Overview of Global Silk Market
Silk is the basic requirement in the textile industry for producing different types of products such as dresses, socks, and neckties. In addition, silk is also important for manufacturing home décor fabrics, including comforters, flowering curtains, and others. The global silk yarn market depends on production through natural processes. On the other hand, new technological advancements and innovations have led to growth in synthetic production in labs.
Origins of Silk
The origins of silk can be traced back to Neolithic China, where it was produced from the filaments in the cocoon of the silkworm. Silk turned into a staple source of income for small farmers during that time. Subsequently, the improvements in weaving techniques led to the rise in popularity of Chinese silk across other empires in the ancient world.
- The murals in the tombs of the Han dynasty show the creation of fabrics by using looms, including the treadle-operated versions.
- The first records of sericulture, the process of cultivating mulberry leaves, tending to silkworms, gathering threads from the cocoons, and weaving silk, are found in archaeological records of ancient China around 3600 BCE.
- The trade of silk is one of the prominent reasons for which the ancient Chinese trade route was named ‘Silk Road.’
Market Predictions
The potential of the global silk market for growth is also a prominent highlight.
- According to Technavio, the silk market would experience a growth of $6871.29 million over the forecast period of 2019-2024.
- During this period, the CAGR for the silk market would be around 8.60% in the period between 2019 and 2024.
Presently, the industrialization of silk industry alongside support of different government schemes could boost the production of raw silk, especially in the Asia-Pacific region. So, the Asia-Pacific region is all set for becoming the largest market for silk yarn production. At the same time, Caribbean countries and African countries are investing efforts in boosting silk yarn production.
The worldwide silk market also enjoys a massive consumer base spread across countries, including Germany, India, France, Japan, United States of America, Korea, United Kingdom, Italy, Vietnam, and Switzerland.
Long Terms Scope of the Global Silk Market
The future of the global silk market depends considerably on an understanding of the various market drivers and restraints.
- The foremost factor that would play a crucial role in driving the silk market forward is the limited capital expenditure required for setting the manufacturing process. As a result, manufacturers could easily expand the scope of their manufacturing operations while new players could also enter the market easily.
- Most important of all, technological advancements such as robotic paint booths are playing a crucial role in enhancing the growth of silk market.
However, the most prominent obstacle for the global silk market is the excessive dependence on raw silk. The global silk market is dependent on China for the production of raw materials need for creating the end-products.
Opportunities for Vendors
So, what do vendors have to gain from the prospects with the silk industry? Vendors could explore significant business opportunities in the Asia Pacific region. According to Technavio research, the Asia-Pacific region is expected to show a growth rate of 74.68% over the forecast period of 2019-2024. The significant markets for silk include China, Italy, India, and France.
