Technavio’s analysts forecast the global textile industry waste management market to grow at a CAGR of nearly 11% during the period 2017-2021.
Global textile industry waste management market to grow nearly 11% by 2021
The textile industry, which is very important for many countries in terms of trade, GDP, and employment rates, is known for its immense pollution and waste issues.
Textile industry waste management market driver
According to the report, one driver in the market is improvements in membrane technology. Membrane technology plays a vital role in wastewater treatment. Some technologies like wastewater treatment using membrane reactors and desalination by RO are already being implemented in the industry on a large scale.
In addition to addressing the issue of water scarcity, membrane technologies meet the sustainability criteria like the environmental impact, ease of use, land use, adaptability, and flexibility. However, there is still scope for improvement in terms of affordability and cost, energy consumption, and expertise
Global waste management market
Source: openPR.com
One trend in the market is rising patent filings. The global textile industry waste management market is witnessing increased expenditure by vendors on R&D activities, leading to product innovation and increased safety. In addition, the vendors in the market are working to reduce the cost of upgrades and maintenance, said the report.
The manufacturers are coming up with marketing strategies based on the durability of the product, and competitive environment in the market will grow further with a rise in product or service extensions.
In terms of geography, APAC led the global textile industry waste management market during 2016 and is anticipated to continue the dominion during the forecast period.
Top global industrial waste management markets based on geography
Americas
APAC
EMEA
Competitive analysis and key vendors
The textile industry waste management market has intense competition among numerous well-established players. The global players in the market are widening the presence with their huge infrastructure and R&D support, and the regional vendors are finding it hard to compete based on reliability, technology, and price.
Top vendors in textile industry waste management market
ChemTreat
General Electric
Lenntech
Pall Corporation
Veolia
Moreover, the manufacturers are coming up with marketing strategies based on the durability of the product, and competitive environment in the market will grow further with a rise in product or service extensions, technological innovations, and M&A activities.
prominent vendors in the textile industry waste management market
One challenge in the market is an economic slowdown in China. In 2015, devaluation of China’s currency, the renminbi, had a huge impact on the country’s textile sector. Owing to the devaluation of China’s currency, the country’s textile sector could sell high-quality textiles at lower rates to the Indian market. The recent financial crisis taking place in China is likely to impact the global market, leading to a reduction in demand for textile machinery and textile industry waste management equipment. The country primarily imports capital and intermediate goods or raw materials from its neighboring countries and exports finished goods to final destinations with respect to demand, the report mentioned.
