Silk Market Size to Reach USD 37.3 Billion by 2032 growing at 7.7% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

The Silk Market, valued at USD 17.9 Billion in 2022, is projected to surpass USD 37.3 Billion by 2032, reflecting a projected CAGR of 7.7%

Silk has been valued for generations because to its sumptuous feel, gloss, and adaptability. The worldwide silk market includes a diverse variety of items, such as silk fabric, clothes, accessories, and home furnishings. Asia-Pacific leads the silk market, especially China, India, and Japan, which have a long history of silk manufacturing and workmanship. Silk manufacturing, on the other hand, is gaining traction in other places, such as Europe and North America, as demand for sustainable and eco-friendly textiles grows. Several variables influence the growth of the silk market. These include expanding demand for premium fabrics and high-quality garments, silk's growing appeal in the fashion sector, and consumer awareness of sustainability and ethical sourcing procedures. Furthermore, technical developments in silk production and processing processes have resulted in the development of new silk blends and improved fabric characteristics, which has fueled market expansion. Despite its tremendous prospects, the silk market confronts several problems. These include variations in raw silk costs, competition from synthetic alternatives, and concerns about animal welfare and environmental sustainability in silk manufacturing. However, ongoing efforts to promote sustainable silk growing techniques, as well as programs to support local silk producers and craftsmen, are expected to help ameliorate these issues.

Silk Market Value

Silk Market Statistics

  • In 2022, the global silk market achieved a revenue of USD 17.9 billion
  • Demonstrating consistent growth, the silk market is expected to experience a CAGR of 7.7% from 2023 to 2032
  • Asia-Pacific dominated the silk sector in 2022, commanding a substantial 45% market share
  • Asia-Pacific region is poised for significant growth, with an anticipated CAGR of 8.5% from 2023 to 2032
  • In type, the mulberry silk sub-segment led the market with considerable share in 2022
  • In 2022, the textile application segment recorded significant revenue in the silk market
  • A notable silk market trend is the health-conscious shoppers want natural and comfy apparel options

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Silk Market Dynamics

Growing Demand for Sustainable and Environmentally Friendly Textiles Fuels the Silk Market Value

The growing demand for environmentally friendly textiles is a primary driver of the silk market. With increased worries about environmental degradation and climate change, customers are becoming more aware of the environmental consequences of their purchase decisions. Silk is a natural fiber that is both biodegradable and renewable, making it a popular option among ecologically concerned customers. Furthermore, silk manufacturing requires less chemical inputs than synthetic fibers, boosting its eco-friendliness. As consumer’s priorities sustainability in their fashion choices, demand for silk and other natural fibers is likely to raise further, fueling market expansion in the coming years.

Expanding Applications in Medical and Technical Textiles Offers Significant Silk Market Opportunity

Silk, with its unique qualities, provides an appealing possibility for growth into medical and technical fabrics. In the medical field, silk's inherent biocompatibility and biodegradability make it an excellent material for a variety of uses. Silk sutures, for example, provide high tensile strength and knot stability while reducing tissue stress and facilitating healing. Furthermore, silk-based wound dressings form a protective barrier, absorb excess exudate, and promote a moist wound environment favorable to healing. Furthermore, silk's capacity to promote cell development and proliferation makes it an attractive choice for tissue engineering and regenerative medicine applications. Silk's unique qualities make it a versatile material in the field of technical textiles. Silk fibers have excellent strength-to-weight ratios and durability, making them ideal for high-performance applications like filtration membranes. Silk fibres' innate hydrophobicity makes them ideal for protective garment applications that require both water repellency and breathability. Furthermore, silk's compatibility with various resins and polymers makes it a desirable reinforcing material for advanced composites, providing improved mechanical qualities and endurance. As research and development efforts continue to uncover silk's full potential in these developing domains, the medical and technical textiles market is expected to rise significantly. Silk manufacturers and suppliers will benefit from these rising uses, capitalizing on the desire for sustainable, biocompatible materials with outstanding performance attributes. Silk, with its inherent adaptability and favorable features, is well-positioned to shape the future of medical and technical textiles.

Silk Market Segmentation

The global market for silk has been segmented into type, application, and region.

  • Type segment is split into mulberry silk, tussar silk, eri silk, and others
  • Application segment is categorized into textile, cosmetics, and medical
  • The silk market is regionally categorized across North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America

Silk Market Regional Outlook

The worldwide silk market has a diversified regional geography, with Asia-Pacific leading the way. China, India, and Japan have long been major contributors to silk production and use. China, in particular, is the world's greatest producer of silk, thanks to its long history of sericulture and silk weaving. India follows closely, known for its high-quality silk variants such as Tussar, Mulberry, and Eri silk. In recent years, other regions, including as Europe and North America, have seen an increase in interest in silk production and manufacture. This trend is being driven by causes such as rising consumer demand for sustainable and premium fabrics, as well as the growing popularity of silk-based clothing and home furnishings.

Furthermore, regions such as Africa and South America are emerging as prospective silk markets, with an increasing number of efforts focused at strengthening sericulture and silk weaving enterprises in these countries.

Silk Market Players

Silk companies profiled in the report include AMSilk GmbH, Bolt Threads Inc., Anhui Silk Co. Ltd., Eastern Silk Industries Ltd., Jiangsu Sutong Cocoon And Silk Co., Kraig Biocraft Laboratories Inc., Zhejiang Jiaxin Silk Co., Ltd., Libas Textiles Ltd., Shengkun Silk Manufacturing Co. Ltd., Ongetta srl, and Wensli Group Co. Ltd.

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Mr. Frank Wilson

Acumen Research and Consulting

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