Fact MR, market research and competitive intelligence provider, in a recent report, has found that the demand for circular knitting equipment has gone up exponentially due to its ability to produce special fabrics speedily and of better quality. As per the report, the global Industrial Knitting Equipment market is slated to be worth US$ 1.26 billion this year. Furthermore, it is expected to grow at a rate of 3.5% from this year to 2032.
The exceptional potential contained in the industrial knitting market is being documented by Fact. MR. The perspective is to revolutionize the textile industry via the creation of yarn right in knitting machines.
Apparel industries are increasingly demanding industrial knitting equipment, which is driving the market growth. They are choosing this equipment for their cardigans, large shawls, loop stitch jackets, scarves, etc.
The demand for textiles comes from automotive, medical, and general apparel, as well as sporting goods. This is driving the growth of large-scale manufacturing of textiles. The end products include sportswear such as shoes and swimsuits, seat covers for cars, geotextiles for buildings, medical textiles, and mosquito nets for furnishings. The Industrial Knitting Equipment market is hit worth US$ 1.78 billion by 2032, according to this use of textiles.
As per the market report, North America holds, 21.9% of the market share, while Europe is at 24.1% of the total revenue. Since knitting equipment is used to create knitted fabrics by interlacing one or more yarns with a single loop, this has spurred the demand for circular knitting equipment, which is expected to dominate the market further.
While Japan and China will lead in this market, India and Bangladesh will follow closely, as the new textile hubs globally.