Knitwear industry is growing at a rapid speed in owing to the rising demand for knitted apparels. A newly published study report by Fact.MR on Knitted Fabrics Market has introduced fascinating acumen about the progressing market. The market study unveils the rising growth in industrial textiles and its application in diversified sectors which have manifested major investments in the development and research for advancement of Knitted Fabrics.
In order to capture widest possible spectrum of knitted fabrics market, prominent manufacturers to develop special fabric for knitting and serving other end uses efficiently. Rising number of organized players in the market is one of the prime factors for growth of the market. Also, the ease of wearing and comfort of knit products, lot of consumers have preferred knitted over woven. Due to its vital role in apparel industry, knitted fabrics market is anticipated to reflect a decent CAGR of 5.7% in terms of volume and 5.9% in terms of value during the forecast period 2018 – 2027
The report showcases a broad analysis of the prominent factors responsible for the transformation of the growth trajectory for Knitted fabrics market. Growing demand for better styles and design with good elasticity in comparison to woven fabrics is expected to fuel the knitted fabrics market. Broad spectrum of application for knitted fabrics are few of the prime fillips identified which are anticipated to propel the knitted fabrics market.
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Study foresees that knitted fabrics plays a vital role in technical and medical textile in emerging regions, which is expected to augment knitted fabrics market growth. The analysis has reveal the dominance of Weft segment in construction type in knitted fabrics market with more than 60% of the revenue share and over 6% of CAGR during the forecast years.
“Knitted fabrics is a vital segment of the textile and apparel industry. Smoothing implementation of new technologies coupled with eco-friendly raw materials allows knitted fabrics at variety of applications. Rising strength of textile industry and its strong production base of wide range of yarn/fibre, knitted fabrics is likely to boost the adoption of advanced knit apparels in the estimated period .” says lead research analyst, Chemical & Material, at Fact.MR.”
Key manufacturers in the Knitted fabrics market are highly engross in product development with latest technological developments to strong their product portfolio as per the rising consumers demand. Growing production of knitted fabrics in countries like China, India, Bangladesh along with high cluster of consumers in the region is one pf the key drivers for knitted fabrics market. Based on the analysis, Flat/Jersey segment is estimated to report the highest revenue among all fabrics type and surpasses US$ 69,263 Mn by the end of 2027.
During the forecast period, China holds more than 61% of the market share in Asia pacific excluding Japan. Asia pacific excluding Japan (APEJ) is expected to have the steering for the knitted fabrics market, with a high CAGR of 6.5%. Ameliorating economic situation and low labor costs in the region, especially in China and India coupled with presence of abundance of raw materials, have bolstered the growth of the textile industry, in turn, translating lucrativeness of the Knitted fabrics market.
Based on Applications segment, the Meditech accounted for the highest market valuation. However, Buildtech segment is expected to grow with a CAGR of 5.2% during period of 2018-2027 against the backdrop of rising knit apparel demand in in APEJ and North America. Knitted fabrics market is an ever-evolving market, however, certain brands and manufacturers have experienced certain threats about the product.
Market insights states that the major concern is the quality retail spaces for the tier 2 and tier 3 companies. Also, due to the intense competition between local players catering to smaller regions who have worked on narrow margins. The analysis elaborates business strategies of manufacturers that are developing novel compositions and products of knitted fabrics market suitable to the modern design preferences of textile sector.