Global textile machinery market is expected to grow at an impressive CAGR of nearly 11 per cent by 2020 as the rising demand for non-woven fabrics is the primary growth driver in the market, according to a report – “Global Textile Machinery Market 2016 Share, Trend, Segmentation and Forecast To 2020” by WiseGuyReports.com.
The report mentioned that the high demand for textiles from automotive and construction sectors is expected to aid the market growth during the forecast period. These technical textiles come with features such as increased conductivity, filtration, flexibility, lightweight, reinforcement, resistance, and strength. The production of these textiles requires precision, compelling OEMs to design machines that are efficient in terms of precision operation and ensure low wastage of textile.
Also, the spinning machinery segment is expected to be the largest market segment during the forecast period. Much of this segment’s growth can be attributed to the expansion of spinning machinery capacities in countries like India and China. High demand for cotton exports and the expansion of spinning machinery capacities will help the countries to maintain and meet a sustainable demand for spinning machinery during the forecast period.
The report underlined that in terms of geographical segmentation of the textile machinery market, the Asian region is expected to account for a market share of more than 90 per cent of the total market share by 2020 driven by the domestic demand and exports to countries like the US and Europe.