Portland, OR -- (SBWIRE) -- 02/07/2018 -- According to a new report published by Allied Market Research, titled, Textile Printing Machinery by Product type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the textile printing machinery market was valued at $7,309 million in 2016, and is projected to reach at $10,220 million by 2023, growing at a CAGR of 5.0% from 2017 to 2023. Asia-Pacific is expected to be the leading contributor to the global textile printing machinery market, followed by Europe and North America.

Increase in usage of digital textile printing, rise in demand for technical textile, development in fashion trends, and growth in technological advancements are expected to drive the global textile printing machine market. However, harmful environmental impact of textile printing and high cost of production are expected to hamper the market growth. Various technological advancements in the hybrid and digital textile printing machines are expected to provide numerous growth opportunities for the market.

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In 2016, rotary screen printing machines, accounted for the maximum revenue share in the overall textile printing machinery market as they provide higher productivity and higher production speed. Moreover, these machines are lightweight in nature, leading to their high preference over other textile printing machines. The prints on garments, such as T-shirts, shirts, denims, and jackets, are quite diverse these days. Floral prints, funky slogans, memes, tribal, and other prints are gaining popularity, which boosts the growth of the textile printing machines market. This segment is expected to generate maximum revenue during the forecast period (2017-2023).

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Asia-Pacific accounted for the major share of the global textile printing machinery market in 2016 owing to the availability of labor at cheaper costs and high government initiatives regarding textile industries in India and China. Asia-Pacific is estimated to grow at the highest rate followed by Europe due to high demand for customization of prints.

Textile Printing Machine Market Key Segments:

By Type

-Rotary screen textile printing
-Automatic flat screen printing
-Hand screen printing
-Dye sublimation transfer printing
-Digital textile printing
-Hybrid textile printing
-Others

By Application

-Clothing/Garment
-Household
-Display & others
-Technical textiles