Rapidly expanding textile business strengthens the Silk Market

Market Overview:

Silk is a natural protein fiber majorly made out of fibroin and is obtained from particular insect larvae. Silk is majorly produced by the larvae of insects that are in the process of completing metamorphosis, but a few insects like web spinners and raspy crickets produce silk during their lives. The glittering surface of silk is due to the triangular prism-like figure of the silk fiber that helps silk cloth to refract incoming light at many angles, thereby producing various colors. Apart from the textile market, silk also finds application in medical and cosmetics. The global silk market was close to USD 19.7 billion by revenue at the end of 2018. It is estimated to rise at a CAGR of 7.82%, to reach a total of USD 28.71 billion by 2023.

Market drivers and restraints:

The enhancing quality of silk is estimated to increase the demand for mulberry silk, and thereby, drive the global silk market towards prosperity. Because silk has a critical application in the textile market, the fast-expanding textile business mainly assists in the worldwide silk market expansion. Development in sericulture has a direct influence on the silk market, which acts as a prominent driver to the global market.

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Report segmented as:

By type:

  • Mulberry
  • Tussar
  • Eri silk

By application:

  • textile
  • cosmetics
  • medical

Geographical analysis:

On the basis of geography, the silk market is segmented into North America (U.S., Canada, and Mexico), Europe (UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia Pacific, with the massive population growth, creates huge demand for textile business, which further drives the growth in silk market.

Important market players:

The key players operating in the silk market are Anhui Silk Co. Ltd. (China), Wujiang First Textile Co., Ltd. (China), Zhejiang Jiaxin Silk Co., Ltd. (China), Sichuan Nanchong Liuhe (Group) Corp. (China), ShengKun Silk Manufacturing Co., Ltd. (China), Jiangsu Sutong Cocoon & Silk Co. (China), Wensli Group Co. Ltd. (China), China Silk Corporation (China), Wujiang Wanshiyi Silk Co. Ltd. (China), and Jinchengjiang Xinxing Cocoon Silk Co., Ltd. (China).

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

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