(PharmaNewsWire.Com, July 12, 2021 ) The report "Silk Market by Type (Mulberry Silk, Tussar Silk, and Eri Silk), Application (Textile, and Cosmetics & Medical), and Region (Asia-Pacific, North America, Europe, Middle East & Africa, and South America) - Global Forecast to 2021", The global silk market is projected to reach USD 16.94 Billion by 2021, at a CAGR of 7.8% from 2016 to 2021.
This growth can be attributed to technological advancements in sericulture, which directly increases the yield of silk, thereby affecting the silk market. Moreover, silk is a low capital investment industry, in terms of technology and labor, which is driving the silk market globally.
Based on type, the mulberry silk segment is projected to lead the silk market during the forecast period
Based on type, the mulberry silk segment is projected to lead the silk market. Owing to its high strength, durability, and flexibility, mulberry silk is used in the production of textile such as apparel, wedding dresses, gowns, blouses, scarves, neckties as well as in interiors such as pillows, wall hangings, draperies, and upholstery. The growing textile industry in the Asia-Pacific region is driving the demand for mulberry silk in the Asia-Pacific region.
Textile is the largest application segment of the silk market
Textile is the largest application segment of the silk market, owing to an increase in demand for silk products from textile industries in Asia-Pacific and Europe. Silk is used in the textile industry as it is lustrous, luxurious, lightweight, resilient, stain-resistant, and strong.
Browse in-depth TOC on "Silk Market” 88 - Market Data Tables 29 - Figures 110 - Pages
Asia-Pacific is the largest market for silk
The Asia-Pacific region is the largest market for silk. This can be attributed to the presence of a large number of textile manufacturers, rise in export of textile goods, and growing demand from the domestic market. China dominates the silk market in the Asia-Pacific region followed by India due to easy availability of raw silk in the two countries. China is the largest producer of silk yarn and textile products.
The silk market has several global players competing for market shares. Major manufacturers 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) have been profiled in the report.
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