United States, Rockville MD, June 29, 2022 (GLOBE NEWSWIRE) — As per a newly released report on the digital textile printings inks by Fact.MR, a market research and competitive intelligence provider, the global market is projected to be valued at US$ 1 billion in 2022, and expand at a high CAGR of around 12.7% over the period of 2022-2032.
Within the textile printing industry, demand for digital textiles is rapidly expanding. Furthermore, printing mills are transitioning from a traditional to an automated business model. Every year, approximately 20 billion linear meters of printed textile fabric is produced. Currently, only around 5% of these are produced using the automation method. However, the digital textile printing industry is growing at the rate of around 25% every year.
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Another driver spurring market growth is the consistent use of digital textile printings inks in industries such as fashion, home textiles, and soft signage. Increase in consumer demand for printed textiles for multifarious application, along with a rise of the fashion industry, are expected to substantially increase the market for digital textile printings inks over the coming years.
E-Commerce Platforms Augmenting the Demand for Textiles in Asia Pacific?
Growing inclination of purchasing clothes from e-commerce platforms along with buying related accessories in developing economies is bolstering the demand for textiles in countries like India, Vietnam and Bangladesh.
In addition, penetration of favorable demographics, organized retail, rising disposable income levels, and favorable government policies are expected to boost the demand for textile in the Asia Pacific region. Thus, Asia Pacific is expected to possess nearly 50% market share.
Synthetic and Cellulose Fibers Positively Influencing Demand for Textiles in North America?
An increase in the sales of sports & apparel and home-furnishing textile products is expanding the demand for textiles across North America. Moreover, the consumption of textile fibers, such as synthetic and cellulose fibers that are needed for filtration in industrial applications are expected to increase the demand for textiles in countries like Canada and U.S.
Thus, North America is expected to hold more than 30% market share for the textile industry in the forecast period.
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Key Segments Covered in the Textile Industry Survey
- By Raw Material
- Cotton Textiles
- Silk Textiles
- Chemical Textiles
- Wool Textiles
- Other Textiles
- By Product
- Polyester Textiles
- Nylon Textiles
- Natural Fiber Textiles
- Other Textile Products
- By Application
- Fashion & Clothing Textiles
- Ties & Clothing accessories
- Household Textiles
- Technical Textiles
- Textiles for Other Applications
- Fashion & Clothing Textiles
Manufactures should try to establish strong customer relationships with end-use digital printer manufacturers operational across diverse application segments, so as to diversify their risk across segments and reinforce their stance through long-term supply contracts.
Market players should also focus on developing newer products that use multifarious ink chemistry efficiently to cater to advanced custom requirements.
Textile manufacturers are focusing on acquiring distribution networks and launching digital collections to propel the sales of the same.
- In August 2021, Donear Group acquired Mayur Suiting’s distribution network. The company is focusing on solidifying its global foot print by enriching their distribution portfolio.
- In February 2021, Successori REDA S.p.A. and Cerruti collaborated to launch a platform named “Collection” through this collaboration, the company is offering a superior fabric selection experience to its consumers.
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Key players in the Textile Market
- Lu Thai Textile Co., Ltd
- Modern Woollens Ltd.
- Mayur Suitings
- Shadong Jining Ruyi Woolen Textile Co. Ltd.
- Sinopec Yizheng Chemical Fibre Company Ltd.
- China textiles Ltd.
- Paramount Textile Ltd.
Key Takeaways from Textile Market Study
- By type, dye sublimation is projected to provide an absolute $ opportunity worth US$ 692.6 million over the forecast period of 2022-2032.
- Acid dye, on the other hand, is anticipated to account for 16.9% market share by 2032.
- By end-use application, fashion digital textile printing ink utilization across geographies is anticipated to expand around 2.5X in market value by 2032.
- Soft signage is set to create an absolute $ opportunity worth US$ 213.5 million by 2032.
- Europe is projected to capture around 40.6% of the global digital textile printing inks market share by 2032.
- Asia to provide an absolute dollar opportunity worth US$ 399.5 million by 2032-end.
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