Knitting Oil Market
Knitting Oil Market (Base Oil Type: Mineral, Biodegradable, and Synthetic; and Application: Full Fashion Machine, Circular Knit Machine, and Flatbed Machine) - India Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Press Release :
Improved Machine Working, Production Stability to Propel Knitting Oil Market in India
The production of knitting oil includes a combination of high-quality HVI solvent-extracted dual hydrogenated paraffin base oils with good lubricity, oxidation stability, and rust tolerance. The knitting oils have a long service life without the formation of sludge and acid that increases a machine’s wear. They are growing in popularity to their non-foaming, antirust qualities, and unique lubricity characteristics. Knitting oil is mostly used as an anti-staining lubricant for needles of various other types of knitting machines and is suitable for automatic oiling units on knitting machines. Presently, the knitting process has drastically grown, owing to the research and development by several manufacturers along the long way in the textile industry. In India, the textile industry has been rapidly expanding, leading the global market. This is most likely to drive the India knitting oil market during the forecast period.
Modern knitting machines can process several hundred kilograms of knitted material at maximum speeds daily. The needles and sinker can process several colorful threads into socks, sweaters, skirts, coats, wool bed covers, and other clothing in short time. Precise knitting requires sufficient yarn tension as well as the stable operation of bearings, sprockets, sliding elements, and needles. As even the smallest disparity in machines can reflect on the knitted fabric, the amount of substandard fabric, as well as the associated manufacturing expenses, is increased. Manufacturers in India now offer high-performance knitting oil for better reliability of machines. The oil helps to minimize wear and friction, and allows clean and low-maintenance production processes while saving costs. Moreover, knitting oils maintain high thermal resistance and remain water white when exposed to heat over a while. All these features are expected to drive the India knitting oil market in the upcoming future.
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Insufficient Raw Materials Due to Trade Restrictions Hinders Market Growth
The outbreak of the COVID-19 has spread across the world declaring it a public health emergency. The global crisis will significantly affect the India knitting oil market in the near future. The pandemic has directly influenced production and trade by creating supply chain and market disruption, and by its economic impact on businesses and financial markets. It has also caused impressions on many features such as flight cancellations, travel prohibitions, quarantines, restricted activities, stock market volatility, dropping business spirit, and growing panic among the population. The business of knitting oil producers largely depends on the types of yarns they are producing and the machines required to create them. In India, the expenses of important domestic raw materials may not have witnessed a significant spike in prices. However, the prices of imported material increased incredibly, as international trade was allowed at a minimum amount in need.
The Indian textile industry witnessed enormous demand for products that support the medical community and essential workers. However, the demand only benefitted the players that had a presence in providing the textile businesses that make these types of products. Key producers, especially those that are multinational, had the means to remain viable during the crisis and will most likely resume operations with only minimal-to-moderate damage to their businesses. Smaller players are expected to struggle much more, and many of them may not survive after the pandemic. This is not only the case of the manufacturing sector, but many local businesses and end-use businesses such as textile, hospitality, and others were shutting doors to contain the spread of COVID-19. Nevertheless, Asia Pacific is expected to witness a boon in the production post COVID-19 pandemic, owing to the closure of several global manufacturers and others working on reduced schedules. This is most likely to create more opportunities for the India knitting oil market.
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Need to Upgrade Textile Machines Boosts Market Demand
Knitting oil has been developed and researched for several years to become efficient and popular. The modern knitting oil can be used with all types of knitting machines, including full fashion machines and flatbed machines. The machines in textile production involve the use of needles, lifters, and sinkers. As these parts are needed to be properly maintained, it can make it easy for consumers to use knitting oil on these parts to ensure endurance. The knitting oil has been proven efficient for electronically and mechanically controlled machines. In addition, knitting oil is a specific name given to the lubricating oil when used in knitting machines in India. The knitting oil though finds its application in almost every machine that involves mechanical contacts. As textile business owners in India are increasingly preferring high oxidation resistance, excellent aging stability limiting stains, sludge, and sediment formation in the machine productivity, the India knitting oil market is expected to grow during the projected period.
