July 03, 2023 06:00 ET | Source: CONSEGIC BUSINESS INTELLIGENCE PRIVATE LIMITED CONSEGIC BUSINESS INTELLIGENCE PRIVATE LIMITED
New York, July 03, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Large Circular Knitting Machine Market” published by Consegic Business Intelligence, the market was USD 1,247.56 Million and is anticipated to reach over USD 1,923.21 Million by the year 2030, growing at a CAGR of 5.7%. Single Circular Knitting Machine
A large circular knitting machine is a mechanical device deployed in the textile industry to produce knitted fabrics on a large scale. The device comprises of a circular frame with numerous needles and hooks of varying sizes arranged in a circular pattern. Additionally, large circular knitting machines are capable of high-speed production and are utilized for manufacturing various knitted products including clothing, accessories, and home textiles.
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The increasing investment by the government worldwide in the form of monetary funds and grants serves as the major factor responsible for driving the growth of the large circular knitting machine market. The surge in government investments to improve the infrastructure by establishing textile parks creates an environment conducive to the growth of the large circular knitting machine market. Additionally, the government is also investing heavily in research and development to incorporate cutting-edge technologies including computerized controls, automation, and digitalization to enhance efficiency, productivity, and product quality. For instance, in December 2022, the Uttar Pradesh Textile Department of India received USD 72.75 Million proposal for the expansion of the textile industry in the state. Uttar Pradesh is the third-highest fabric-producing state in India and will also install PM MITRA Park on the Lucknow-Hardio highway, thus creating a conducive environment for the growth of the circular knitting machine market.
Moreover, the rising consumer demand for sustainable and eco-friendly textiles is expected to create opportunities for the growth of the large circular knitting machine market. The machines enables sustainable production by optimizing resource usage, minimizing waste, and reducing energy consumption. However, the high manufacturing cost associated with large circular knitting machines is restraining the growth of the market.
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Large Circular Knitting Machine Market Growth Drivers:
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Global Large Circular Knitting Machine Market Segmentation Details:
Based on Type, the double jersey circular knitting machine segment contributed the largest shares to the market growth in 2022 owing to the ability of double circular knitting machines to offer versatility in terms of fabric types and designs. Additionally, the machines produce a wide range of knitted fabrics, including single jersey, rib, interlock, and piqué among others. Furthermore, the machine runs by using double needles, allowing the simultaneous production of two layers of fabric, thus resulting in the creation of reversible fabrics. Additionally, double circular knitting machines are known for their high efficiency and productivity to produce fabrics at high speeds, enabling manufacturers to fulfill large orders, thus contributing remarkably in accelerating the market growth.
Based on Application, the apparel textiles segment offered substantial shares to the global large circular knitting machine market in the year 2022. The growth is attributed to the increasing adoption of large circular knitting machines in the production of T-shirts, tops, sweaters, and cardigans. The machines efficiently create seamless tubular fabrics with a smooth surface and good drape, meeting the requirements of casual and basic apparel. Additionally, large circular knitting machines also produce fabrics with complex stitch patterns, textures, and designs, further driving the growth of the market.
Based on region, North America has been a major contributor to the growth of the large circular knitting machine market as the region is known for technological advancements and innovation in various industries, including textiles. The region has a strong focus on research and development, leading to the development of advanced large circular knitting machines. The machines incorporate cutting-edge technologies namely computerized controls, automation, and digitalization to enhance efficiency, productivity, and product quality. Additionally, the growing demand for technical textiles in North America raises the need for specialized manufacturing processes and machinery. Large circular knitting machines are well-suited for producing technical textiles used in industries including automotive, healthcare, and protective applications, thus contributing significantly in propelling the market growth.
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List of Major Global Large Circular Knitting Machine Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
Global Large Circular Knitting Machine Market Segmentation:
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Key Questions Covered in the Large Circular Knitting Machine Market Report
- The market valuation for the large circular knitting machine industry is expected to be approximately USD 1,923.21 Million by 2030 driven by the increasing demand for knitted fabrics to allow better breathability.
- Asia Pacific is expected to witness the fastest CAGR during the forecast period owing to the high penetration rate of western culture in Asia Pacific countries that increases the demand for fashion clothes including high-street fashion, luxury brands, and designer labels. Additionally, the growing interest of citizens in sports and fitness activities is driving the demand for sportswear, which in turn, is accelerating the growth of the market.
- Apparel textiles accounted for the largest market share in 2022 as large circular knitting machines are widely employed in the production of T-shirts and tops. The machines efficiently create seamless tubular fabrics with a smooth surface and good drape, meeting the requirements of casual and basic apparel.
- Sportswear is expected to witness the fastest CAGR due to the increase in fitness consciousness and the adoption of active lifestyles worldwide. Consumers are becoming more aware of the importance of regular physical activity and are actively participating in sports and fitness activities.
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