The global textile printing market was valued at $7,390 million in 2016 and is expected to reach $10,220 million by 2023.
Increase in usage of digital textile printing, development in fashion trends, the rise in demand for technical textile, and growth in technological advancements are expected to drive the global textile printing machine market. Various technological advancements in the hybrid and digital textile printing machines are expected to provide lucrative opportunities for the textile printing machine market.
Within the report it is highlighted that the top impacting factors for the global textile printing machines market are a surge in usage of digital textile printing, the high cost of production, the harmful environmental impact of textile printing, the rise in technological advancements, rapid evolution in fashion trends, and growth in demand for technical textiles.
The textile and clothing industry has a negative impact on the environment as companies make use of chemicals to bleach and colour textiles that further damages the environment and a worker’s health. Moreover, dyes are the most important pollutants that disturb the wildlife and landscape. Therefore, chemical companies are now developing less harmful textile-processing chemicals.
The report also highlights a rise in demand for technical textiles. Technical textiles are used for non-aesthetic purposes and offer several advantages in their functional aspect of improving health and safety. They have applications ranging from simple use in agriculture, clothing, packaging, and furnishing to more complicated applications in automotive, filtration, construction, and environmental protection.
Rapid urbanisation has increased consumer expenditure in the market and constant need for change in fashion trends. Significant growth in and fast-changing retail and online clothing market present major growth opportunities for foreign and domestic players in the Asia-Pacific region. Moreover, the trend for digital prints on t-shirts facilitates textile printing machinery market growth.
And finally, improvement in economic condition and growth in disposable income are the two key factors that propel the market growth for luxury goods. After the 2009 Europe economic crisis and China economic crisis, the world economy witnessed a standstill. However, the world has revived from the impact of the crisis, which is evident from the constant rise in GDP growth rate since 2010.
Strong economic growth, especially in the developing economies, has led to increase in disposable income among the middle-income groups, consequentially adding to the middle-class population. In addition, the disposable income of individuals in North America and Asia-Pacific has increased, thus majorly driving the textile printing machine market.