Textile print faces £178.2m Covid-19 hit
The novel coronavirus (Covid-19) pandemic has knocked around £178.2m off the value of the global digital textile print market, according to a new report from ResearchAndMarkets.com.
Wednesday, 07 Oct 2020 08:31 GMT
The global digital textile print market could be worth as much as £2.32bn by 2027
Entitled ‘Digital Textile Printing - Global Market Trajectory and Analytics’, the study looks at how the sector is likely to develop between now and 2027.
The global market is expected to be worth approximately £2.32bn by the year 2027, slightly lower the previously forecast due to the impact of the Covid-19 crisis.
“Akin to other consumer industries, global textile industry represents one of the worst affected industries due to the pandemic,” the report says.
“Having experienced rapid growth because of accelerated globalisation resulting from the economic slowdown of 2008, these industries not only employ millions of workers, but also support some of the most fragile economies in the world.
“The pandemic continues to have a major impact on the textiles industry in terms of logistics interruptions, increased costs, absent workforce and reduced inventory and supply.”
The pandemic continues to have a major impact on the textiles industry in terms of logistics interruptions, increased costs, absent workforce and reduced inventory and supply”
The report also cites the impact of Covid-19 lockdowns around the world, saying this has led to “sluggish” investments in textiles, garments and apparel, with this set to continue for the rest of the year.
ResearchAndMarkets.com also referenced delays and disruptions in production, exports and imports, in particular China, which it says has suffered billions in export losses in the fashion's supply chain.
However, looking towards post Covid-19, the report cited the versatile benefits of digital textile printing over conventional printing methods, saying this will help bring back growth opportunities.
“Digital printing offers a number of benefits over traditional printing such as efficient set-up as well as speed, cost-effectiveness, shorter lead times, improved design aesthetics, customisation options, workflow efficiencies, cost reduction and flexibility,” ResearchAndMarkets.com says.
“With digital printing technology, computerised alterations facilitate instant sampling and proofing of the designs due to which less time is required for obtaining the desired output.”
If you have an interesting story or a view on this news, then please e-mail
news@signlink.co.uk
Follow Rob on:
