Textile Printing Machine Market to Reach $10.22 Billion, Globally, by 2023 at 5.0% CAGR: AMR
Rise in demand for technical textiles, development in fashion trends, increased use of digital textile printing, changing lifestyle and behavior of consumers, and technological advancements drive the growth of the global textile printing machine market
PORTLAND, Oregon, Feb. 6, 2019 /PRNewswire/ --Allied Market Research recently published a report, titled, "Textile Printing Machine Market by Type (Rotary screen textile printing, Automatic flat screen printing, Hand screen printing, Dye sublimation transfer printing, Digital textile printing, Hybrid textile printing, and Others) and by Application (Clothing/Garment, Household, Display & Others, and Technical Textiles) - Global Opportunity Analysis and Industry Forecast, 2017–2023. The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, the global textile printing machine market generated $7.61 billion in 2017, and is expected to reach $10.22 billion by 2023, growing at a CAGR of 5% from 2017 to 2023.
Increased demand for technical textiles, growing use of digital textile printing, rapid evolution in fashion trends, and enhanced economic condition and growth in disposable income of consumers drive the growth of the textile printing machine market. However, high cost of production and harmful environmental impact of textile printing restrain the growth of the market. Conversely, various technological advancements in the hybrid and digital textile printing machines create new opportunities for growth of the market.
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Rotary screen printing segment to dominate, digital textile printers segment to grow the fastest
Among types, the rotary screen printing segment accounted for more than one-third of the overall market share in 2017 and would retain its dominance through 2023. This is attributed to the high production speed and productivity of rotary screen printing machines and their availability in various sizes. These machines also enable fast changeover of patterns and are generally lightweight in nature, which is why, they are highly preferred over other textile printing machines. However, the digital textile printers segment is expected to grow at the fastest CAGR of 9.7% through the study period. This is because these machines are environment friendly as they consume less power, use less water, and reduce CO₂ emission as compared to conventional printing methods. Moreover, they reduce downtime and can print a variety of designs and graphics onto fabrics. The other types analyzed in the report are automatic flat screen printing, hand screen printing, dye sublimation transfer printing, hybrid printing machines, and others (roller printers).
Clothing/garments segment to be lucrative through 2023
Among applications, the clothing/garments segment grabbed the largest market share of 41.5% in 2017 and would maintain its revenue lead through 2023. The segment would also grow at the highest CAGR of 6.1% from 2017 to 2023. This is because the garment printing machines are widely adopted in the clothing industry for printing diverse designs and patterns on garments, such as T-shirts, shirts, denims, and jackets. Moreover, heavy investments in the fabric industry made by governments further boost the growth of the segment. The report also analyzes applications such as household, displays & others, and technical textiles.
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Asia-Pacific to be lucrative through 2023
Asia-Pacific captured nearly half of the overall market share in 2017 and is likely to dominate the market through 2023. The segment is also expected to register the fastest CAGR of 6.2% from 2017 to 2023. There is a high demand for textile printing in the region due to the presence of maximum mineral and metal mines. Moreover, China is the world's leading producer of coal, gold, and most rare earth minerals, which influences the demand for textile printing in Asia-Pacific. The other regions analyzed in the report include North America, Europe, and LAMEA (Latin America, Middle East and Africa).
Frontrunners of the industry
Leading market players analyzed in the research include Agfa-Gevaert N.V, APSOM Technologies (India) Pvt. Ltd., Durst Group, Electronics for Imaging Inc. (EFI), Konica Minolta, Inc. (Konica), Kornit Digital Ltd., MHM Siebdruckmaschinen GmbH, Ricoh Company, Ltd. ROQ International, Sawgrass Technologies Inc. Seiko Epson Corporation (Epson), SPGPrints B. V., and The M&R Companies. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.
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