Textile business is flourishing in countries such as India, Pakistan, and Bangladesh. The various reasons for the growth of this sector are natural resources, government support (TUFS) technology up gradation fund, ample man power availability etc.
In addition to these Quota relaxation has given good hopes for the textile industry to grow there business further. All these reasons encouraged the industry to invest more in last four years. There have been huge setups and capacity expansion in every sector of textile value chain and the process is still going on. The demand for the machines has risen suddenly and the delivery schedules for the new machines extended up to 15 to 18 months.
The demand for the used textile machines increased in the last few years.
The declining spinning and weaving capacities in the countries like Turkey, USA and Korea due to reasons like labor cost emerged as a source of the used textile machines. Lots of capacities are migrating from these countries to India, Bangladesh, Egypt and Pakistan. Lower price and availability of these machines has attracted the Textile Industry in the buying countries. Also there are machines coming in the market from the local mills who are upgrading their units.
The demand of used machines still remains .There has been a lot of Chinese manufacturers supplying the textile machines in India and other countries. Though the Chinese machines are low in price still the Industry preferring Branded used machines as compared to the Chinese option. It looks the demand for the used machines will remain on peak for the next two years.