Silk Market Size, Share, Growth Analysis, By Type(Mulberry Silk, Tussar Silk, and Eri Silk), By Application(textile industry, and cosmetic industry), By Region - Industry Forecast 2024-2031

Global Silk Market size was valued at USD 15.9 Billion in 2022 and is poised to grow from USD 16.97 Billion in 2023 to USD 28.5 Billion by 2031, at a CAGR of 6.70% during the forecast period (2024-2031).

The global silk market has seen significant growth in recent years, with increasing demand for silk projected to continue in the future. Unlike other textile industries, silk production does not require heavy investment in machinery or equipment, making it a more labor-intensive market. This factor, along with others, supports the growth of the silk market. The market is also expected to grow rapidly as people become more aware of the benefits of lubricant-based products, which are known for their corrosion resistance, inflammability, and lack of hazardous ingredients. The expansion of air transportation and trade is also expected to drive up the market value of silk. Additionally, the rise of the automobile industry and increasing defense spending are other factors that are expected to contribute to the growth of the market. In recent years, the demand for silk products has increased globally, with consumers valuing the luxury and high-quality feel of silk. The market for silk products includes clothing, bedding, home furnishings, and accessories. Silk is also being used in the medical industry for various applications such as wound healing, drug delivery systems, and tissue engineering. The use of silk in medical applications is expected to drive demand and increase market growth in the future. The market for silk is highly competitive, with major players operating in countries such as China, India, and Thailand.