Knitted Fabrics Market to Ride on 5.3% Revenue CAGR Through 2027

Increasing growth of the textile industry has resulted in creating more lucrative opportunities, thereby attracting new players to enter the industry. This is leading to intensifying the competition in the knitted fabrics market. Leading manufacturers are launching more innovative and high-quality products using next-generation manufacturing technologies to bring a new dynamic to the knitted fabrics market. Increasing adoption of state-of-the-art technologies to bolster manufacturing of custom seamless knitwear apparels is becoming increasingly palpable in the knitted fabrics market. Market leaders are completely digitizing their entire production processes to further enhance their business productivity and efficiency. Technological assets, such as physical simulation software, 3D printing technology, and 3D design software, are likely to prevail over traditional manufacturing processes soon in the knitted fabrics market.

Vulnerability to Damages – Prevailing Cost-intensive Concern for Knitted Fabrics Market Players

Knitted fabrics have been deemed more prone to damage than their woven alternatives, thereby compromising the utilization efficiency of of the fabric in various applications. Needle malfunction, mismanagement of machinery, or improper care during the fabric dyeing processes, are some of the aspects that increase the risk of damage during knitted fabrics construction In addition, improper manual handling of knitted fabrics and inspection cuts lead to forcing manufacturers to keep an extra buffer for such damages. This is one of the leading causes behind high overall fabric costs, which is ultimately creating challenges for stakeholders to mitigate production costs. Thereby, unavoidable spending on knitted fabric management and machine maintenance prove to be costly challenges for knitted fabrics market players to tackle with.

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Medical Textiles – A Lucrative Application Area for Knitted Fabrics Manufacturers

Both, woven fabrics and knitted fabrics are commonly used in the healthcare industry as medical textile. However, textile engineers discovered that knitted fabrics are more flexible, highly porous than woven fabrics, and have loose and changeable structural design, thereby can be used in versatile medical applications. The structure of knitted fabric can be altered and modified easily to suit variable requirements of several medical applications, which is boosting demand for knitted fabrics in the healthcare industry.

With growing awareness about unique benefits of knitted fabrics, when they are used as medical textiles, knitting technologies have emerged to be an integral part of the healthcare industry. For example, warp knitting technology is becoming popular as one of the most economic technologies used to manufacture thermostatic textiles used in surgery to maintain patients’ body temperature.

Increasing use of high-tech medical textiles in healthcare applications is creating numerous lucrative opportunities for manufacturers in the knitted fabrics market. Leading market players are likely to adopt next-generation manufacturing technologies to offer knitted medical textiles that can suit various requirements of medical applications in the upcoming years.

The Fact.MR study remains bullish on the impressive growth prospects of the knitted fabrics market, as the adoption of next-gen knitting technologies has led to enhanced business efficiency and productivity for manufacturers. Leading players in the knitted fabrics market are focusing on enhancing sustainability and quality of their products to increase their footprint in this highly competitive marketplace.

China’s Supremacy in the Textile Industry Fosters Knitted Fabrics Market Growth in APEJ Region

According to the Fact.MR study, the Asia Pacific region excluding Japan (APEJ) held a hefty ~70% volume share in the knitted fabrics market in 2018. The study predicts that the knitted fabrics sales in the APEJ region will reach nearly 35,000 tons by the end of 2019, which will continue to support growth of the APEJ knitted fabrics market.

China leads growth of the knitted fabrics market in the APEJ region with a whopping 61% share in the global sales of knitted fabrics, according to the Fact.MR study. China is one of the top clothing exporters in the world, as it accounts for over one-third of the EU’s apparel and textile imports. Domestic manufacturers in the China’s knitted fabrics market are rapidly transforming their manufacturing strategies with digitalization and automation to bolster their sales of high-quality knitting fabrics worldwide.

However, the Fact.MR study finds that China’s trade conflicts with the U.S. is among many other factors that are making a negative impact on its dominance in the APEJ knitted fabrics market. China’s allegedly rampant theft of U.S. textile intellectual property is likely to invite retaliatory tariffs on China’s apparels and textiles, which may lead to compromising its share in the knitted fabrics market.

Recently, tax exemption on woven cotton fabric and knitted fabric imported from India are likely to be declared under the free trade agreement between the Association of South East Asian Nations (ASEAN) and India. This can lead to making India a leading supplier of raw materials and machines to the textile industry in Vietnam, and strengthening its position in the knitted fabrics market. In addition, India, Bangladesh, and Pakistan rank in the top five countries to export clothing in the European Union, according to the European Statistical Office (Eurostat).

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Developing countries in Asia-Pacific other than China are foraying into the knitted fabrics market with the rapidly escalating knitwear industry in India and Bangladesh. Furthermore, favorable regulatory frameworks, increasing competition, and low labor costs are improving the export profitability for knitted fabric businesses in India and Bangladesh.