The bright prospects of knitted fabrics market are due to a variety of factors such as the positive growth prospects of the textile industry and the increasing popularity of knitwear among the millennial population.
The adoption of next-gen knitting technologies has led to enhanced business efficiency and productivity for manufacturers. Leading players are focusing on enhancing sustainability and quality of their products to increase their footprint in this highly competitive marketplace.
China leads the growth of the knitted fabrics market in the Asia Pacific region with a whopping 61 per cent share of the global sales of knitted fabrics. 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 China are rapidly transforming their manufacturing strategies with digitalization and automation to bolster their sales of high-quality knitting fabrics worldwide.
Developing countries in the Asia-Pacific other than China are foraying into the knitted fabrics market with the rapidly escalating knitwear industry in India and Bangladesh. Further, favorable regulatory frameworks, increasing competition, and low labor costs are improving the export profitability for knitted fabric businesses in India and Bangladesh. 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.