relatively better propensity to recover from the global recession.

Leading players in the global textile machinery market include American Textile Machinery Association, Batliboi Ltd., Benninger AG, Intertrad Group, Itema Group, Kirloskar Toyoda Textile Machinery Private Ltd., Lakshmi Machine Works Ltd., Lonati S.p.A., Mayer & Cie GmbH & Co. KG, Murata Machinery Ltd., Navis Global, Rieter AG, Santoni S.p.A., Saurer AG, Savio Macchine Tessili S.p.A., Shima Seiki Mfg. Ltd., TMT Machinery, Toyota Industries Corp., Veejay Lakshmi Engineering Works Ltd., West Point Foundry and Machine Co., and Willy Grob AG.

Source: www.strategyr.com