According to an ESOMAR-certified market research and consulting firm’s market intelligence report, knitted fabric sales will rise at nearly 5% CAGR of from 2021 to 2031, reaching almost US$ 40 Bn in revenue. Rising importance of knitted fabrics in the construction, vehicle, medical, and manufacturing sectors are major growth stimulants.

Historically, the market expanded at a CAGR of 4%, closing in at around US$ 24 Bn by the end of the 2016-2020 period. Advanced knitted fabrics with high compression strength, anti-tear, and flame-resistant properties have been developed as a result of technological advancements. Manufacturers' productivity has risen as a result of the rapid use of 3D knitting machines.

The growing usage of high-tech medical textiles in healthcare applications is projected to open up a slew of new prospects for knitted fabric manufacturers. To improve the texture and flexibility of knitted materials, they are using new printing processes.

Key Takeaways from the Market Study
· By fabric type, warp-knitted fabrics to yield over 50% of market demand by 2031
· Automotive industry to remain dominant application area, growing at almost 5% CAGR
· U.S to emerge as a substantial market, expected to register a CAGR of around 4%
· Asia to be the maximum contributor to market demand, yielding almost 60% of overall sales
· Europe to account for over 80,000 kilotons of knitted fabrics production in volume terms
· India, China, Bangladesh, Indonesia and Thailand to be top 5 contributors to knitted fabrics demand
· Global market for knitted fabrics to expand 1.6x by 2031

“Rapid penetration of advanced technologies is prompting manufacturers to adopt sophisticated production techniques, including 3D printing, to improve output and spurring expansion prospects,” says an analyst.

Competitive Landscape
Prominent knitted fabrics manufacturers are capitalizing on rapid technological advancements penetration to introduce highly sophisticated product portfolios. Additionally, they are leveraging various growth strategies, including merges, acquisitions and capacity expansion.

· For instance, Karl Mayer has introduced the new 4D-KNIT generation of warp-knitted fabric. The new fabric type brings up previously unimagined design and product development opportunities.

· In April 2019, Baltex, a U.K. based company, innovated Advanced Surface Technology (AST), particularly 3XD Spacer Fabrics. Also, the firm is using biopolymers to develop sustainable fabrics.

These insights are based on a report on Knitted Fabrics Market by Fact.MR.