Circular Knitting Machine Market: Global Share, Size, Growth, Trends & Outlook ( 2022 – 2032 )
The global circular knitting machine market size was estimated at USD 6.89 billion in 2019 and is expected grow with a CAGR of 6.4% over the forecasted period of 2020 to 2025. The worldwide market is significantly determined by the demand for knitted apparel in various applications such as casuals, protective wear, shapewear, sportswear, and winter wear among others. Some factors may fuel the innovation and circular knitting machine market. Increase in innovation into needle technologies is opportunistic for the market growth.
The business will present promising development possibilities, which are stemmed by the blend of various factors. Some of these factors include demand for apparel manufacturers to customized fabrics with complex knitting construction patterns and emerging technical textiles applications into diverse industries. Likewise, such machines' ability to knit complex structures in less time compared with traditional knitting methods further fuels growth of this market during forecast period.
These machines create numerous stitch structures and designs such as 2-sided fabrics, fleece, interlock, blister, rib, mattress ticking, jacquard, needle set-out, plated plush, and transfer technique. Key players operating in the market are constantly innovating needle technologies to bring the finest fabrics. For instance, Baltex, the UK based company is considerably concentrating on the innovation of Advanced Surface Technology (AST), mostly on 3XD spacer fabrics.
The market is seeing extensive consolidations, product launches, and acquisitions. The market players embrace these to accomplish upgraded portfolio and better business reach. The developing interest for innovative, financially savvy, and significant level organization foundation mix should fuel the market interest in the near future. For instance, in September 2019, Monarch Knitting Machinery UK, the supplier of single and double jersey knitting machines launched a new and high-speed circular knitting machine to produce single jersey fabrics.
In the clothing industry, major exporter countries such as South Korea, China, and India are fortifying the Asia Pacific market. The Asia Pacific area may surface as a main district over the estimated time frame. The provincial market development may be due to the increasing demand for knitted fabrics from clothing, healthcare, and automobile sectors in this region.
In addition to this, upsurge in expansion of knitting businesses in Asia-pacific region drives growth of the market. For instance, in July 2019, Wai Chi Kai, the knitting company in Hong Kong invested about $1 billion in a new manufacturing site in Vietnam.
On the other hand, as Europe has the second largest knitting industry in terms of global consumption share, the industry players in the region are collaborating to improve their portfolio and generate new revenue streams. For instance, in June 2020, Mayer & Cie., one of the leading German circular knitting machine manufacturers collaborated with ByBorre, the Amsterdam based textile innovation studio. With this collaboration, both the companies will work on material development, functionality, and aesthetics through engineered knits. Adoption of such activities in Europe circular knitting machine market significantly drives growth of the market.
The market has been portioned into single circular knitting machines and double circular knitting machines in view of product types. The double circular knitting machines section is the biggest portion, regarding income, and may rule the innovation field, as far as size, by 2025.
The single circular knitting machines only have one set of needle and sinker. These machines are extensively being adopted to produce the plain fabrics with almost 30 inches in diameter. However, double circular knitting machines consist of the extra pair of needles, enabling the manufacturing of fabrics twice the thick compared to the single circular machines. Surge in adoption of double circular knitting machines in manufacturing of sportswear and leisurewear is the prominent factor fueling growth of this segment.
Consolidations, product launches, and acquisitions, to accomplish cutting edge innovation licenses, have advanced as a significant piece of the circular knitting industry. For example, in October 2020, Comez, the narrow fabrics machinery specialist launched two new knitting machines, a high-speed circular knitting machine for the productions of chainette cords for multiple applications, and a high-speed double needle bar warp knitting machine for sportswear & technical applications.
In light of utilizations, the market is divided into apparel textiles, technical textiles, home textiles, and others.
The home textiles fragment is the biggest section and will overwhelm the application field, by 2025. This is attributed to the extensive application of circular knitting machine for knitting mattress fabrics. The machine ensures higher fabric volume, higher fabric flexibility, and air permeability.
The technical textiles and apparel textiles portions may observe critical development rates. This may be due to the increased application of circular knitting machine in the automotive sector such as making door panels or roof liner, upholstery, and headrests.
Competitive Market Insights
The key business members of the market are Fukuhara Industrial & Trading Co. Ltd., United Texmac Pte Ltd, Tayu Machine (Xiamen) Co., Ltd, Santec Precision Machinery Co., Ltd., Terrot GmbH, Mayer & Cie. GmbH & Co. KG, Quanzhou Baiyuan Machinery Science & Technology Co Ltd, and Santoni S.p.A.