In terms of printing and dyeing, the market value of China's dyeing and finishing industry has increased from approximately 374.6 billion yuan in 2014 to approximately 435.6 billion yuan in 2019, with a compound annual growth rate of approximately 3.1%. The decline in China's printing and dyeing fabric production growth rate from 2014 to 2019 was mainly due to the suspension of operations and the closure of non-compliant production bases in accordance with strict environmental protection regulations and the elimination of backward production capacity in China's textile dyeing and finishing industry. Under the influence of the epidemic in 2020, the number of production bases closed increased, and the growth rate of my country's textile dyeing and finishing market value has slowed down even more.
In terms of printing, the development and growth of the national printing and dyeing industry has slowed down in recent years. With the continuous increase in environmental protection requirements, labor costs and changes in market demand, more and more printing companies have begun to transform into the digital printing industry. The digital inkjet printing equipment realizes automated management and control processes, which greatly saves manpower and reduces labor costs, and accelerates the digital transformation of the printing and dyeing industry.