TEHRAN (Iran News) – Amid the COVID-19 crisis and the looming economic recession, the textile printing market worldwide will grow by a projected 7.7 billion square meters, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 3.6 percent.
Screen Printing, one of the segments analyzed and sized in this study, is forecast to grow at over 2.8 percent and reach a market size of 31.1 billion square meters by the end of the analysis period, PR Newswire reported.
The global analysis and forecast periods covered within the report are 2020-2027 (current and future analysis) and 2012-2019 (historic review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The screen printing market will be reset to a new normal which going forwards in a post-COVID-19 era will be continuously redefined and redesigned.
Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change, and continuously adapt to new and evolving market conditions.
As part of the new emerging geographic scenario, the US is forecast to readjust to a 2.3 percent CAGR. Within Europe, the region worst hit by the pandemic, Germany will add over 176.2 million square meters to the region’s size over the next seven to eight years. In addition, over 194.4 million square meters worth of projected demand in the region will come from the rest of European markets.
In Japan, the screen printing segment will reach a market size of 1.8 billion square meters by the close of the analysis period. Blamed for the pandemic, significant political and economic challenges confront China. Amid the growing push for decoupling and economic distancing, the changing relationship between China and the rest of the world will influence competition and opportunities in the textile printing market.
Against this backdrop and the changing geopolitical, business and consumer sentiments, the world’s second-largest economy will grow at 6.7 percent over the next couple of years and add approximately 2.3 billion square meters in terms of addressable market opportunity. Continuous monitoring for emerging signs of a possible new world order post-COVID-19 crisis is a must for aspiring businesses and their astute leaders seeking to find success in the now changing textile printing market landscape. All research viewpoints presented are based on validated engagements from influencers in the market, whose opinions supersede all other research methodologies.
- source : Iran Daily, Irannews