Market Trends of Global Spinning Machinery Industry
This section covers the major market trends shaping the Spinning Machinery Market according to our research experts:
Growing Demand of Non-Woven Fabric
The impact of the COVID-19 pandemic was minimal on the growth of the non-woven fabric market. As governments provided economic packages for SMEs and other benefits, consumers worldwide are now focussing on essential commodities and personal protective equipment.
Over the short term, the growing application base in the healthcare and personal care industry, along with increasing demand for electric vehicles, is expected to drive the market studied.
The spun-bond segment dominated the market by technology, and it is also likely to witness the highest CAGR during the forecast period.
Asia-Pacific dominated the market across the world, where the demand for non-woven fabric is majorly driven by the increasing application and demand from industries like construction, healthcare, etc.
In India, it is currently estimated that over ~60% of Indian women do not use sanitary care products. This is majorly due to the high amount of population residing in rural areas. With the increase in the penetration rate of sanitary care products, owing to the increasing hygiene precautions, the market for non-wovens in the country is expected to grow rapidly.
In China, the market for feminine products and baby diapers has been growing at a rapid rate due to increasing hygiene-related concerns. The leading diaper manufacturers in the country include Quanzhou Diaborn Hygiene Products Co. Ltd, Chiaus, BBG Sanitary Commodity Limited, AAB China Co. Ltd, InSoft, Yamaza, and Baron China Co. Ltd.
Other factors like population growth, increasing aging population, and the COVID-19 outbreak across the world are driving the demand for non-woven fabrics
Growing Fashion Industry Across the Globe
The global fast fashion market size is expected to grow from USD 91.23 billion in 2021 to USD 99.23 billion in 2022 at a compound annual growth rate (CAGR) of 8.8%.
Increasing adoption of affordable clothes by the rising youth population drove the fast fashion market. According to the United Nations estimates of the world's youth population, in 2019 the youth population totaled 1.2 billion and it's projected to grow by 7.9 percent to 1.3 million by 2030. Youth population is attracted to unique, trendy and affordable clothes. The apparel manufacturing companies are therefore focusing on bringing fashion clothes from the most recent fashion trends presented in fashion week. The growing preference for affordable fast fashion clothes by increasing youth population boosted the fast fashion market.
Virtual and augmented reality is being used by online and offline retailers in the fast fashion market. The use of virtual or augmented reality in the fast fashion market is to fill the gap between online and offline channels. These technologies enable the customer to try the product and see how it looks when they try the clothes or make-up on them by using virtual reality mirrors or cameras in their smartphones.
