Silk Market Analysis | Recent Market Developments | In-depth Analysis of the COVID-19 Impact

The report "Silk Market by Type (Mulberry Silk, Tussar Silk, and Eri Silk), Application (Textile, and Cosmetics & Medical), and Region (Asia-Pacific, North America, Europe, Middle East & Africa, and South America) - Global Forecast to 2021", The global silk market is projected to reach USD 16.94 Billion at a CAGR of 7.8%.

Based on type, the mulberry silk segment is projected to lead the silk market during the forecast period

Based on type, the mulberry silk segment is projected to lead the silk market. Owing to its high strength, durability, and flexibility, mulberry silk is used in the production of textile such as apparel, wedding dresses, gowns, blouses, scarves, neckties as well as in interiors such as pillows, wall hangings, draperies, and upholstery. The growing textile industry in the Asia-Pacific region is driving the demand for mulberry silk in the Asia-Pacific region.

Textile is the largest application segment of the silk market

Textile is the largest application segment of the silk market, owing to an increase in demand for silk products from textile industries in Asia-Pacific and Europe. Silk is used in the textile industry as it is lustrous, luxurious, lightweight, resilient, stain-resistant, and strong.

Silk Market worth 16.94 Billion USD

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Market Dynamics -

Drivers

• Technological advancement in sericulture
• Low capital intensive industry

Restraints

• Higher dependency on china for raw material

Opportunities

• High demand from Indian textile industry
• Emerging spider silk

Challenges

• High Cost of Material
• Labor Intensive Industry

Critical questions the report answers:

• What is spider silk, the emerging type in silk market?
• Where will all the developments take the industry in the mid to long term?

Major Market Developments:

• In March 2017, Bolt Threads Inc. started its first product made of spider silk. It introduced tie made of spider silk.
• In September 2016 AMSilk GmbH entered into distribution agreements with Korean-based company Hanjoo C&C for the distribution of its product in the Asian market. It distributes AMSilk products, Silkbeads (microparticles), and Silkgel (hydrogel) in Korea.
• In June 2016, AMSilk GmbH entered into an agreement with Zurich based company, RAHN AG, to distribute two ingredients made from AMSilk, Silkgel, and Silkbeads.