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Knitted Fabric Market To Hit Value $35.7 Billion By 2025 |Grand View Research, Inc.
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The global knitted fabric market size is expected to reach USD 35.7 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.0% over the forecast period. Increasing application of knitted fabric as technical textile in the automotive, packaging, manufacturing, medical, and construction industries is expected to accelerate the growth of the market in the near future. Development of seamless and float plating technology has enhanced the production efficiency and widened the scope of the product over the world.
The technical application segment dominated the global market in 2018 and accounted for more than 80.0% share of the overall revenue. Technological advancements such as 3D knitting or spacer fabric have widened the scope of the product in various industries including apparel, construction, automotive, and household. Growing importance of medical textiles in the implantable medical device has expanded the scope of the product in the medical industry. Dimensional flexibility, controlled elongation, controlled porosity, and compressibility are favorable features of the product, thereby making it well-suited for medical application.
Key competitors of this industry include Baltex; Georg and Otto Friedrich GmbH; Jong Stit Co., Ltd.; Zhejiang Chaoda Warp Knitting Co., Ltd.; Haining Jinmao Warp Knitting Co., Ltd.; ABHINANDAN KNITS PVT LTD.; Guilford; Loyal Textile Mills Ltd.; Pacific Textiles Holdings Limited; TORAY INDUSTRIES, INC.; Teejay Lanka PLC; and SSM Industries.
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As of 2018, Asia Pacific held 70.2% share of the global revenue. China dominates the region with a major share of the overall revenue. India and Bangladesh are also important markets of this industry. Over the past few years, the knitwear industry of India has been witnessing significant growth. Rising popularity of comfort wear such as t-shirt is fueling demand for the product in this economy. In addition, rapid growth of the automotive, construction, and manufacturing industries of India is projected to boost the market growth in the upcoming years.
Further key findings from the study suggest:
· Asia Pacific for knitted fabric market held the largest share of 70.2% in 2018
· By product, warp-knit is expected to register the fastest CAGR of 6.4% from 2019 to 2025. The weft-knit segment held the largest share of over 60.0% in 2018
· The technical application segment dominated the market in 2018 and it is expected to maintain its lead in the projected years.
Shifting consumer preference for lightweight and high performance knitwear is fueling the demand for feathery raw materials including polypropylene, linen, silk, faux fur, and synthetic fibers. Woven fabrics have been replacing bulked yarns made knitted fabrics. Over the past few years, the apparel industry has been witnessing steady growth in demand for the loop stitch jackets, cardigans,large shawls, and scarfs. In terms of color, grey, classic black, brown, and beige have been gaining significant popularity across the world.
Furthermore, demand for feather light circular knit fabrics has increased in the hosiery market due to its better breathability of the material. Lightweight knitted textile has also gained significant traction in the protective clothes market. Sponge-like, anti-tear, and durable materials are applied in single or double layers in the protective clothes. Similarly, featherweight textile, along with high compression, chlorine resistant, and moisture management property, has witnessed high demand in the sportswear industry.
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In addition, application of knitted fabric has been increasing in denim garments, as consumer preference is shifting towards wrinkle resistant, flexible, soft, and comfortable textile. Rising importance of synthetic fibers in the construction and apparel industries is expected to propel the growth of the market in the upcoming years. Application of the fiber has been expanding in the construction industry as geotextiles in roof, walls, dams, and roads.
Moreover, thermal insulation and dust resistant features of synthetic fiber make it ideal for the production of curtains, napkins, carpets, and table clothes. Implementation of artificial intelligence (AI) has been increasing in this industry. It helps to predict the properties and the quality of the product before manufacturing the actual textile. AI plays an important role in the quality inspection of textile, which reduces errors and expenses.
Grand View Research has segmented the global knitted fabric market on the basis of product, application:
Knitted Fabric Product Outlook (Revenue, USD Million, 2015 - 2025)
Knitted Fabric Application Outlook (Revenue, USD Million, 2015 - 2025)
· Fashion & Clothing
Knitted fabric has a wide application as home textiles in the household sector, including products such as home cushion, curtains, carpets, dust bags, dust covers, and door mattress. Synthetic material is gaining popularity in curtain manufacturing due to its light resistance property. Rising per capita income in the developing countries is anticipated to fuel the demand for home textile in the upcoming years.
The product has gained significant importance in the medical textile. It has a wide application in the production of bandage, plasters, hospital laundry bags, wheelchairs covers and seating, medical mattresses, and orthopedic support by using the 3D spacer, 4D spacer, meshes, plain, and brushed fabrics. Furthermore, these fabrics have a wide usage as implantable medical textiles such as artificial ligaments, artery, veins, sutures, hernia sheets, artificial elbows, and hip joints. Rapid progress of the medical industry is projected to boost the demand for the product.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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