Massive Losses in the Textile Industry Forces a US$230Million Erosion in Market Value for Digital Textile Printing
The global market for Digital Textile Printing is projected to reach a revised US$3 billion by the year 2027 after a US$230 million erosion in market value in the year 2020.Akin to other consumer industries, global textile industry represents one of the worst affected industries due to the pandemic. Having experienced rapid growth because of accelerated globalization 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. Because of the lockdowns, investments on textiles, garments, and apparel remain sluggish and the scenario is likely to continue through the second half of the current year, while pointing towards a negative overall growth for the year 2020. Delays and disruptions in production, exports and imports also wield considerable impact on the textile industry. China has suffered billions in export losses in the fashion’s supply chain. Fashion stocks have plummeted to never before seen depths. International fashion programs, events & shows have all been cancelled. Retail stores have all stuttered sending fashion giants into massive losses. As stores reopen, the recession & low consumer confidence will make for a bumpy road to recovery. Against this backdrop, for financial year 2020, there is no recovery in sight for investments in manufacturing technologies including digital textile printing.
In the post COVID-19 period, the versatile benefits of digital textile printing over conventional printing methods 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, customization options, workflow efficiencies, cost reduction and flexibility. With digital printing technology, computerized alterations facilitate instant sampling and proofing of the designs due to which less time is required for obtaining the desired output. Digital printing can be implemented on a one-meter cloth, which implies there is no restriction on volume of cloth, allowing designers to maintain exclusivity of their designs. With the digital textile printing technology, a range of printed fabrics made with silk, polyester, and cotton, among others can be made available to the consumers. Digital printing offers designers with unlimited opportunity to create colored textiles. Growth will also be fueled by digital technology’s ability to print intricate designs over polyester and silk. Increasing desire of larger brands and retailers to cut down risk is driving growth in the digital textile printing market. Typically, retailers and big brands invest in around 10-20 designs, particularly for home décor and fashion products, which can generate interest among buyers during a specific season. By using digital workflow processes, players can maintain a larger range of options, thus lowering risk associated with unused and unsold products. With the development of high-speed and high-quality printing systems, companies can also reduce time-to-market. The technology also facilitates a shift from printing to be taken up in larger production units towards printing at smaller and cottage industries that focus on specialty printing applications.