PUBLISHER: Allied Market Research | PRODUCT CODE: 1179517
PUBLISHER: Allied Market Research | PRODUCT CODE: 1179517
The global silk market is envisioned to garner $34,102.5 million by 2031, growing from $15,608.3 million in 2021 at a CAGR of 8.2% from 2022 to 2031. The natural protein fiber silk is taken from the insect's larvae. Raw silk, domesticated silkworms like Bombyx mori, and spider species like Araneus diadematus are the main sources of commercial silk production. Silk proteins are useful substances that are created by following the biosynthesis process in specialized glands.
Silk protein has a variety of biological properties, including antimicrobial, antibacterial, anticoagulant, and anticancer properties. Silk protein has a wide range of applications in the cosmetics industry where it is widely used. This is because silk protein is a crucial ingredient in cosmetic products as it has anti-aging properties, it hydrates the scalp, rejuvenates skin, and lessens wrinkles. Silk protein inhibits tyrosinase formation, which helps in maintaining the skin's clarity and suppleness. Due to these benefits, silk protein is widely used in the nutraceuticals and pharmaceuticals sector. Silk protein also encourages cell growth, which aids in wound healing. The oxidation resistance of silk proteins helps to increase the shelf life of manufactured medicines. They also assist in shielding the skin from harmful UV rays.
There are various alternatives to silk specifically in the textile industry. For instance, the availability of substitutes such as polyester chiffon, mercerized cotton, ramie, rayon crepe, and others are estimated to restrict the silk market demand in the upcoming years. Also, silk is quite expensive compared to other fabrics which is anticipated to hamper the silk market size during the forecast period. Moreover, the high dependency over China for silk and its raw materials is also expected to hamper the growth of the global silk market.
One of Europe's critical economic sectors, with a yearly turnover of billions of euros, is the textile industry, particularly the silk sector. The biggest markets in Europe for silk textiles are in Germany and Italy. Along with importing a vast selection of silk textiles for clothing, accessories, and home decor, Italian and German consumers choose natural fibers. Furthermore, despite the fact that the European apparel and textile market is a diverse one, silk remains a significant Italian textile producer due to its distinctive qualities like breathability, elasticity, and absorbency. In the upcoming years, such factors are estimated to generate excellent opportunities in the market.
The market for silk was negatively impacted as a result of the COVID-19 outbreak. The silk industry experienced a variety of production-related challenges during the COVID-19 pandemic. For instance, fluctuating cocoon and raw silk prices, transportation issues, labor shortage, a decline in the sale of raw silk and silk-related products have negatively impacted the silk demand during the pandemic. Additionally, a significant decline in working capital and cash flow, fewer export/import orders, and other factors have impacted the silk market growth. During the peak of COVID-19, orders and supply in recent months revealed a falling trend in silk production, which is currently noticeably improving. Changes in consumption habits and silk marketing methods have also been brought on by the pandemic.
The key players profiled in this report include: Anhui Silk Co. Ltd., AMSilk GmbH, EntoGenetics inc., Bolt Threads, Sichuan Nanchong Liuhe (Group) Corp., China Silk Group Co. Ltd, Zhejiang Jiaxin Silk Co., Ltd, Xuzhou Shengkun Silk Manufacturing Co., Ltd, Spiber Technologies, and Libas Textiles Ltd.
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