Silk Market projected to reach USD 16.94 billion by 2021
NEW YORK, May 31 /PRNewswire/ --
Highlights
l Technological advancements in the sericulture industry are expected to drive the silk market
l The global silk market is projected to reach USD 16.94 billion by 2021, at a CAGR of 7.8% from 2016 to 2021.
l Technological advancements in sericulture and improved quality of silk are the major drivers for the silk market.
l Innovations to increase the yield and quality of silk are expected to significantly drive the silk market.
l Moreover, ease of usage of mulberry silk with cotton and the blend to improve base properties of both the fibers further makes it the most consumed silk type.
l Its application in textile, and cosmetics & medicine industries to produce different products is fueling the growth of the silk market for mulberry silk.
l Textile is the largest application segment of the silk market
l Silk is majorly used in the textile industry.
l The demand for silk is growing in the textile industry and the trend is expected to continue in the future.
l Asia-Pacific silk market is expected to grow at the highest CAGR during the forecast period
l The Asia-Pacific region is the largest market for silk globally.
-Technological advancements in the sericulture industry are expected to drive the silk market-
The global silk market is projected to reach USD 16.94 billion by 2021, at a CAGR of 7.8% from 2016 to 2021. Technological advancements in sericulture and improved quality of silk are the major drivers for the silk market. Innovations to increase the yield and quality of silk are expected to significantly drive the silk market.
-Based on type, the mulberry silk segment is expected to grow at the highest CAGR during the forecast period-
Based on type, the mulberry silk segment led the silk market in 2015 and is expected to continue its dominance during the forecast period. Large amounts of silk procured for textile applications is obtained from the Bombyx mori L. silkworm, which feeds solely on the leaves of the mulberry plant. Moreover, ease of usage of mulberry silk with cotton and the blend to improve base properties of both the fibers further makes it the most consumed silk type. Its application in textile, and cosmetics & medicine industries to produce different products is fueling the growth of the silk market for mulberry silk.
-Textile is the largest application segment of the silk market-
Silk is majorly used in the textile industry. The demand for silk is growing in the textile industry and the trend is expected to continue in the future. Silk fabrics are used for arts and decorations as well as for clothing. Silk is used in the textile industry as it is lustrous, luxurious, lightweight, resilient, and strong. It is used in the textile industry to make different products such as wedding dresses, gowns, blouses, scarves, neckties as well as in pillows, wall hangings, draperies, upholstery. Key drivers for growth of the textile segment are the increasing disposable income of consumers, changing consumer lifestyle, changing customer preference in high consuming countries of textile such as China, India, and the U.S.
-Asia-Pacific silk market is expected to grow at the highest CAGR during the forecast period-
The Asia-Pacific region is the largest market for silk globally. There is tremendous scope for growth for the silk market in the Asia-Pacific region due to high growth of the textile industry, majorly of China and India. China is the key consumer of silk in the Asia-Pacific region as well as globally. Furthermore, increasing export of textile goods within the Asia-Pacific region is a major factor driving the silk market in the region.
This study has been validated through primary interviews conducted with various industry experts globally. These primary sources have been divided into three categories, namely, company, designation, and region.
- By Company Type- Tier 1- 60%, Tier 2- 30% and Tier 3- 10%
- By Designation- C Level- 40%, Director Level- 30%, Others- 30%
- By Region- North America- 10%, Asia-Pacific- 50%, Western Europe- 20%, and Middle East & Africa- 20%
The report also includes company profiles and competitive strategies adopted by the major market players such as Anhui Silk Co. Ltd. (China), Kraig Biocraft Laboratories, Inc. (U.S.), Wujiang First Textile Co., Ltd. (China), Wujiang Wanshiyi Silk Co., Ltd. (China), and Zhejiang Jiaxin Silk Corp., Ltd. (China).
Research Coverage:
This report covers the global silk market based on type, application, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market, along with their company profiles and key market strategies. The report will help market leaders/new entrants in this market by providing them the closest approximations of revenues for the overall silk market.
Reasons to buy this report:
From an insight perspective, this research report has focused upon various levels of analyses - industry analysis (industry trends), supply chain analysis, and company profiles, which together comprise and discuss basic views on competitive landscape, emerging and high-growth segments of the silk market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on silk offered by the top players in the global silk market
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the global silk market
- Market Development: Comprehensive information about lucrative markets - the report analyzes the markets for silk across regions
- Market Diversification: Exhaustive information about untapped geographies, recent developments, and investments in the global silk market
Read the full report: http://www.reportlinker.com/p04898227/Silk-Market-by-Type-Application-and-Region-Global-Forecast-to.html
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