June 17, 2024
Machinery

Global Textile Machinery Market To Grow At CAGR Of 6.1% Till 2033

The global textile machinery market which was valued at US $29 billion in 2023 is expected to grow at a CAGR of 6.1 percent and touch $52 billion by 2033.

According to a Fact.MR report, among all textile machinery sales, those of spinning machines are projected to grow at a CAGR of 4.6 percent from 2023 to 2033.

“Textile machinery is poised to benefit from the ongoing evolution in the textile and apparel sector, with a notable demand for spinning machines, driving market expansion,” the report added.

“Prominent textile machine manufacturers are actively pursuing strategic initiatives to enhance their global presence through investments, collaborations, technological advancements, research and development (R&D) activities, and acquisitions,” Fact.MR observed.

Asia Pacific dominates with a 64 percent share in the worldwide textile machinery market as of 2022.

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