Increasing Investment in Knitting Machines is expected to boost the overall Market Growth.
The global knitting machines market was valued at US$ 6.79 Bn in 2018 and is expected to reach US$ 10.84 Bn by 2027, expanding at a CAGR of 5.3% during the forecast from 2019 to 2027. Knitting accounted for more than 30% of the total fabric production in the global textile market in 2018. Therefore, constant innovation in knitting technology, such as new machine designs and multi-gauge technologies, has restored the textile market from the global financial crash from 2007 to 2008. Besides this, significant investment by market players in nylon knitting, automated knitting plants, and other new knitting technologies has also prominently driven market growth. For example, in February 2017, Texollini Inc. invested US$ 2 million in installing a new circular knitting machine and new dyeing and finishing machine. In addition, the ever-changing clothing trend has triggered the knitting machine market players to transform the knitwear industry from functional to fashionable.
Market Synopsis
Medical Textile Segment is predicted to witness lucrative growth during the Forecast Period.
Medical textile is an unavoidable segment of the healthcare industry. Continuous innovation in medical textiles has significantly driven the knitting machine market in the medical sector. Non-woven textiles presently dominate the total medical textile industry with around 60% consumption share. However, knitted fabrics are the basic structure for developing high-tech medical textiles such as medical patches, artificial blood vessels, and scaffolds for tissue engineering. In the wake of the same, knitted medical textiles are expected to grapple closely with the non-woven textiles and project the fastest growth of the segment in years to come. Furthermore, increasing demand for high-tech textiles in the healthcare segment has provided lucrative opportunities for knitting machine manufacturers. Increasing awareness regarding its unique benefits and versatile applications are the other important factors that have prominently triggered market growth.
The Asia Pacific is projected to garner the Highest Growth during the Forecast Period.
The Asia Pacific is the most lucrative region for the global knitting machines market and shows glimpses of being one of the dominating regions during the forecast period. The region's robust growth is primarily driven by the steep growth of the region's automobile, clothing, and healthcare sectors. Prominent growth in the above-mentioned sectors has magnificently increased the demand for knitted fabrics in Asian countries. Additionally, the Asian knitters are also focusing on their regional expansion. For instance, in July 2019, a Hong Kong manufacturer, Wai Chi Kai Knitting Company, invested US$ 1 Bn in its new manufacturing site in Vietnam.
Day by day, knitted products are gaining pace in South Asian countries. For example, in 2018, Bangladesh claimed that 40% of its total export earnings are from knitted products. But, on the contrary, increasing yarn prices coupled with increased production costs are expected to hinder the knitted products market growth in some south Asian countries.
Key Players & Competitive Landscape:
The burgeoning demand for knitted fabrics has upended the textile industry within the past few years. As a result, several new players are entering the market to capitalize on this lucrative business opportunity. On the other hand, market leaders are maintaining their strong footprint in the market by advancing their value chain and adopting new automation features and seamless manufacturing in knitting technology. In addition, the market players are also focused on regional expansion to avail the attractive opportunities offered by the government of developing nations in the knitted fabrics market, such as low labor costs and favorable regulations.
Some of the prominent players listed in the global knitting machines market report include Shima Seiki Mfg Ltd., Santoni S.p.A., Sangiacomo, Pai Lung Machinery Mill Co. Inc., Terrot GmbH, Karl Mayer Textilmaschinenfabrik GmbH, Groz Beckert KG, Mayer & Cie. GmbH & Co. KG (MCT), Orizio S.r.l., Monarch Knitting Machinery Corp., H. Stoll AG & Co. KG, Steiger Participations Sa, Matsuya Industries, Keum Yong Textile Machinery, and Busi Giovanni S.r.l. among others.
Historical & Forecast Period
This research study provides qualitative and quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018 as the base year for the research. In addition, CAGR (Compounded Annual Growth Rate) for each component and sub-segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The knitting machines market research offers market size and forecasts based on market dynamics and predominant trends shaping the industry. In addition, the report provides an all-around view of the global knitting machines market based on machine type, applications, and geography.
Frequently Asked Questions
The market for Knitting Machines is expected to reach US$ 6.79 Bn in 2027.
The Knitting Machines market is expected to see significant CAGR growth over the coming years, at 5.3%.
The report is forecasted from 2019-2027.
The base year of this report is 2021.
Shima Seiki Mfg Ltd., Santoni S.p.A., Sangiacomo, Pai Lung Machinery Mill Co. Inc., Terrot GmbH, Karl Mayer Textilmaschinenfabrik GmbH, Groz Beckert KG, Mayer & Cie. GmbH & Co. KG (MCT), Orizio S.r.l. are some of the major players in the global market.
