Silk Market
Silk Market is expected to reach USD 32.06 billion by 2029, registering a CAGR of 8.30% during the forecast period of 2022-2029.
PUNE, MAHARASHTRA, INDIA, August 29, 2022 /EINPresswire.com/ -- An influential Silk Market research report works as an ideal solution for better understanding of the market and high business growth. Huge efforts have been put together and no stone is left unturned while preparing this report. It considers public demands, competencies and the constant growth of the working industry, vibrant reporting, or high data protection services while analysing market information. Silk Market report has a chapter on the global market and allied companies with their profiles, which provides important data pertaining to their insights in terms of finances, product portfolios, investment plans, and marketing and business strategies.
An all-inclusive Silk Market report makes thoughtful about competitive landscape which is another significant aspect of market analysis. Therefore, the moves or actions of major market players and brands are analysed in this report which include product developments, products launches, acquisitions, mergers, joint ventures, and future products to technologies. Target driven formulation of report, fidelity for the quality and transparency in research method are few of the features which makes this market report adoptable with confidence. Silk Market research report definitely assist businesses for the long lasting accomplishments in terms of better decision making, revenue generation, prioritizing market goals and profitable business.
Global Silk Market was valued at USD 16.94 billion in 2021 and is expected to reach USD 32.06 billion by 2029, registering a CAGR of 8.30% during the forecast period of 2022-2029.
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Market Definition
Silk is a natural fiber that is obtained from cocoon of silk worms. Thus, the process of growing silk worms to obtain and produce silk is called sericulture. In the past, silk was used to make parachutes but now it is used to make clothes. The protein fiber of silk is composed of fibroin. The best silk is obtained from cocoons of the larvae of a mulberry silkworm Bombyx mori. Real silk is very expensive as it takes around 10,000 cocoons to obtain that quality of silk. Silk can also be employed in unexpected ways such as bicycle tires, medicine and so on. Summer is the best weather to wear silk because of its absorbent nature and has low conductive properties. Silk offers comfort, is extremely soft and adds elegance. Textile has emerged to be the quickest and the largest application of silk. The mulberry silk has dominated the market and will continue to flourish on the basis of worth and volume.
Some of the major players operating in the silk market are
Anhui Silk (China)
Eastern Silk Industries Ltd. (India)
ERIS GLOBAL (India)
Wujiang First Textile Co., Ltd. (China)
Kraig Biocraft Laboratories, Inc. (U.S.)
Zhejiang Jiaxin Silk Co., Ltd. (China)
Ongetta srl (Italy)
Sichuan Nanchong Liuhe (Group) Corp. (China)
ShengKun Silk Manufacturing Co., Ltd. (China)
Jiangsu Sutong Cocoon & Silk Co. (China)
Wensli (China)
Wujiang Wanshiyi Silk Co. Ltd. (China)
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
High Demand Across Textile Applications
Silk's fastest-growing application is textile. Silk is an important component of the textile industry, which is constantly expanding and changing in terms of demand and supply. Silk is used in textiles because of its lustre, luxurious feel, lightweight, resilience, and strength. It is used in many different types of clothing, including wedding gowns, gowns, blouses, scarves, and neckties, as well as pillows, wall hangings, draperies, and upholstery.
Furthermore, the absorbency of silk makes it very comfortable to wear, especially in hot weather. During cold weather, its low conductivity keeps warm air close to the skin. Silk is increasingly being used in clothing such as shirts, ties, formal dresses, high fashion clothes, lingerie, pajamas, robes, dress suits, sun dresses, and kimonos. Silk is also used in India to make sarees, which are a traditional outfit.
The increasing awareness about the advantage of using lubricant-based products due to their corrosion resistant, nonflammable, and nontoxic properties will further propel the growth rate of silk market. Additionally, the growth in trade by air transportation will also drive market value growth. The expansion of the automotive industry along with the increase in defense budgets are other market growth determinants which are projected to bolster the growth of the market.
Opportunities
Development and Advanced Products
Furthermore, rapid development of the silk industry as fewer funds are required for production further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the increasing development of technologically advanced products by manufacturers in sericulture further expand the future growth of the silk market.
Restraints/Challenges
High Material Costs
Silk is one of the basically very expensive material. Additionally, silk clothes are not easy to clean as they usually need to be dry cleaned. Moreover, it can get damaged by excessive sun and water exposure. This makes it all the more expensive for the ultimate consumers. The overall high cost of silk will create hindrances for the growth of the silk market.
Presence of Substitutes
Also, the availability of substitutes at comparatively lower prices will prove to be a demerit for the silk market. Therefore, this will challenge the silk market growth rate.
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GLOBAL SILK MARKET SCOPE
The silk market is segmented on the basis of production process, type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Production Process
Cocoon Production
Reeling, Throwing
Weaving and Dyeing
Type
Mulberry Silk
Tussar Silk
Eri Silk
Spider Silk
Application
Textile
Cosmetics and Medicine
SILK MARKET REGIONAL ANALYSIS/INSIGHTS
The silk market is analyzed and market size insights and trends are provided by country, production process, type and application as referenced above.
The countries covered in the silk market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the high demand for silk products and raw materials from China and India within the region.
North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the rapid expansion of textile industry in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Quantifiable Data:
Market Data Breakdown by Key Geography, Type & Application / End-User
By type (past and forecast)
Silk Market-Specific Applications Sales and Growth Rates (Historical & Forecast)
Silk revenue and growth rate by market (history and forecast)
Silk Market size and growth rate, application and type (past and forecast)
Sales revenue, volume and Y-O-Y growth rate (base year) of Silk market
Key Research: Industry experts from the global Silk Industry, including management organizations, processing organizations, and analytical services providers that address the value chain of industry organizations, were the main source of collection of data. To collect and certify qualitative and quantitative information and to determine future prospects, we interviewed all major sources.
Secondary Research: Critical information about the industrial value chain, core pool of people, and applications, was the primary focus of secondary research. Market segmentation based on the industry’s lowest level of industry, geographical markets and key developments in market and technology-driven core development, has also been done to provide a detailed picture of the current market situation.
Qualitative data: Includes factors affecting or influencing market dynamics and market growth. To list some names in related sections
The report answers questions such as:
What is the market size and forecast of the Silk Market?
What are the inhibiting factors and impact of COVID-19 shaping the Silk Market during the forecast period?
Which are the products/segments/applications/areas to invest in over the forecast period in the Silk Market?
What is the competitive strategic window for opportunities in the Silk Market?
What are the technology trends and regulatory frameworks in the Silk Market?
What is the market share of the leading vendors in the Silk Market?
What modes and strategic moves are considered suitable for entering the Silk Market?
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