Knitted fabrics sales will increase from approximately 49 thousand tons to reach nearly 52 thousand tons during the period 2018-2019, according to a recent study of Fact.MR. The incremental growth of the knitted fabrics market is influenced by a variety of factors, such as positive growth prospects of the textile industry and increasing popularity of knitwear among the millennial population.
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.
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“Knitted fabrics are witnessing burgeoning demand as high-quality knitwear apparels are becoming a status symbol among the young fashion enthusiasts across the world. Manufacturers in the knitted fabrics market are adopting high-tech manufacturing procedures introduce innovative designs and types of knitted fabrics at competitive prices. The information presented in the study can help readers with a new vision on the potential rise in knitted fabrics demand and growth prospects of the regional market for knitted fabrics,” says Fact.MR.
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).
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.
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Weft-Knitted Fabrics Account for 64% of Global Sales as End-users Aim to Reduce Knitwear Production Cost
The Fact.MR study predicts that the demand for weft-knitted fabrics will remain higher vis-à-vis wrap-knitted fabrics, owing to the low cost and versatility of weft-knitted fabrics. Weft-knitted fabrics need only single yarn feed, which ultimately helps end-user in the textile industry to cut down the raw material input requirements and the processing steps involved in the production of knitwear apparels. As most end-users are seeking ways to curtail economic, social, and environmental costs of their manufacturing processes, the demand for weft-knitted fabrics has remained consistently high over the period of past few years.