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Saturday, May 25, 2024

Global textile machinery market to grow at CAGR of 6.1%

The worldwide textile machinery market, which stood at US $29 billion in 2023, is projected to grow to $$52 billion by 2033, growing at a CAGR of 6.1 percent.

“Amid various textile machinery sales, spinning machinery sales are anticipated to grow at a CAGR of 4.6 percent in those ten years,” a report from Fact.MR stated.

The report added that textile machinery sales are poised to benefit from the ongoing evolution in the textile and apparel sector, with a notable demand for spinning machines, driving market expansion.

“Prominent textile machinery producers are pursuing strategic initiatives to enhance their global presence through acquisitions, R&D, investments, collaborations, and technological advancements,” the report noted.

According to Fact.MR, the Asia Pacific region, dominates with a 64 percent market share in the global textile machinery market as of 2022.

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