According to a report published by the India-based research agency Market Research Future, the global zipper market is expected to increase at a compound annual growth rate of 8.3% past 2022.
A Bright Future
Though most people don’t give second thoughts about zippers, these objects have essential and indispensable applications in the textile, luggage, footwear, and automotive industries.
As clothes always need to have zippers to keep them in place, most of the market growth has been projected to come from the garment industry. More people earning larger disposable incomes equates to more people buying clothes. This kind of lifestyle change is primarily the reason why zippers have enjoyed increasing sales in the last few years.
The growth of the zipper market is directly proportional to the phenomenal growth of the textile industry in recent years. Not only is this growth apparent in large, developed countries, it has also been seen in developing economies too. As the textile and garments markets grow larger every year as more and more people gain greater purchasing power, the need for zippers increases too. Add to this is the fact that the world (especially in developing countries) is experiencing a population boom right now, and you can see that it’s pretty understandable why there is an overwhelming consensus among researchers regarding the positive outlook for the international zipper market.
Aside from the reasons mentioned above, the rise of fashion-minded consumers (i.e. people who are more likely to buy branded products) as well as the recent trend for fashionable sports and outdoor footwear have also contributed greatly to the stratospheric rise of zipper manufacturing. In developing countries, the increase in automobile production also provided a great boost to the global zipper market industry at large.
All in all, the summation of these factors are the main driving forces that can push zipper manufacturing to an all time high in the next few years.
The zipper market is currently segmented according to the type of zipper (close and open end, two way separator, etc.), material used (plastic, coil, metal), and application (automotive, garments, luggage, outdoors and sports, footwear, garments).
Furthermore, it is also segmented into geographical areas: North America, Europe, Asia Pacific, and ROW (rest of the world). These areas are the main sites of zipper production and demand. For North America, the market is expected to grow at a decent rate, owing to the high retail rates as well as the constantly increasing demand for sports footwear.
The bulk of the growth will come from the Asia Pacific region. This is probably due to the fact that most zipper manufacturers are based in this geographical area. This is also the area where population growth is highest. Coupled with this is the fact that India and China (two countries in the world with some of the largest zipper manufacturing centers) are slowly opening themselves to Western culture. As they adapt more Westernized clothing, the need for more zippers increases.
View the full report.