The global textile machinery market is estimated to grow at a CAGR of 14.02 per cent from 2013 to 2018. One of the major trends is the growing number of technological innovations. For example, knitting machines with reduced environmental impact have been in huge demand in Europe for the past few years. This has been driven by the number of environmental pollution control norms implemented in recent years. Also, various machineries with higher output efficiency have been developed of late.
One of the major drivers of growth in the automotive and residential construction industries as textiles are mainly used in the manufacture of upholstery in homes and vehicles. Textile machinery is used to produce yarns, fabrics, and threads and in the finishing processes of the textile industry. There are four major types of textile machinery, spinning, weaving, texturing, and knitting machinery.
However, despite the presence of several drivers, the growth of the global textile machinery market is curtailed by various challenges like high market volatility. Dynamic and unexpected changes in the market pose a huge threat for vendors.