India Knitting Oil Market was valued at US$ 26.5 Million in 2020, growing at a CAGR of roughly 5% during the forecast period from 2021 to 2031
WILMINGTON, DELAWARE, USA, July 26, 2022 /EINPresswire.com/ — The process of forming fabrics through yarns, with a number of consecutive loops or stitches, is called knitting. Friction is developed in the pair of needle and sinker. Knitting oils are used to provide lubrication between a pair of needles and sinkers during the knitting process.
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The Ministry of Textiles of India has developed artisan villages in selected looms and handicrafts pockets of the country for the integrated sustainable development of looms, handicrafts and tourism with the combined effort state and central government. Under the Weavers Mudra program, in February 2021 alone, 1338 MUDRA loans were sanctioned. Two handicraft tourism villages in Amer (Rajasthan) and Kovalam (Kerala) have been sanctioned for the establishment of a handicraft tourism village, under the infrastructure and technology development program.
The textile industry has witnessed rapid development over the past 20 years in India. The original machines and their processes are still in use; however, they have evolved due to technological upgrading. Computerized and programmed machines replaced skilled workers, increasing the productivity of industry in the country. However, this development has affected the employment rate of the industry, as few people are needed to operate these machines.
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The textile and apparel industry in India is strong across the entire value chain, from fiber, yarn and fabric to apparel. It is very diverse with a wide range of segments ranging from traditional handicrafts, handicrafts, wool and silk products to the organized textile industry. The organized textile industry is characterized by the use of capital-intensive technologies for the mass production of textile products and includes spinning, weaving, processing, and garment manufacturing.
High cost of knitting oil is hampering Indian knitting oil market
The high cost of manufacturing knitting oil is expected to hamper the knitting oil market in India. Knitting oil is made from various raw materials such as mineral oil, biodegradable oil and synthetic oil. The cost of these raw materials is very high. This increases the overall cost of production, thereby limiting the knitting oil market in India. Knitting oil is expensive compared to other lubricants and is subject to price fluctuations depending on the prices of the raw materials involved.
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Indian knitting oil market players
Major players operating in the knitting oil market in India have patented technologies to develop the knitting oil. This acts as a barrier for new manufacturers to enter the knitting oil market in India. Knitting oil has excellent properties; however, the high cost is likely to restrain the knitting oil market in India during the forecast period.
Indian Knitting Oil Market: Segmentation
Indian Knitting Oil Market, By Base Oil Type
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Indian Knitting Oil Market, By Application
Complete fashion machine
circular knitting machine
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