The global knitwear market is projected to be valued at $998.6 bn by 2031, with a rise in demand for knitted sportswear and environmentally friendly products fueling sales. A new report from Transparency Market Research also notes that the global market is estimated to register growth at a CAGR of 5.6 percent during the forecast period from 2022 to 2031.
According to the TMR report, manufacturers operating in the global knitwear market are increasing the use of eco-friendly and natural materials in their products owing to increase in consumers inclination toward the use of sustainable products. Such efforts are fueling the sales growth in the knitwear market.
Moreover, major market players are utilizing high-end technology and innovative knitting machines in order to develop products according to the current market trends. Such efforts of knitwear manufacturers are resulting into increased revenue growth in the knitwear market.
Key findings: The report finds that knitwear is gaining traction owing to its different advantages such as high absorption capacity, good elasticity in comparison with woven fabrics, and anti-wrinkle nature. As a result, there has been rise in the use of branded knitwear products across the globe.
The demand for different 3D-knitted garments has also increased in recent years owing to a rise in the popularity of 3D software, which assists in generating virtual images on clothing and saves energy, money, and time, notes the TMR study.
The use of high-performance and lightweight clothing has also been rising in recent years. As a result, the sales of different types of knitwear manufactured using synthetic, blended, and natural materials have increased. This factor, in turn, is boosting the demand avenues in the knitwear market. Moreover, the popularity of knitwear products is rising owing to their chlorine resistance and improved breathability. This aside, these products are more durable materials and are anti-tear.
The use of knitted fabric has also been growing in denim clothing as consumers are looking for softer materials in clothing with high compression, flexibility, and soft wear. In terms of regions, the knitwear market in Asia Pacific is estimated to gain sizable business opportunities during the forecast period owing to a rise in demand in countries such as Japan, India, and China.