The textile industry in India is one of the oldest industries, which has undergone a massive change in the past two decades. Old machines installed several years ago are still used and processed. The evolution of textile machines and advanced technology are expected t compel businesses to replace their old machines. Moreover, smart features and programmed machines have replaced skilled laborers, while increasing the productivity of the industry in the region. The advancement in technology also reduced the labor cost, as it can be operated with a limited number of people. Furthermore, the Government of India has allowed foreign investors to invest in full capacity. With many textile producers upgrading their facilities, the India knitting oil market is expected to witness several new opportunities in the near future.
High Cost Price of Knitting Oil to Hinder Market Growth
In India, knitting oil is produced using various base oils including mineral oil, biodegradable oil, and synthetic oil. Developing research and upgrades in knitting oil have spiked the price. This contributes to an increase in the overall production cost, thereby hampering the growth of the India knitting oil market. Moreover, key players that operate in the market have patented technologies for developing knitting oil. This is limiting new entrants in the market. The excellent properties of knitting oil can be unaffordable to various players, especially with the economic decline in the pandemic. However, increasing foreign direct investments and growing international mergers with local players are likely to reduce the overall cost of production, thus fueling the growth of the India knitting oil market.
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The textile industry in India is rapidly growing, owing to lifestyle trends and increased demand for functional clothing. Moreover, knitting oil is used in full fashion machines to avoid damage to components of knit machines. Moreover, the textiles and apparel industry in India is popularly growing across the entire value chain from fiber, yarn, and fabric to apparel. Thus, the rising clothing demand in India is expected to propel the knitting oil market in India. The India knitting oil market is projected to reach US$ 43 Mn by 2031, at a CAGR of ~5% during the forecast period.
India Knitting Oil Market: Overview
- Knitting oil is used in full fashioned machines, circular knit machines, and flatbed machines. Knitting oil is available in various forms such as mineral knitting oil, biodegradable knitting oil, and synthetic knitting oil. Knitting machines are used to manufacture fabrics in fully automated or semi-automated manner.
- Knitting oil is used in full fashion machines to avoid damage to components of knit machines. Knitting machine components are subjected to constantly changing loads, very high stress, high temperature, vibrations, and varying operating conditions. Type of yarn used and presence of humidity also cause wear in stitch forming elements. Knitting oil is used to protect components of knitting machines in order to improve the overall efficiency and increase production of fabrics.
- Knitting oil is largely employed in the textiles industry. Textiles are products made from filaments, fiber, yarn, or thread. The textile industry has evolved significantly since the invention of the cotton gin in the 18th Century. The global textile industry was valued at around US$ 920 Bn in 2020. Natural fibers are relatively lighter and stronger compared to conventional fibers; hence, they are used largely in the automotive industry for interior and exterior applications. These fibers are widely used in the manufacture of apparel, garments, medical dressings, and construction materials, among others. Abundance of natural fiber in India is one of the reasons for the growth of the textile industry in the country.
Key Drivers of India Knitting Oil Market
- Rapidly expanding textile industry is expected to boost the knitting oil market in India. India is a leading country in textile manufacturing across the globe. Globally, India accounts for more than 6% of the total textile production.
- India’s textile sector is one of the oldest industry in the Indian economy. The Government of India has allowed 100% foreign direct investment in the textile industry. This is expected to boost the textile industry in India. Many textile manufacturing companies in India have technologically upgraded their facilities. These include Arvind Ltd, Vardhaman Textiles Ltd, Welspun India Ltd, Raymond Ltd, and Trident Ltd.
- Kitting oil is developed from high quality light colored mineral oils with excellent resistance to oxidation and fortified with special additives for imparting excellent property of scourability, along with anti-wear and anti-rust characteristics. Besides the above characteristics, knitting oils have long service life without the generation of sludge and acid. This increases the wear of the machines. Knitting oil also possesses excellent non-foaming and antirust qualities. Furthermore, knitting oil possesses unique lubricity characteristics.
