Impact of COVID-19 on the Spinning Machinery Market
The outbreak of COVID-19 has compelled government authorities to take stringent measures. Partial or complete lockdowns were imposed in several emerging and developed countries to minimize the spread of the virus. The manufacturing of spinning machinery and the provision of related services was restricted to permissible limits under the lockdown. Several retail stores and e-commerce services were shut down for the specified period. These factors have severely impacted the global economy, and multiple markets, such as the industrial automation and equipment market, have been affected adversely. The production of spinning machinery was restricted, resulting in a huge demand and supply gap. The COVID-19 pandemic has disrupted the supply chains of multiple spinning machinery manufacturers. Several companies are also facing liquidity issues that may result in the complete shutdown of their production facilities. However, financially strong companies were able to sustain manufacturing operations during the pandemic. The demand and supply of spinning machinery across the globe play a vital role in the growth of the industrial automation and equipment industry.
According to the MRFR analysis, the increased chances of a global economic recession in the coming year are likely to put additional pressure on the demand for industrial automation and equipment, including spinning machinery. Some of the key industry participants that are expected to account for large market shares in terms of revenue include Saurer AG (Switzerland), Rieter (Switzerland), Murata Machinery USA, Inc. (US), and Trützschler (Switzerland). The market is expected to stabilize in the Q1 of 2021. Manufacturers are expected to increase their production capacities with the gradual stabilization of the market over the projected timeframe. Moreover, International associations related to spinning machinery manufacturing across the globe have suggested multiple measures and provided guidance on curbing the spread of the coronavirus, which is expected to support market growth.
Source: National Association of Manufacturers