Global Textile Industry Trends: Urban Growth Fuels Braided Equipment Demand
Asia Pacific's urban growth and expanding populations, particularly in China and India, are set to catalyze the fastest growth in the textile industry to meet housing needs. Concurrently, there's an upsurge in demand for local braided equipment manufacturing, promising an expansion in the market. In North America, the automotive sector is embracing new braiding technologies for brake systems and other components. The established markets in this region are expected to maintain a dominant market share, fueled by significant investments in research and development by key players like the American Auto Council, FCA, Ford, and General Motors, with an annual investment exceeding USD 18 billion.
In Europe, a moderate growth trajectory is anticipated due to consistent demand for braided medical products. The Western European government has already committed USD 1,745 billion to the healthcare sector and plans to increase this investment to USD 2,279 billion in the forecasted period, further boosting the sector's growth.