The textile machinery market is making a resurgence

Update time : 2021-06-02 15:43:54

As the global supply chain recovers from the effect of the Covid-19 epidemic, the textile machinery industry may finally see the hopes at the end of the tunnel.
According to a poll done by the InternationalTextile Machinery Federation (ITMF), worldwide sales fell by 9% between January and March 2021, compared to the same period in 2020. However, this is a 3% increase over the preceding sample period (20 November-14 December 2020), when sales were down by 12% on average compared to the same time in 2019.
As the supply chain attempts to recover to pre-pandemic levels of machinery sales, the federation's data are beginning to show a progressive pattern. Global machinery sales were down by up to 33% in April of 2020, according to the survey's worst-case scenario. The 9 percent drop in the most recent quarter demonstrates the market's improvement over the past 11 months.

According to the results of the analysis, certain markets in the supply chain are performing better than others. Turnovers were notably low in the textile chemical manufacturing and weaving businesses, according to the numbers. Some markets, on the other hand, have benefited from the epidemic. Due to the massive demand for face masks all around the world, the nonwovens and fiber production industries saw very strong turnovers.

According to the federation, markets will now start to show indications of recovery, with certain regions recovering faster than others. The turnover statistics will significantly increase in the next two years (2021 and 2022) as the market recovers, before plateauing in 2023 and 2024 to show more consistent growth.

The predicted turnover increase of the African market (31 percent by 2024) and the sluggish expansion of the South East Asian market are two major takeaways from the ITMF's numbers (5 percent growth by 2024). Against a world average of 17% growth by 2024, the numbers indicate that certain segments of the global textile market may see a regional shift in the future, with African textiles leading the way.

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The textile machinery market is making a resurgence