Silk Market Size- By Type, By Production Process, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2032

Global Silk Market Overview:

According to SPER Market Research, the Global Silk Market is estimated to reach USD 37.96 billion by 2032 with a CAGR of 8.42%.

Silk is one of the opulent, dazzling materials that is quickly gaining popularity around the world. Aside from having a sparkling appearance and a velvety feel, silk fiber also has strength, durability, and lightness.Silk is occasionally used in a variety of home furnishings, including wall hangings, pillows, upholstery, and draperies, as well as a variety of clothing items, including dresses, wedding gowns, neckties, and scarves. Because silk conducts electricity less than other materials, it is more frequently used in ties, shirts, haute couture clothing, formal dress suits, robes, kimonos, and sundresses. The key factors mentioned above are expected to increase demand for silk, which could eventually lead to a thriving global industry.Silk production requires less expenditure because it does not call for specialized technology and equipment. One of the factors preventing the silk market from growing is the variation in the price of the raw materials. Additional obstacles to the global market include inadequate market and storage facilities, constrained transportation options, and a lack of understanding of market trends, particularly in countries like India, Brazil, and Uzbekistan.New companies functioning in this field are also developing cutting-edge ideas that might help the sector.The analysis timeline predicts that the mulberry silk sub-segment will grow at the fastest rate. This is because mulberry silk is one of the highest-quality silks and because, thanks to the care given to the silkworms, mulberry silk is nourishing to people.

Impact of COVID-19 on the Global Silk Market:

Due to fluctuating silk raw material prices, a drop in cocoon production, and a lack of qualified people, the COVID-19 pandemic had a negative impact on the silk industry. These factors have reduced working capital significantly, damaged the demand for silk, and created cash flow problems. The cancellation of import-export orders as a result of restrictions placed by various countries has had a significant influence on the silk market. Thus, those who rear silkworms, reel silk, weave, and engage in trade have suffered as a result of the epidemic.

Scope of the Report:

• Market size available for years: 2019-2032

• Base year considered: 2021

• Forecast period: 2022-2032

• Segments covered: By Type, By Production Process, By End User

• Regions covered: North America, Europe, Asia Pacific, Latin America, Middle East and Africa

• Companies Covered: AMSilk GmbH, Anhui Silk Co. Ltd., Bolt Threads, China Silk Group Co.Ltd, EntoGenetics inc., Libas Textiles Ltd., Sichuan Nanchong Liuhe (Group) Corp., Spiber Technologies, Xuzhou Shengkun Silk Manufacturing Co., Ltd, Zhejiang Jiaxin Silk Co., Ltd.

Global Silk Market Segmentation:

• By Type: Based on the Type, Global Silk Market issegmented as; Mulberry Silk, Tussar Silk, Eri Silk, Spider Silk.

• By Production Process: Based on the Production Process, Global Silk Market is segmented as; Cocoon Production, Reeling, Throwing, Weaving and Dyeing.

• By End User: Based on the End User, Global Silk Market is segmented as; Textile, Cosmetics and Medical.

• By Region: Asia-Pacific currently controls the majority of the market in terms of revenue and market share, and this trend is expected to continue. The strong demand for silk products and raw materials from China and India within the region is credited with driving market expansion in this area.On the other hand, North America is predicted to have profitable growth during the projected period as a result of the region's rapidly growing textile sector.