Major Challenges for India Knitting Oil Market
- High prices of knitting fabrics and uncertain apparel demand are restraining the knitting oil market in India. Cotton is an essential raw material that is used in the manufacture of knitted fabrics. Cotton prices have been rising sharply in Bangladesh, India, and Sri Lanka since the beginning of 2021. According to a report of Trading Economics Website, cotton prices increased by 15% in February 2021 in India.
- India has a modern and fully developed textile industry. As a result, the production of knitted fabrics is high. Rise in prices of cotton yarn is also an important factor that is responsible for higher prices of knitting fabrics. This can be primarily ascribed to low import of cotton fabrics from developed countries due to significantly low rainfall.
Lucrative Opportunities for Players Operating in India Knitting Oil Market
- Increase in penetration of knitting oil in existing applications is expected to create lucrative opportunities for players operating in the knitting oil market in India during the forecast period
- Circular knitting machines are used to manufacture various designs with stitch structures such as fleece, blister, 2-sided fabrics, interlock, rib, mattress ticking, needle set-out, plated plush, transfer technique, jacquard, and waffle. Furthermore, dyed as well as raw yarns can be fed into circular knitting machines. Circular knitting machines are preferred for bulk production, owing to their ability to manufacture large diameter fabrics. This is anticipated to fuel the demand for knitting oils in circular knitting machines during the forecast period. In turn, this is estimated to propel the knitting oil market in India during the forecast period.
Leading Players in India Knitting Oil Market
- Major manufacturers of knitting oil in India are
- Indian Oil Corporation Ltd
- Paras Lubricants Ltd
- Eastern Petroleum Pvt. Ltd.
- Carl Bechem Lubricants India Private Limited
- DANA Lubricants Factory LLC
- Total Lubricants
- Vickers Oils
- Klueber Lubrication
- Hindustan Petroleum
- Manufacturers of knitting oil in India are adopting various organic and inorganic growth strategies such as mergers & acquisition, new product launches, strategic collaborations, expansion, and joint ventures to expand their product portfolio and business operations.
India Knitting Oil Market – Scope of Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the knitting oil market in India to gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating a landscape for the growth of the knitting oil market in India. The study also identifies growth avenues for stakeholders. The report provides insightful information about how the knitting oil market in India is likely to expand during the forecast period of 2021 to 2031.
The report offers intricate dynamics about different aspects of the knitting oil market in India that aid companies operating in the market in making strategic decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure the growth of the textile industry with respect to the knitting oil market in India during the forecast period. It also includes a key indicator assessment to highlight growth prospects of the knitting oil market in India and estimates statistics related to growth of the market in terms of volume (tons) and value (US$ Mn).
The study covers a detailed segmentation of the knitting oil market in India, along with key information and a competition landscape. The report mentions company profiles of key players operating in the knitting oil market in India, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on India Knitting Oil Market
The report provides detailed information about the knitting oil market in India on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the knitting oil market in India that would help them design successful strategies and make target-driven decisions.
- Which base oil type segment is expected to generate maximum revenue in the knitting oil market in India during forecast period?
- Which application segment of the knitting oil market in India would emerge as a leading revenue generator during the forecast period?
- What would be the Y-o-Y growth rate of the knitting oil market in India between 2021 and 2031?
- What are winning imperatives of frontrunners in the knitting oil market in India?
Research Methodology – India Knitting oil Market
The research methodology adopted by analysts for compiling the report on the knitting oil market in India is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the knitting oil market in India
For primary research, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the knitting oil market in India.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the knitting oil market in India.
India Knitting Oil Market – Segmentation
TMR’s research study segments the knitting oil market in India in terms of base oil type and application. The report presents extensive market dynamics and growth trends associated with different segments and explains how they are influencing the growth of the knitting oil market in India.
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